Friday, May 21, 1999 | 11:25 a.m.
The creator of New York-New York has taken a giant step forward in his quest to build a second city-themed resort in Las Vegas.
A big publicly owned financial services company recently bought a large stake in Advent Communications & Entertainment Inc. (ACE), a company formed by Las Vegas resort designer Mark Advent.
Advent's concept for a Gotham-themed resort evolved into New York-New York, whose architecturally distinctive facade and detailed interior replications of New York City street scenes generated record tourist traffic and returns on investment following its 1997 opening.
Now Advent says he has sold a multibillion-dollar financial-services company on his concept for "Frisco Bay," a $1.3 billion San Francisco-themed resort he would like to open here in 2003.
Advent requested that the identity of the investor, an S&P 500 company that has gaming holdings outside Nevada, be kept confidential until negotiations with a potential joint venture partner are completed. That's expected to occur within a few weeks, he said.
Advent said he and his partner, Bill Underhill, a former partner in the investment banking firm BT Alex Brown & Co. who has turned around some financially ailing restaurant companies and started up another, formed ACE "to create the next generation of entertainment and leisure product" for the gaming and tourist industries.
ACE's formation comes midway through the latest wave of Las Vegas resort openings, as some top hotel-casino designers begin preparing for the next one.
Mirage Resorts Inc. executives are already brainstorming over themes for their new hotel-casino-entertainment complex, to be built on the 55-acre Boardwalk site on the Strip.
Sun International Hotels Ltd., which Tuesday announced a deal to acquire the Desert Inn, plans to develop a vacant 32-acre parcel around the landmark Las Vegas hotel-casino as a "total immersion" destination resort.
Advent said his plan for Frisco Bay calls for developing "an interactive entertainment experience that will transport guests to a higher level of escapism, entertainment and enjoyment."
"While gaming is creatively integrated into the overall experience, entertainment is equally as important to Frisco Bay's revenue base," he said. "When and if people want to gamble, they'll find their own place and time."
Meanwhile, he said, they'll have the opportunity to explore a resort that moves its most distinctive and interactive attractions outside, creating "neighborhoods" featuring scaled-down versions of San Francisco landmarks sprinkled over the face of a 22-story man-made hill duplicating the hilly terrain of the city.
A flower-lined Lombard Street will weave its crooked way upward from a miniature waterfront version of Fisherman's Wharf past the Mission District and Little Italy toward Golden Gate Park.
A 30-story version of the Golden Gate Bridge running over a 7-acre San Francisco Bay set in front of the resort will serve as a drive-in entry for vehicles. Six separate casino areas featuring slots -- "for those who want to try their luck in a new location," Advent said -- will replicate neighborhoods such as Chinatown, Haight-Ashbury, Pier 39, the Sausalito Lighthouse and Nob Hill.
Functioning cable cars will climb and descend the hill, while a "Bay Area Rapid Transit" system will run beneath the property, transporting guests to various locales at Frisco Bay, as well as to other nearby resorts.
The 7,000-seat Presidio Palace will be the first amphitheater of that size in Southern Nevada and one of just three 1,000-seat-plus entertainment venues at Frisco Bay, Advent said. The resort will have about 3,000 rooms and a total of 173,000 square feet of gaming space.
"It will be a complete city within a city, with different activities and attractions available in one location," he said.
Advent said he believes the resort's design -- spatially more akin to Disneyland than today's typical hotel-casino -- will increase the 2.5-hour stay the Las Vegas average visitor makes at casinos away from where he or she has booked a room.
"You simply can't see the whole property in that short a period," he said.
It's not by accident that Frisco Bay resembles highly successful theme parks more than traditional hotel-casinos, Advent said. ACE is negotiating with some of the entertainment and theme park industries' best-known names to develop a host of additional projects in Las Vegas and elsewhere.
He said he's continuing talks with Viacom over rights to a Titanic-themed thrill ride at the property, a concept he disclosed last year.
Advent first announced plans for a San Franciso-themed resort two years ago, and the ensuing time since then has raised skepticism among some resort developers of his ability to raise money for the new project.
But Advent said he expects such skepticism to evaporate when the identities of his financial partners are formally announced.
Earlier this year, he said he'd made a written offer for the Desert Inn to Starwood Hotels & Resorts Worldwide and planned to build the San Francisco styled resort on 32 acres of vacant land south of and adjacent to the Desert Inn on the Strip.
This week, Starwood said it agreed to sell the Desert Inn to Sun International Hotels, led by noted resort developer Sol Kerzner.
Advent continues to seek a location on the Strip for his proposed resort.
"While gaming is creatively integrated into the overall experience, entertainment is equally as important to Frisco Bay's revenue base."Mark AdventLAS VEGAS RESORT DESIGNER
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