The purchase price for the property has risen to $475 millionfrom $450 million. Had Milam made the option payment two monthsearlier, by the end of March, the purchase price would still be$450 million, according to SEC filings. The $40-million payment andan initial $5 million payment are being applied to the purchaseprice. The $2.4 million in extension payments that have been madeare not being applied to the purchase price. Milam and Packer haveapproximately one year to exercise the purchase option, as long asthey make monthly $2-million-plus payments beginning inOctober.

Located immediately south of the Sahara hotel-casino, the sitewas home to the Wet 'n Wild amusement park, which closed in 2004.The seller is Archon Corp., a locally based public gaming companywith one operating casino-hotel property to its name, the PioneerHotel & Gambling Hall in Laughlin, NV.

Tentative plans for the site call for a 142-story, 5,000-roomhotel-casino that would be the tallest building in the Westernhemisphere. Milam reportedly has retained Paul Steelman Group forthe casino, RTKL for the retail component and Skidmore, Owings andMerrill for the hotel tower.