Investor sues developers of Las Vegas condo-casino
Las Vegas Sun - A football player-turned-investor has filed a lawsuit against the developers of the planned W Las Vegas Hotel, claiming they squeezed him out of plans to build a $2.5 billion luxury hotel, condominium and casino complex.
In a civil suit filed Feb. 10 in Los Angeles Superior Court, former Dallas Cowboys tight end Brian Roche accuses Edge Group LLC of staging a “land grab” and “interference with contracts and opportunities,” that left his company, The Roche Group, out of a deal with W Hotel’s parent company, Starwood Hotels & Resorts Worldwide Inc.
In August, New York-based Starwood and Edge Group, a group of private investors, announced plans to build approximately 3,000 hotel and residential units and a 75,000-square-foot casino on 21 acres just east of the Strip.
Edge Group principles Reagan Silber, Trevor Pearlman and Adam Frank are named in the suit.
The lawsuit says Roche held a binding memorandum of understanding and through joint venture partners was in contract to buy the property. Roche introduced Silber to his partners and then got cut out of the deal, the suit says.
“You can’t just go out and take somebody’s opportunity,” said Michael Sherman, Roche’s lawyer. “Edge Group does an end run around Roche, and the Roche Group loses the opportunity and interest and expected profits.”
Roche is seeking damages and a 60 percent ownership interest in the project, which the suit says is expected to reap $8 billion in profit over 20 years.
“Mr. Roche’s claims are without merit and we look forward to proving in court that the suit is unfounded,” Frank said.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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