|
Barbary Coast
The Barbary Coast has an interesting
history. Before the Barbary Coast was built, there was a motel on this
property. While the other properties in the immediate area flourished,
the motel did not do so well. In fact before the property was sold to
the current owners, to property was not even open for business. The
owner approached the Hilton Corporation and tried to sell it to them.
The Hilton Corporation, perhaps thinking that the property was too
small to develop into anything substantial, declined the offer. After
all, they would probably only make a parking lot out of it since they
had already put up their huge million dollar Neon sign at the current
entrance. Also it seemed that the property was a little bit 'pricey'.
Wanting to expand to the Las Vegas
Strip, a local casino company decided that the price was right and
bought the property. At the time of the acquisition, a local law gave
unrestricted gaming licenses only to properties which also had a
minimum of 200 rooms. The problem for the new owners was how to get
200 plus rooms, a casino, a parking lot, restaurants and other
attractions on such a small sliver of land. the solution was to built
upward. The concept was ingenious. By building upward, the Barbary
Coast almost completely obscured the Flamingo Hilton. The property is
strategically situated on the corner of Flamingo Road and Las Vegas
Boulevard. All of the foot traffic between the Bally's Casino (at that
time the MGM) and Caesars Palace would reach the Barbary Coast first,
not the Flamingo.
Perhaps this does not matter to the
owners of the Flamingo, but it seems like someone made a mistake here.
It is really hard to buy into the notion that the presence of the
Barbary Coast does not effect the balance sheet of the Flamingo.
However, the Flamingo has flourished also. The damage done seems
minimal. However, it is hard to think that someone at the Hilton
Corporation does not wish that they had purchased this 'parking lot'
when they had the chance.
|