Harmon Avenue will soon be the next hottest thing in Las Vegas when all of the planned casino projects are completed in the future.  As it currently stands, Harmon Avenue is home to $20 billion worth in new construction projects, including the expansion of Hard Rock Hotel and Casino, MGM Mirage's Project CityCenter, George Clooney's Las Ramblas, and Bruce Eichner's Cosmopolitan.  With so much going on, the recent news that Rolling Stone Magazine is interested in buying a nearby property as well, brought some mixed feelings.

As soon as Rolling Stone founder, Jann Wenner, announced the news, the attention was focused on Hard Rock, who attracts the same customer demographic that Rolling Stone would obviously court.  The expectations were that Hard Rock owner Pete Morton would be annoyed about the matter.  Yet, Morton and Wenner have a great friendship spanning several years, and Morton commented that he embraces the competition and that he believes it would be beneficial for the Las Vegas gambling industry in general. 

However, some would say that Rolling Stone's efforts are in vain, for the property they are looking after - Alexis Park - is not being sold.

According to Alexis Park partial owner - Richard Alter - he is not selling the non-gaming hotel to Wenner, who was in Las Vegas this last weekend scoping out the property and working on preliminary plans to develop the casino resort.  However, Wenner's "in", so to speak, may be coming from Alter's Asian business partners who are in discord with Alter on how the property should be developed. 

Records show that Alter and his partners bought the property in 2004 for $62 million, as well as 4.5 acre apartment complex adjacent to the Alexis for approximately $8 million.  According to Alter, he has plans to put an additional $400 million into the property, which would go to building a 28 story resort with restaurants and a deluxe spa, not to mention a 60,000 square foot casino.

Whether Wenner acquires the Alexis property or not, the one certain thing is that he is definitely interested in putting nearly $500 million into building a casino resort themed after Rolling Stone Magazine.  While Harmon Avenue would be an ideal location to do so, Wenner may have to settle for another prospect.