The Moulin Rouge Deal Will Not Work out
The legendary Las Vegas venue called Moulin Rouge was once the center of all entertainment in the city. It was a monument of one entire era of the city, as it was one of the first properties to be allowed to all ethnicities.
In fact, Moulin Rouge is perhaps one of the most important buildings in the Sin City, as it is also located on the list comprised by the United States National Register of Historic Places.
The place was closed a long time ago, but it retained a gaming license by operating at least eight hours every four years, as is required by the law in order to retain the license. Many Las Vegas visitors and enthusiasts were pretty surprised by the fact that the Southern Nevada Regional Housing Authority was interested in buying the place and restoring it to its former glory.
This actually put a smile on many people’s faces as they wanted to visit the iconic venue and experience all its glory.
However, it all seems impossible right now, as the company which was interested in buying it suddenly gave up on the idea. The executive director of the Southern Nevada Regional Housing Authority, Chad Williams, stated on Oct. 24 to his fellow board members that the deal wasn’t possible at that moment.
Yet, the details about the deal that was the main reason why they backed up is not exactly disclosed to the public. According to Williams, they had to make “a business decision,” after they reviewed a study that focused on the possible revamping of Moulin Rouge.
What caused additional confusion is that Williams added that the deal they would have signed had been “very favorable” for them. In other words, it seems that it was not the deal details that made the Southern Nevada Regional Housing Authority change its decision.
Therefore, they seem not ready and not eager anymore to make one such acquisition. If they want to buy the property, they will have to wait for some time. Williams stated that maybe they would look at Moulin Rouge in 10 years and decide whether it is a better time to buy it then.
The real reason why the company gave up on buying the property is probably the lack of support and decisiveness by the board members. When they came up with the idea back in July, many of them opposed it, saying that the company has no experience whatsoever when it comes to retail development. On top of that, many agreed with some public opposition that the property should not be rebuilt.
Not Over Yet
However, the story of Moulin Rouge may continue sooner if there’s another buyer interested in buying the property and rebuilding it. According to Kevin Hanchett, who is officially the owner of the Moulin Rouge, there are a couple of companies that are interested in buying the property, and one of them that has shown the most interest is the Nevada Restaurant Services Group.
It’s true — Moulin Rouge is a very special place that made a very significant impact back in the day, although it was open for a very short time. Nevertheless, it holds a special place in many hearts, and many people would like to see it open its doors again.
On the other hand, there are people who oppose the venue being renovated for various reasons. One thing is certain: For now, the Moulin Rouge Hotel and Casino will remain closed, working only for eight hours every once in a while to retain its license.
It will continue working that way until some other company buys it and makes the first step towards renovating the property.