Las Vegas Moulin Rouge LLC, a prospective buyer of abandoned Moulin Rouge casino missed a crucial deadline to demonstrate proof of funds to develop the property.
The prospective buyer of the historic Moulin Rouge casino site in Las Vegas missed a short deadline this week to show proof of funds, raising questions over whether a long-awaited deal for the property has again fallen apart.
Las Vegas Moulin Rouge LLC made a formal $9.5 million bid to purchase the site and it said that they would be developing a full-blown casino resort – restoring Moulin Rouge Casino site to its former glory.
The entire project is expected to cost to the tune of $1.6 billion.
However, as a part of the deal, Las Vegas Moulin Rouge LLC was to deposit the entire purchase amount into an escrow account by Tuesday. But eventually, the company could not make the deposit and missed the deadline.
While the offer made by prospective buyers is subject to approval from the judiciary, the companies making an offer must show the proof of their funding before the process moves further
In the first phase of development a 25,000-square-foot casino, a hotel with 400 keys, a restaurant, an entertainment center, and other amenities would be developed. There is also a plan to develop a historical museum spanning 5,000 square feet to showcase the venue’s past.
Moulin Rouge casino first started welcoming guests in 1955. However, it was only in November 1955, the casino closed and declared bankruptcy in December that year.