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November 12, 2009

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Lease extended for water park

Monday, May 12, 2003 | 11:18 a.m.

The owner of the Wet 'n Wild water park on the Las Vegas Strip has signed a 10-year land lease extension with the owner of the 27.5-acre property.

Palace Entertainment, Irvine, Calif., owner of the park that has begun its 19th season, signed an agreement extension with Sahara Las Vegas Corp., a subsidiary of Archon Corp. Terms were not disclosed.

David Lowden, real estate projects director for Sahara Las Vegas, said the lease is an extension of an agreement that allows either side to terminate the deal with six months notice. Lowden said he has no lease agreement but a letter of intent from Voyager Entertainment International Inc., Las Vegas, to develop the site.

Richard Hannigan, president of Voyager Entertainment, said today that his plan to develop the property with a hotel featuring a $100 million, 560-foot Ferris wheel is still under way.

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