Jordan bet on Las Vegas development
Jordan bet on Las Vegas development
Blog Article
Michael Jordan is known to bet on everything from golf to the basketball shot around game H-O-R-S-E. Now his Airness will try his luck as a partner at a planned Aqua Blue Luxury Condominium Hotel Resort & Spa in Las Vegas.
But Jordan may risk something more valuable with his Vegas investment: his status as a pitcher ever for Madison Avenue.
Construction of the $600 million development project, which includes a casino, will begin this summer. The 825-unit complex, with condominiums ranging from $399,000 to $1.2 million, will open in 2007.
David Carter, chairman of the sports business group, says the agreement could "cause trouble" with companies like Nike and Gatorade, which pay about $25 million a year to win support for Jordan.
As a player, Jordan clashed with NBA Commissioner David Stern over his gambling habits. However, Jordan will promote Aqua Blue in his ads.
Michael Peterson, owner of various real estate concepts, the resort's developer, says Jordan will have an "absolutely zero" financial stake in casino operations.
Peterson said Jordan's financial gains would include ownership of Michael Jordan's steakhouse and Michael Jordan's 23. Sports Cafe, partial ownership of rooftop nightclubs/restaurants, and the use of licensed names at the Michael Jordan Athletic Center, a large 65,000-square-foot sports club.
The NBA does not allow owners, or potential owners, to become interested in the game business of betting on NBA or WNBA games. Jordan says the league is not interested in it, because he is not affiliated with any NBA team and will not have a stake in game management.
Jordan and its investment partners already own a Jordan-themed restaurant at the Mohegan Sun Casino Resort in Uncasville, Connecticut.
"It's normal for NBA players to go into entrepreneurial activities at the end of their careers," NBA spokesman Matt Vaughan says. 슬롯사이트 순위
Sports marketing expert Nova Lanktree said, "If Michael was still with Washington Wizards, the league would participate and of course it would. But if Michael didn't participate in basketball games, this would sound like, 'challenge and good luck.'"
Similar to how Magic Johnson made his foray into movie theaters, Jordan is evolving from a paid advertiser to an owner/entrepreneur. He has expanded steakhouses and cafes across the country. He retains a stake and a lot of control over Nike's seven-year-old "Jordan" lifestyle brand.