Monday, February 9, 2009

Breaking: No Implosion Imminent for Greek Isles

A euphoric email was sent around tonight by Maggie Cupp of Dillstar Productions, the producer of "The Soprano's Last Supper" at the Greek Isles, announcing the property has been seized by bankers who have essentially voided recent buyer D.I. Development Group's plan for a two-tower, 780-room replacement property.

DI bought the place for $48.8 million in July and announced only a few weeks ago that they had county approval for the new development plan.

For Cupp, this is a victory because it means the hotel's demise is no longer in sight. According to her email: "We were just informed by the Management at the GREEK that the bank has come on property and has brought in a NEW General Manager to take over all Casino/Hotel operations effective today! They have also brought in a Receiver that will protect the banks assets from this point on. Their plan is to continue operations and invest money to keep things running until the market bears a sale of the Casino."

The Greek Isles used to be the Debbie Reynolds Hotel, the Paddlewheel and, before that, the Royal Inn. It's on Convention Center Drive. I was most recently there for a terrible show, "Wizard: The Musical Journey of Oz Composer Harold Arlen" last year. There were six people there that night. The R-J's Mike Weatherford, bafflingly, gave it a B-. Maybe out of sympathy. He only gave Soprano's a C and still Cupp copied him on the email.

Anyhow, it's looking like 2009 will be an implosion-less year. Sigh.


butlertotheb said...

I was wondering when were they suppose to have the implosion?