The city of Henderson seeks a developer to redevelop a former casino property into a hotel and indoor sports complex after a potential agreement with Woodbury slid off the rails.
The city announced talks with the Salt Lake City-based developer had fizzled without a deal to redevelop the former Fiesta Henderson casino site at 777 West Lake Mead Parkway, 14 miles southeast of Las Vegas, 96.3 KKLZ reported.
Woodbury had signed an exclusive negotiating agreement in August hoping to redevelop the 35-acre property into a hotel and indoor recreation center, modeled on successful developments in cities like Atlanta; Frisco, Texas; and Coralville, Iowa.
Fiesta Henderson opened in 1998 as an African-themed casino then known as The Reserve. The casino, later rebranded with a southwestern party theme, closed during the pandemic in 2020. It was demolished two years later, leaving behind a parking garage.
The city bought the site in late 2022 for $32 million, or $914,286 an acre, with the stipulation it not permit another casino.
After conferring with residents, Henderson decided to pivot toward a hotel and indoor sports complex, with a focus on family entertainment, arts, culture and events, according to KKLZ.
Despite the setback with Woodbury, the city is determined to stay the course. The reason that a potential deal fizzled with Woodbury was not disclosed.
Plans are moving forward for an indoor recreation facility and a supporting hotel. The city has issued a request for qualifications for potential developers and a hotel partner, and hopes to iron out agreements this summer.
“The indoor recreation facility will generate an annual economic impact of nearly $40 million,” said Henderson’s city manager, Richard Derrick, to the Las Vegas Review-Journal.
Woodbury, founded in 1919, has $4 billion in assets under management, with retail, office, hotel, residential and industrial projects across 16 states, according to its LinkedIn page.
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