Press Release: New Urban Development Inc.
May 21, 2002
LAS VEGAS, NV -- Jonathan Borsuk, chief executive of Las Vegas-based New Urban Developments Inc., has ground-breaking
ambitions for his proposed destination resort, the Keys Resort & Casino, to be located in West Wendover, Nev.
"The idea behind the Keys Resort & Casino is to combine the inviting feel of your own hometown, the romance
of a luxurious resort getaway and the energetic tempo of a pulsing urban entertainment district, all in one unique
and beautiful location," said Borsuk. "To that end, New Urban Developments has chosen to create the resort
in the nation's youngest, most entertainment-starved and economically prosperous region: the Salt Lake City area,
home of the 2002 Winter Olympic Games."
As a result of Utah's strict anti-gambling and public alcohol consumption laws, Utahans must travel to Nevada in
order to access high-energy entertainment and gambling 24 hours a day, seven days a week. Of all gambling locales
in Nevada, West Wendover is the closest in proximity to Salt Lake City. With more than 1.6 million residents, Salt
Lake -- a city more populous than Las Vegas -- craves nightlife. In recognition of this demand, New Urban's efforts
have picked up steam and heads are starting to turn:
In its completed state, the resort will offer more than 380 rooms, suites and deluxe casitas, a 45,000-square-foot
casino, a nightclub, several restaurants, ample entertainment venues, specialty shopping, a health club and spa,
a central amphitheater and performance plaza with 2,500-person capacity flanked by a state-of-the art recording
studio for visiting bands and onlookers, 150 vacation ownership villas, and much more. The Keys Resort and Casino
also proposes 25,000 square feet of multi-purpose convention space and 10,000 square feet of fully wired meeting
space to meet the needs of the anticipated mix of group businesses.
West Wendover has already become the playground for more than 3 million visitors crossing from the Utah border
each year. The area of the planned resort is the fastest-growing gaming market in the State of Nevada. Just a year
ago, West Wendover's gaming market grew by more than 13% over the prior calendar year, without any new casino construction,
additional entertainment amenities or any airline or train service. In the fiscal year ended May 2001, the five
roadside casinos in West Wendover won more than $127 million in gaming revenues alone. But New Urban is not satisfied
to simply cut into that pie. New Urban intends to draw the many families and singles in the region that are not
content to strictly gamble. According to a study recently completed by Applied Development Economics of Berkeley,
California, the Wendover area does not have adequate retail to accommodate the current demand of tourists, and
the Keys Resort and Casino plans to supply some 200,000 square feet of specialty shopping to meet that demand.
Perhaps the greatest shortfall of the area is the lack of family-oriented activities, which is ironic in light
of the fact that this region has the largest average family size in the nation. Amenities at the Keys Resort will
include a childcare center, an 18-hole miniature golf course, an extreme and wilderness sports facility, and indoor
and outdoor water theme park and beach along with a military and counter-terrorism museum and asteroid monitoring
center, celebrating the area's history as a secret military base and the site of the filming of "Independence
Day," "Con Air," "The Philadelphia Experiment" and "Mulholland Falls."
The Keys Resort and Casino boasts a long list of competitive advantages. Among these are geographic accessibility,
ease of cross-property visitation of other casinos, a master-planned community, superior location contiguous to
the 18-hole Toana Vista Championship Golf Course, proximity to many tourist attractions, a pleasant climate, higher-quality
accommodations and cross-generational appeal. Adjacent to the golf course will be 360 single-family homes and townhouses
to attract qualified employees and key management to work at the resort.
So that many throughout the Western region, particularly those residing in areas not well catered to by Las Vegas
casinos, can have easy access to this first-rate resort experience, New Urban has been working closely with governmental
officials on commencing air service into Wendover's existing, full-size airport and constructing a train station
on Wendover's existing tracks, where two Amtrak lines already pass through daily.
New Urban's objective is to create nothing less than a new urban destination. By combining a diverse set of affordable
and entertaining experiences in one resort, New Urban intends to make the Keys welcoming to all. As Jonathan Borsuk
confirms, "Perhaps you are moved by a hip and lively bar scene, extreme wilderness sports and Las Vegas style
shows. Or, maybe you are interested in learning about our nation's most recent anti-terrorism measures and technology,
showcased at our museum -- the first of its kind in the U.S. and the only one situated in the very town where the
most top secret air base was located during World War II. On the other hand, maybe your wish is to receive New
Age spa treatments and solitude among the red rocks, or a place to bring the children for water sports, miniature
golf and hiking. Or, if you're simply a lover of varied culinary experiences, brought to you by some of the best-known
restaurateurs, we look forward to having the opportunity to give you the Keys to your village."
The management team of New Urban Developments consists of principal executives Jonathan and Harvey Borsuk. Jonathan
will oversee all facets of the designing, building and operating processes. He has been engaged by such reputable
companies as Merrill Lynch and The International Investment Group and has extensive experience in the acquisition
and management of real estate investments. Harvey Borsuk, as senior advisor, offers more than 40 years of investment
banking and real estate experience. Prior to founding his own real estate investment bank, Borsuk was an Executive
Vice President at Lehman Brothers in charge of real estate acquisitions.
----------------------------------------------
Contact:
MassMedia/Vanguard, Las Vegas
Paula Yakubik, 702/433-4331