Bluegreen Corporation to Develop New Resort Property in Las Vegas and Establish Timeshare Sales Operations
biz.yahoo.com
Wednesday May 24, 8:34 am ET
Expansion in Las Vegas a Key Strategic Initiative
BOCA RATON, Fla.--(BUSINESS WIRE)--May 24, 2006--Bluegreen Corporation (NYSE: BXG), a leading provider of Colorful Places to Live and Play®, today announced it has purchased approximately 10 acres of land in Las Vegas near the intersection of Tropicana Avenue and Paradise Road where it plans to build a new resort, preview center and retail complex. The company plans to begin construction of this new resort property and open its initial timeshare sales operations in Las Vegas during the third quarter of 2006.
"Establishing a presence in a mega-market like Las Vegas is a key strategic growth initiative for Bluegreen Resorts," noted George F. Donovan, president and chief executive officer of Bluegreen. "Las Vegas attracts approximately 43 million visitors a year and is one of the top three prime western markets for timeshare sales. We are confident that the introduction of Bluegreen Resorts into Las Vegas will allow us to reach a broader pool of potential Bluegreen owners. At the same time, this project reflects our continued commitment to serving our current customer base by providing access to one of the nation's popular and sought after vacation destinations."
Bluegreen® plans to construct a seven-story resort featuring approximately 240 two-bedroom timeshare units for availability through the Bluegreen Vacation Club® in the fourth quarter of 2007. Bluegreen® has also negotiated an option to purchase an additional 4 acres of adjacent land, which has already been entitled for the development of an added 240 luxury timeshare units. Bluegreen also plans to develop approximately 48,000 square feet of commercial space for a restaurant, retail center, and an 18,000 square foot preview center. Planned resort amenities include a pool, spa, game room, pool bar and a heath club.
Bluegreen Resorts' initial sales operations in Las Vegas are expected to open in July 2006 and will be located in the Akita Plaza directly across the street from the Mandalay Bay Hotel. It is planned to feature a welcome center for tour guests, as well as a theater, interactive kiosks, and plasma screen televisions broadcasting footage from several Bluegreen resorts. The sales and marketing operations are expected to initially employ approximately 45 associates. Bluegreen is currently pursuing marketing opportunities with a variety of local businesses. |
