Friday, July 10, 1998 | 11:26 a.m.
Resort designer Mark Advent says he'll make an offer to buy a parcel of Las Vegas Strip property for his planned San Francisco entertainment complex within the next 10 days.
Advent would not disclose the exact location or size of the parcel.
"We're negotiating ... financing to buy the land right now," he said. "We'll commence discussions to purchase this property next week."
Advent has backup parcels in mind if his offer is rejected.
San Francisco, now estimated to cost about $1 billion, will consist of a cascading 30-story hill incorporating a variety of famous San Francisco features, and a 5-acre replica of San Francisco Bay, Advent said.
Advent, who conceived the plans for the New York-New York resort, plans 2,600 rooms, an 110,000 square-foot casino and 265,000 square feet of retail space. He said gaming is still projected to generate a minority -- 45 percent -- of the resort's revenues, but more than the 33 percent initially projected.
Advent said his money will come from typical resort financing sources. A bridge loan will be rolled into a construction loan, which will be replaced by securities-backed financing, he said.
"As challenging as the Las Vegas Strip marketplace is these days, there is a lot of money on the debt side of the equation to get financing," Advent said.
In a departure from earlier plans, Advent does not plan to partner with an established gaming company. He will form a new company specifically to build San Francisco.
As planned, the resort will open in mid-2001, Advent said.
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