New Casino Resort and Arena Proposed for Site of Vegas Strip’s Failed All Net Project

New Casino Resort and Arena Proposed for Site of Vegas Strip’s Failed All Net Project

The All Net Arena project site on the Las Vegas Strip might end up being a resort and basketball arena after all.

The 27 undeveloped acres at 2601 S. Las Vegas Blvd. were acquired by LVXP, a new group of Las Vegas real estate developers, in January. The group revealed their plans for the site on Monday. Among them are a multibillion-dollar, 2,500-room opulent resort that is anchored by an NBA-ready stadium with 20,000 seats and LVXP's own retail and dining area.


"We are honored to be stewards of this significant milestone in the city’s legacy,” said James R. Frasure Jr., CEO of LVXP, in a company press release. “Our commitment is to create a destination that captures the essence of Las Vegas and provides lasting benefits for the community.”


A casino is one feature that All Net did not guarantee, but LVXP offers at its resort. Steelman Partners, the firm behind Crocksfords Las Vegas in Resorts World and the Circa in downtown Las Vegas, will design it.


Absence of Details

The project's planning and construction expenses, the name of the hotelier who would run the resort, the amount LVXP paid for the property, and even the project's name are among the conspicuously absent facts.

In addition, it is unusual for an announcement of this size that no renderings of the proposed project were made public.

LVXP has high goals for itself in several ways. The resort may become the highest building west of the Mississippi River. This is due to LVXP's intention, as reported by the Las Vegas Review-Journal, to reactivate FAA clearances from 2008 that permitted building on the property up to little under 1,200 feet.

At 735 feet, the nearby Fontainebleau is currently the highest resort on the Strip, while the Stratosphere, the tallest building west of the Mississippi, is just 1,149 feet high.

Background Verification

Frasure, who founded LVXP in February 2023, lists his sole prior experience—as managing director of his own Cloudbreak Holdings company—on his LinkedIn page, but he doesn't include any dates. 

Christine Richards, the Chief of Staff at LXVP, joined the company three months ago and is the second of the three named principals. As to her LinkedIn profile, she has managed and directed wine enterprises for the past 15 years, and she also worked for COUNTRY Financial for three years as a financial representative.

Nick Tomasino, the chief construction officer, is the sole principal with a strong background in resort development. He too joined LVXP three months ago. According to his LinkedIn page, he held notable positions for five years as the senior vice president of construction for Sphere Entertainment, one and a half years as the director of design and construction for the Howard Hughes Corporation, and three years as the senior project manager for MGM Resorts International. 

The new proposal already has the support of Tick Segerblom, the chair of the Clark County Commission and a strong opponent of the previous landowner's delay tactics, although lacking established developers or specifics.

Segerblom is quoted as saying in the LVXP press release, "This is a well-conceived project that has the potential to transform a valuable undeveloped land parcel into a highly productive destination that contributes meaningful long-term value to the community and visitors alike."

Inauthentic Hoops

Since the park's 2004 closure, the location of the former Wet 'n Wild waterpark has been beset with unrealistic expectations. 

Initially, Paul Lowden's Archon Corporation declared intentions to construct a resort named Palace of the Sea in that location. Rather, in 2006 Lowden paid $450 million to developer Christopher Milam for the land. Crown Vegas, a $5 billion skyscraper resort, was Milam's concept, and Publishing and Broadcasting Limited supported him.

That project was abandoned in 2008. Two years later, Milam unveiled plans for the $750 million Silver State Arena. However, the project was abandoned when Clark County rejected a request to use public funds to pay for 15% of the arena. 

The $1.4 billion All Net Resort and Arena was supposed to be constructed on the site, according to plans revealed in 2013 by billionaire and former NBA player Jackie Robinson, who attended UNLV. However, despite declaring to the media that he had "done deals" with Credit Suisse, the Bank of Qatar, and the Clearwater Perpetual Master Trust during the previous ten years, Robinson was never able to secure money.