New Buyers Close Deal on Moulin Rouge

The Moulin Rouge Development Corporation (MRDC) today announced they have
finalized the purchase of the famous Moulin Rouge Hotel & Casino property
for $12.1 million.

“We will be bringing the promise of the original Moulin Rouge Hotel &
Casino to reality,” MRDC CEO/President Dale Scott said. “The new Moulin
Rouge will both commemorate history and celebrate the future.”

Opened originally in 1955 as the first racially integrated casino in Las
Vegas, the Moulin Rouge soon became the nightspot for top stars like Sammy
Davis, Jr., Frank Sinatra and Harry Belafonte. During the five months it
remained opened, the Moulin Rouge became home to black entertainers
headlining on the Strip and a venue where they performed along side their
white peers and friends late into the night to crowds of all races.

In 1960, the Moulin Rouge continued in its role in the desegregation of
Las Vegas even after its closure, as it became the site for the historic
signing of an agreement to abolish segregation on the Strip. The property
has been listed on the National Register of Historic Places for more than
10 years.
On Thursday, May 29, 2003, an arsonist`s fire ravaged the casino and
destroyed many irreplaceable historic relics, photos and the famous Moulin
Rouge wall mural. The entire front façade and historic Moulin Rouge neon
sign miraculously survived the three-alarm fire, along with the original
tile- covered columns and the signature tower. These structures, along
with the original hotel where many minority celebrities slept when they
were shunned from Strip hotels, will provide the foundation from which the
new Moulin Rouge will be rebuilt.

“The historical significance of this property cannot be overstated,” Scott
said. “It has passed from one good intentioned soul to the next over the
years. For the first time the Moulin Rouge will be provided the kind of
capital necessary to bring it back to life.”


The Moulin Rouge will cost nearly $200 million when it is completed, and
is being financed through a consortium of private lenders and investors.
Construction will begin the third quarter of 2004 and is slated for grand
opening in December 2005.

“Once construction is completed, the Moulin Rouge will be brought back to
its original grandeur of the mid 1950s, where on any given night you might
see celebrity entertainment from Nancy Wilson to Beyonce Knowles, or any
number of rock and pop stars,” said MRDC Vice President/General Counsel
Rod Bickerstaff.

The property will include 500 hotel rooms and suites, 20 corporate suites
with a private registration area, a 40,000-square-foot casino with 1,000
slot machines, 40 card tables and a sports bar.

Entertainment options from old to new will be found in the showroom
replicating the original Tropican-can Room, a replica of Club Rouge, an
upscale high-energy bar at the top of the hotel, a Motown Cafe, a nine
theatre movie complex and a 117,000-square-foot events center.

Nearly 9,000 square feet will be dedicated to the community for use by
churches, children and other community groups. And, the Moulin Rouge
Museum & Cultural Center will display the history of the property through
art, artifacts and photos gathered from previous owners, friends and the
Nevada State Museum.

Located on Bonanza Road and the I-15, the Moulin Rouge`s new owners
believe the revitalization of the property will be an anchor for
redevelopment of West Las Vegas.

“Both during construction and when the new hotel opens, we will be
providing hundreds of jobs and providing a top-quality entertainment venue
for residents of this community,” Scott said. “We think this project will
draw other businesses and other entrepreneurs to the area as well and it
extends the redevelopment of downtown into west Las Vegas.”

MRDC is a minority-owned company established for the sole purpose of
revitalizing the famous Moulin Rouge Hotel & Casino in west Las Vegas.