Hiding beneath a torn and disintegrating tarp that mimics the neighboring Venetian and Palazzo resorts, the unfinished St. Regis condominium tower stands at the center of the Las Vegas Strip.
The structure is a symbolic monument to an era more than a decade ago when the gaming industry sought to blend high-rise residential complexes into the international tourist destination.
Except for a handful of projects, the concept failed.
When Las Vegas Sands halted construction of the planned $600 million St. Regis in 2008, Nevada and the nation were in the grips of the Great Recession. The gaming industry saw casino revenues tumble nearly 20 percent over two years while financing evaporated for dozens of high-rise development and resort projects.
