Aqua Blue Condo-Hotel Project Shelved
The $600 million Aqua Blue project which was to have come up at Ellis Island Casino & Brewery at Koval Lane and Flamingo Road has been canceled. It was to have been six-acre condo-hotel project with 825 units and 2 Jordan restaurents.
Michael Jordan, the basketball star was a major investor in the project. Many projects are biting the dust in Las Vegas today. The main reason being increased construction costs, too many players in the market trying to take advantage of the boom in Las Vegas real estate market, under-cutting prices, lack of institutional financing, lack of funds with the developers.
The high-rise condo project was 50 percent sold-out. Refunds will be sent to the all the people who bought into the project.
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