A big steaming pile of smoke and mirrors. As Vital Vegas puts it in past his articles of this NBA project are to be built on the Las Vegas Strip next to Fontainbleu. And with much distaste from locals, the city seems to be optimistic about the future renderings of its 4th round submitted to the city of Las Vegas.
However, All Net Arena’s website tells a different story than before. With Hotels space towering over the inner workings of the arena and water fountains galore. Like, Las Vegas needs more water fountains.
The interesting part of this whole buzz on the website is where did this submission come from with no investors as of yet? All Net is nothing more than wishful thinking. There’s nothing wrong with having high hopes, as long as that context is provided and news of funding isn’t reported as actually existing according to Vital Vegas.
All Net frenzy upped media coverage with a news conference on Oct. 19, 2022, they stated it has $6 billion in funding for All Net Arena resort which will supposedly feature an NBA arena, luxury hotels, a convention center, a shopping district, and more. All Net has done this same dog and pony show many times over the last decade with the city of Las Vegas and media coverage. Nothing seems to be clicking except a mouse click to get off their website.
City officials seem to be all for this project every time it’s proposed to the city and media. Segerblom is fully on Team All Net, “excited” to confirm the project should be completed by the end of 2025.
In an interview with Channel 8, Segerblom said, “As far as I can tell, talking to people, here and other people places, the money is there.” So, obviously, 100% confirmed.
The only problem here is there is zero evidence any of the parties involved have the funds to make this project happen.
A new player has entered the fray, Todd Owen, director of Clearwater Perpetual Master Trust, which has been described as “a Wyoming-based family office investment fund out of California.”
We’ve yet to find anyone in the realm of resorts, construction, finance, investment or family offices who have heard of this person or his company. We found a Web page about him, but it definitely doesn’t scream credibility or “we’ve financed billion-dollar resort projects before.” according to the awesome detective work of Vital Vegas.
It’s safe to say that this project is a no-go at the mercy of no investors present.