Gindi Capital tears down modest strip mall and food court, making way for new project

Cable Center Shops and the neighboring Fatburger restaurant, both located on Central Las Vegas Gaming Street, were recently demolished. The decision was made by the property owner, the private New York investment firm Gindi Capital.

The company acquired Cable Center Shops and nearby eateries in 2019 for $172 million (R14.4 billion). Gindi Capital also owns Hawaiian Marketplace, which closed last July, another dilapidated shopping complex nearby that is awaiting demolition. These sites together occupy an area of approximately 38,500 square meters.

Gindi Capital decided to clear it to make way for a three-story shopping complex of about 28,000 square feet. The project includes luxury stores, restaurants, bars and entertainment venues.

Hawaiian Marketplace and Cable Center Shops, surrounded by the Strip’s high-end complexes (Aria Resort & Casino, Waldorf Astoria, etc.), met the demand of thrifty tourists. Now an upscale mall is about to pop up.

Gindi Capital’s decision to build a new mall on the Las Vegas Strip is also linked to another major project in the neighborhood. Texas billionaire Tilman Fertitta last year purchased a 25,000-square-meter site north of Hawaiian Marketplace for $270 million (R22.62 billion). The site had previously been home to a Travelodge motel for 60 years, but Fertitta ordered its demolition to make way for a luxury integrated resort.

The project involves the construction of a 43-story hotel with 2,420 rooms, as well as a casino, conference center, spa, concert venue, car showroom and wedding chapel. However, plans for the billionaire, who owns five Golden Nugget establishments and recently bought the Hard Rock Hotel & Casino Lake Tahoe, may be delayed. Because of high inflation, Fertitta, according to his spokesman, is looking at financing options before proceeding.

Recall: Sweden’s gambling regulator has issued licenses to nine other vendors.

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