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November 14, 2009

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Developer takes option on shuttered casino

Friday, Feb. 4, 2000 | 10:34 a.m.

Turnberry Associates, developer of a 750-unit, $650 million high-rise luxury condominium project near the Strip, acquired an option to purchase the defunct El Rancho hotel-casino.

John Riordan, vice president of sales for Turnberry, said the option has a six-month term. At this point, he said, the company has not decided on what it would do with the property -- or even if it wants to buy it.

"It's adjacent to (Turnberry Place), and it's an eyesore," Riordan said. "We'd like to see if there's some way we can make it work for us. An option is the best way of tying it up ... until we have a plan. We may buy it, we may not."

The Strip property is currently owned by bankrupt New Jersey company International Thoroughbred Breeders, and has been closed for several years.

The first building in Turnberry Place is scheduled for completion late this year. Development is expected to continue over the next four to five years.

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