Maxim Magazine Set To Conquer Vegas Strip

The property is scheduled to open in 2010 and feature 2,300 rooms, a 60,000 square foot casino (featuring scantily clad dealers) and have all the amenities which have become standard during the last decade: high-end spa, eateries featuring renowned chefs, conference space and upscale retail. Additionally, it’s been reported nightlife kings Rande and Scott Gerber will open a nightclub. Music magazine Blender, a sister publication to Maxim, will also get billing and headline the facilities indoor and outdoor concert venues.

Stephen Colvin, president and chief executive of Dennis Publishing U.S., said, "Vegas has always been — and is increasingly becoming more so — a natural home for an entertainment brand targeted at a young audience."

“It’s going to be upscale, it’s going to be four-star, it’s going to be sexy and flirtatious, absolutely,” Barry Pincus, director for development for Dennis Publishing told the Associated Press.

The deal to bring the magazine to life in Vegas is no roll of the dice for Dennis Publishing. Instead of having to pony up the bucks to invest, the magazine is being paid a licensing fee in the mid seven figures (reportedly about $5 million) by Concord Wilshire, according to the company's chairman and chief executive, Steve Sirang. Dennsi Publishing will also get an annual fee and a slice of revenue.

The property will start construction sometime next year on a 7.65 acre parcel on Circus Circus Drive with some of the property directly on The Strip. The land was scooped up last year by Concord Wilshire for $9.25 million.

A unique aspect of this deal will be that 2,000 of the hotel rooms will actually be sold as condominiums hotel units, Pincus explained. When not in use, individual owners will be able to put the room into the hotel’s inventory to be rented out.

The area in which the hotel will be located is being earmarked as the next hot area of development on the Strip. Currently this section features many old Vegas style casinos that were new back when the Rat Pack was the hottest act in town. Now, these properties have faded and are primed for reinvention since the mega- casino explosion has already expanded to the south, making this area of the Strip most likely for redevelopment. 

Additionally, timing couldn’t be better. Across the street the Sahara and Riviera casinos are being sold and will likely be redeveloped, while Boyd Gaming is embarking on a massive redevelopment of the Stardust site just south of the planned Maxim casino. Dubbed Echelon Place, this $4 billion project will feature a casino, multiple hotels and entertainment venues.

The property should go head to head against other hipster hotspots such as the Hard Rock Hotel & Casino and The Palms; both of which are created to appeal to 20 and 30-somethings.

Interestingly enough, this project will be the second Maxim casino in Las Vegas. The original Maxim Hotel & Casino was popular in the 60s and 70s and closed about five years ago. It is now a Westin hotel.

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