Posted on: November 22, 2023, 02:01h.
Last updated on: November 22, 2023, 02:19h.
Las Vegas officials have finally had enough of the unsubstantiated funding claims, the unfulfilled construction promises, and the deadline extension requests made by the owners of the All Net Arena project.
On Tuesday, the Clark County Zoning Commission voted 7-0 to deny extending the project’s permits.
Time and time again, we’ve asked, ‘Just one more year, or two years, let’s get this done, we’ll get it done,’” said Clark County Commissioner Tick Segerblom, who had been the project’s biggest cheerleader on the commission. “We’ve followed the money everywhere around the world. And truthfully, it just hasn’t happened. So, I’m just prepared to make a motion to deny it at this point. It breaks my heart to do it.”
Those comments followed a nearly hour-long presentation during which the project’s managers repeated their previous claims of having secured $5 billion in financing, yet couldn’t produce the financial documents to prove it.
Nothing But Nothing
Located on the Strip between the Sahara and Fontainebleau on the 26-acre lot that once housed the Wet N’ Wild water park, the All Net Arena supposedly broke ground a decade ago. It was proposed by the site’s owner, NBA and UNLV basketball legend Jackie Robinson, who claimed it would include a nongaming hotel with two luxury towers and a 22K-seat basketball arena featuring a retractable roof, as well as a convention center, movie theater, and grocery store.
Yet, other than some dirt being moved around, a bunch of construction vehicles being lined up, and half a dozen or so press conferences being held, construction never began.
Over the few years, a revolving door of funders were alleged, including Credit Suisse, the Bank of Qater, and Korean backers. In each case, funding was announced as a done deal.
The most recent funding source, which Robinson announced in October 2022, was Wyoming-based family investment fund Clearwater Perpetual Master Trust, which he claimed issued a BELOC line of credit for $5 billion.
Last year, the Clark County Commission gave Robinson what it deemed a “final” extension on All Net’s land use permit that mandated that construction begin by September 6. The zoning commission granted the extension, but only by a narrow vote of 4-to-3.
Once again, construction never began.
To somehow will All Net into reality at this point in the game, Robinson would need to start the expensive permit and approval process from scratch.
