The Moulin Rouge in Las Vegas is an icon of the city. It was one of the first integrated casinos in the city. It also had the huge relevance of historic importance when the desegregation of the Las Vegas Strip and Vegas downtown in 1960.
It lost shine over the years and was just surviving. But the time seems to have finally come. An investment company out of Australia, BBC Capital, is now the proud owner.
The Moulin Rouge has seen better days and over the past several years. It has survived several years of neglect for at least 60 years. The deal was closed on Friday, and it was approved to purchase the property two weeks ago.
Previously, 300 investors put their money to revamp prior to the recession of 2008. However, the economy flipped and everything went downhill since then. The investors went bankrupt and the $19mn went for a loan. The property was put in the place of receivership.
Kevin Hanchett was assigned as the receiver, responsible for finding a buyer and helping investors lost their funds. But no proposed offer was finalized. The Southern Nevada Regional Housing Authority also considered purchasing the property.
The Moulin Rouge however never given up the casino license even though they were not operational for decades. Even the locals are quite protective of it and would not let anyone come. This is a great sign for BBC Capital as well.
RAH has purchased 11.3 acres including the casino site. RAH is the Nevada-based firm that holds the interest of BBC Capital. It paid $3.1mn and agreed to pay $2mn plus interest, in liens of removing construction dumps and debris lying at the site.
This is the first step towards the revival of the historic Moulin Rouge and hopefully, everything would turn up as it is supposed to be.