City officials boost Main Street Station

Bob Shemeligian

Tuesday, Nov. 19, 1996 | 11:59 a.m.

For Las Vegas city officials, the reopening of Main Street Station as part of the Boyd Gaming Corp. represents the end of a four-year-long public relations nightmare.

It was a nightmare that began in 1991 when Florida developer Bob Snow spent $80 million on everything from opulent chandeliers to Victorian era art and antiques and the city of Las Vegas added nearly $17 million in street improvements to Main Street.

But after continued losses, Bank of America foreclosed on a $40 million loan, forcing the resort into bankruptcy and closing the doors in June 1992.

Since then, Boyd has purchased the property for $16.5 million and spent another $45 million on everything from hotel room renovations to restaurant improvements.

For city officials, the investment and interest in the property by the Boyd Group is like a shot of adrenaline into the downtown area.

"I'm very excited," Councilman Arnie Adamsen said. "I'm one of the remnants of the original group that approved this project (in 1990), and then it turned into a public-relations nightmare."

But Adamsen stressed that the $16.5 million the city paid for street improvements and outdoor fixtures is not lost because the improvements are still there and because the city has gained tax revenues from the increased value of the property.

Even after BofA foreclosed on Main Street Station, Adamsen said, the bank paid the city more than $800,000 in real estate taxes on the property each year.

Adamsen said he is especially pleased that the hotel will be managed by the Boyd Group, a casino operator with a proven track record.

"It's a major breath of fresh air for the Fremont Street Experience," Adamsen said. "It also fits in well with the other renovated and expanded hotels such as the Horseshoe, Las Vegas Club and Fitzgeralds."

But will Main Street Station make it this time?

"I believe it will," Mayor Jan Laverty Jones said. "It's a beautiful property. They've added a lot of new attractions such as the brewery (Triple 7 Brewpub), and they also have something that Bob Snow didn't have -- the benefit of 25,000 new visitors on the street thanks to the Fremont Street Experience."

Councilman Gary Reese also said he has no doubts that Main Street Station is finally here to stay.

"Boyd is an excellent company with a great track record," Reese said. "They are successful and success breeds success."

One local resident who would agree with this assessment is William Boyd, chairman of the board of Boyd Gaming.

"I think people are going to have their mouths open when they see this property," Boyd said Monday during a press preview. "Bob Snow built a phenomenal hotel and we made it better."

The Boyd Group completely refurbished Main Street's 406 hotel rooms and increased the number of parking spaces from 450 to 2,600. Boyd said his company's strong management and wide-ranging referral system will help make Main Street Station one of the most popular tourist destinations in Southern Nevada.

Robert Boughner, executive vice president, said one sure way to get to the heart of any visitor is through his stomach and the Boyd Group has vastly increased the number of restaurant seats at Main Street.

The corporation has increased the size of the hotel coffee shop, added a 570-seat buffet, the 225-seat brew pub and even beefed up the ventilation system in the antique rail car set in the rear of the Pullman Grille restaurant so that patrons will be able to relax after dinner with their favorite cigar and single malt scotch.

"Bob Snow did a good job fixing up the front of the house," Boyd said. "But what we did is do a lot of the work to the back of the house so we can take care of the customers properly."