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S pe n c e r We in e r Los Angeles Times PANORAM A: Visitors take in the view from the 30thfloor of the nearly completed Sky Las Vegas, a residential condominium tower on the Strip, shown in April. Growth in the gaming economy is keeping projects such as this alive despite a hom ing market slowdown. Not Everyone Can Win in Vegas Real Estate Game Clooney and other late- scarce, comers are learning that they What’s keeping these projects can’t compete with big-name alive and well is continuing casino-hotels for workers, build- growth in the region’s gaming ing materials and brand identity, economy. That in turn has at- But other ambitious high-rise tracted new residents, keeping housing and hotel projects from Las Vegas one of the nation’s well-established players are go- fastest growing regions and fuel­ing strong, thanks to their deep ing a continuing real estate pockets and access to experi- boom. enced developers. Others are Local residents have grown benefiting from having entered wealthy from their rising home the game earlier in the boom. equity and builders have turned Despite a Vegas housing mar- the region into one of the hottest ket that has slowed along with new-home markets in the nation, other once-hot spots, these luxu- That further boosts employment ry condos on or near the Strip growth, are finding buyers among local But just like at the poker ta-residents looking to move up as bles, not everyone can stay in the well as business and leisure trav- game. New York-based devel-elers seeking second homes, lo- oper Related Cos. cited rising cal analysts said. construction costs and slowing Communities away from the sales in unloading its 25-acre, 11- Strip, such as Summerlin to the tower Las Ramblas condomin-west, also are beginning to ium, hotel and casino project, sprout high-rises as the supply of backed by Clooney and his busi-developable land becomes more [See Vegas, Page CU] Actor George Clooney is backing out o f a $3-billion project. But well-established players are going strong. By Annette Haddad Times Staff Writer Success in real estate, they say, depends on location, loca­tion, location. In Las Vegas, it’s also timing, branding and lots of cash. Some of the newest high-pro­file luxury condominium projects in Sin City have been folding like a house of cards. The latest to throw in his hand was actor George Clooney, who an­nounced an agreement with his partners Monday to sell his stake in a proposed $3-billion condo-casino project near the Strip.