Trump's Big Plans for Vegas

LAS VEGAS -- Donald Trump's plans for Las Vegas aren't getting smaller; they're getting bigger, the New York developer said Wednesday.

Clarifying remarks made Monday by New Frontier owner Phil Ruffin, who said plans to build Trump Tower Las Vegas were up in the air pending a Dec. 15 deadline for proposals to redevelop the 40-acre site, Trump said he still wants to build his upscale condominium tower.

But he'd like to build it as part of a bigger Trump-named project on the site, a redevelopment that would include a casino megaresort and a time-share component.

"I'm going to do something big in Las Vegas, and I hope it's with Phil," Trump said.

He said he intends to build in Las Vegas even if it's not on the southeast corner of the New Frontier site. Ruffin said Wednesday that Trump's redevelopment plan is one of four he's considering for the site.

"When I said plans for Trump Tower Las Vegas were 'up in the air,' I was referring to the project's scope," Ruffin said. "We're going to have high-end (condominiums)."

Trump declined to estimate the cost of his planned resort, condo and time-share project, calling it a "large number."

Financing wouldn't be a problem, Trump said, citing his personal wealth and his ability to borrow on either a personal or project basis.

The New Frontier site is ready for redevelopment, Trump said.

"Steve (Wynn) is building right across the street, and with Fashion Show, we think the site is terrific," he said.

Plans for Trump Tower Las Vegas when the project was announced in 2002 called for a $350 million, 60-story condominium. Ruffin in August dropped the expected price to $272 million and said the tower would be 43 stories.

The condominium's 300 units would have cost about $1.5 million each.

Robertson Stephens analyst Harry Curtis said the 2005 scheduled opening of the $2 billion Wynn Las Vegas significantly improves the development potential for sites surrounding the Desert Inn.

However, Curtis identified four likely redevelopment sites near Wynn Las Vegas -- the New Frontier, The Venetian's Phase II and two resorts that could be built on the Stardust site -- plus the Tropicana site, MGM Mirage's Boardwalk and Mandalay Resort Group's Russell Road parcels as likely casino sites.

"There's no shortage of attractive sites for development," Curtis said. "The price of entry is in the neighborhood of $1 billion."