Daily Archives: September 23, 2009

World’s Largest Helium Balloon Comes to Life in Las Vegas Tonight

Cloud Nine Entertainment will celebrate tonight the inflation of their new Cloud Nine Balloon, a brand-new Las Vegas Strip attraction set to take flight early October, arguably being the world’s largest land-tethered helium balloon. 

Inflation teams will begin tonight setting up and inflating the 75-foot diameter balloon at 8:30 p.m., directly across from Mandalay Bay Resort & Casino.  The process will use 210,000 cubic feet of helium and will take approximately five hours. 

Cloud Nine will officially take flight on Monday, October 5, offering breathtaking 360-degree views of the famed Las Vegas skyline from nearly 500 feet in the air. The balloon will be tethered to the ground, safely elevating up to 30 passengers at a time. Ticket prices will start at $17.50 for children and $22.50 for adults.

The innovative Cloud Nine Balloon was developed by Cloud Nine Entertainment, LLC and designed by the Parisian-based company Aerophile S.A. For more information please visit www.Cloud9vegas.com

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Fountainbleau Hotel-Casino on Life Support in Las Vegas

At least one unidentified potential buyer is negotiating to take over the bankrupt Fontainebleau hotel-casino development in Las Vegas. 

But significant hurdles still remain for the resort to be sold and its construction completed, including difficulties a buyer may have in obtaining financing.

Stung by substantial losses on Las Vegas casino and real estate deals, banks and investors have been wary about investing in Las Vegas during the recession — especially with a growing over-supply of hotel rooms on and around the Las Vegas Strip. 

Fontainebleau also indicated it’s less likely it will succeed with efforts to force Bank of America and other big banks to continue financing the $2.9 billion resort on Las Vegas Boulevard. 

Fontainebleau, however, cautioned the sale of the project would be a complex transaction complicated by its inability to include the resort’s separately-financed retail component in the bankruptcy and “the difficulty that any purchaser will face in the current credit environment obtaining financing to complete the project.” 

Besides these factors, any sale would be subjected to scrutiny by bank and investment company lenders, bondholders and contractors — groups each owed hundreds of millions of dollars. 

While the potential buyer for Fontainebleau has not been identified, the companies most mentioned as being interested in the deal are Penn National Gaming, which has been looking for an opportunity to expand to Las Vegas; and deep-pocketed Apollo Management L.P. — one of the companies that controls Harrah’s Entertainment Inc.

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