Real estate development company LVXP has revealed its visionary proposal for a transformative mixed-use project on the iconic Las Vegas Strip, signaling a new era of innovation and excitement for the city. Anchored by a cutting-edge entertainment and sports arena, the development aims to redefine the landscape of entertainment, hospitality, and urban living.

LVXP’s Transformative Development Set to Change the Game with State-of-the-Art Venue

Spanning a prime 27-acre site at 2601 South Las Vegas Boulevard, LVXP’s project promises to be a game-changer for the region, strategically positioned near renowned landmarks such as Fontainebleau Las Vegas and Resorts World Las Vegas. 

The centerpiece of the development will be a state-of-the-art venue designed to host a diverse range of entertainment and sporting events, offering an immersive experience like no other.

James R. Frasure Jr., CEO of LVXP remarked: “We are honored to be stewards of this significant milestone in the city’s legacy. Our commitment is to create a destination that captures the essence of Las Vegas and provides lasting benefits for the community. For me, this endeavor is more than a project – it’s a promise to uphold the spirit of innovation and enthusiasm that defines our local culture.”

In addition to the entertainment complex, LVXP’s ambitious vision encompasses a vibrant mix of retail spaces, convention facilities, luxury accommodations, and a world-class casino, promising visitors an unparalleled fusion of excitement and luxury. Notably, the site is also being considered as a potential home for a new NBA franchise, signaling a significant milestone in the city’s sporting landscape.

Chairman Segerblom Applauds LVXP’s Visionary Project

Clark County Commission Chairman Tick Segerblom expressed his admiration for the project, highlighting it as a pivotal development with extensive benefits for the community. He stated that the visionary project could potentially transform the Las Vegas Strip into a vibrant center of activity, providing long-term value and opportunities for both residents and visitors.

With a focus on sustainability and forward-thinking design, LVXP aims to create a landmark destination that sets new standards for urban development. The project is expected to generate thousands of jobs, bolstering the local economy and reinforcing Las Vegas’ position as a global leader in entertainment and hospitality.

Leading the charge in bringing this ambitious vision to life is a team of seasoned professionals from diverse backgrounds, including real estate, construction, and entertainment. 

Nick Tomasino, chief construction officer at LVXP, expressed his excitement about the project, emphasizing his commitment to delivering a world-class destination that will leave a lasting legacy for generations to come.

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Italy has taken a significant step towards a comprehensive reform of its online gambling sector in 2024, as the government has decided to proceed with the Ministry of the Economy and Finance (MEF)’s decree to reorganize the gambling sector. However, newly envisioned licensing fees have caused significant friction with operators who accused policymakers of their haphazard and chaotic approach.

The New Decree Aims to Bolster Customer Safety

According to the Italian government, the new legislation aims to safeguard players, especially minors, combat criminal activities, and bolster tax revenues for public projects and social causes. The new decree encompasses measures to tackle illegal gambling, protect vulnerable players, introduce self-limitation tools, disseminate cautionary messages, and enforce customer restrictions based on deposit levels. 

Licensing fees will also receive a significant revamp, rising drastically to €7 million ($7.66 million) from 2018’s €200,000 ($392,000). Operators will also be subject to a 3% operating fee on their net revenues, along with an additional annual 0.2% fee contributing to responsible gaming campaigns under the jurisdiction of a dedicated gambling department of Italy’s Customs and Monopolies Agency (ADM).

The reformed concessions system will impose a cap of five licenses for each operator, aiming to eliminate ‘skin websites’ and single concessionaire product sales, a concern previously raised by the ADM. The government anticipates generating significant revenues, estimating €350 million ($383.6 million) from competition and an additional €100 million ($109.6 million)  annually from concession fees.

Italian Operators Strongly Protest Some of the Changes

Despite the government’s best intentions, some measures have raised significant concerns among industry stakeholders, like the Italian Association of Public Games Operators and Italy’s Association for Slot Machine Vendors. They urged the government to involve the industry in making necessary changes before proceeding with the decree, warning that the proposed changes would disproportionately hurt smaller businesses.

With 83 existing operators in Italy, the government expects at least 50 to apply for the new concession, signifying a notable industry shift and a means to resolve legal disputes surrounding licensing extensions. While the government has envisioned new measures to block unlicensed websites and transactions with illegal operators, the broader industry warns that they may fail to achieve their desired effect.

We urge the Council of Ministers to reconsider the proposal, as it will make the country’s online gambling black market problem even worse, not better.

Maarten Haijer, European Gaming & Betting Association secretary general

Despite rising discontent from industry representatives, the Italian government appears determined to proceed with its planned revisions. Treasury Deputy Minister Maurizio Leo and PM Giorgia Meloni have expressed their support for the reorganization, focusing on the economic benefits and improved customer safety. However, the refusal to engage with the industry raises growing concerns that the new decree may have unintended consequences.

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The New York-based real estate development and investment firm confirmed Wednesday it completed an $850 million capital raise. Raymond James led the equity private raise for the capital placement while Wells Fargo was in charge of managing the funding. Thanks to the capital raise, Dreamscape will finance a multi-phase renovation of its iconic Rio Hotel & Casino Las Vegas property.

This was Dreamscape’s first gaming property which the company acquired from Caesars Entertainment back in 2019. Famous as the first all-suite hotel to open in Las Vegas back in 1990, Rio Hotel & Casino holds a leadership position within the rich history of the gambling capital of the world.

Dreamscape confirmed it will modernize the two-tower venue and bring new amenities for the guests of the venue. At the same time, the company confirmed it plans to preserve the location’s rich legacy while ensuring supreme experiences for the visitors. It’s important to mention that the property will not be closed during the renovation.

Besides the renovation, the capital raise will contribute toward the launch of two new Dreamscape platforms. Those are Dreamscape Entertainment Integrated Resorts, a company operating hospitality, gaming and entertainment assets, as well as Dreamscape platforms: Dreamscape Entertainment Properties, described as “an experiential real estate investment trust that will own gaming, hospitality and entertainment assets.”

The Company Plans to Expand Further

Duane Bouligny, Wells Fargo Corporate and Investment Bank’s managing director, explained that last year was incredibly challenging for real estate and gaming developments. Still, he outlined: “Amidst this challenging economic environment, we are pleased to have successfully led the debt capital raise for Dreamscape as the company launches its new gaming and entertainment platforms, renovates its first gaming property, and continues to diversify and scale.”

“As Dreamscape continues to evolve and expand, we knew the gaming and entertainment sector would be a natural fit and become a central part of our business.“

Eric Birnbaum, CEO and founder of Dreamscape

Eric Birnbaum, Dreamscape’s CEO and founder, explained that on its path to further growth, the company identified the entertainment and gaming vertical as the perfect sector. He pointed out that Dreamscape is excited about delivering “dynamic lifestyle experiences.” Finally, Birnbaum predicted that the company will continue to grow and differentiate itself as a leading operator within the entertainment and gaming vertical.

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