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Gaucho Group Holdings, Inc. (NASDAQ: WINE), a company that spans a growing collection of e-commerce platforms focused on fine wine, luxury real estate, and leather goods and accessories, announced today that it has received a new payment of $ 3.5 million to LVH Holdings LLC has contributed to the previously announced development agreement for a project in Las Vegas, Nevada.
Gaucho Holdings’ new payment of $ 3.5 million (following two previous payments of $ 1 million and $ 2.5 million announced earlier this year) for the project adds to the previous commitment to $ 7 million for an expected total commitment of $ 35 million for a 40% interest in the project. Gaucho Holdings believes the Las Vegas project can expand the Gaucho brand in ways that could encompass housing, hospitality, retail and gaming opportunities. SB Architects, an international architecture and design firm with offices in San Francisco, Miami and Shenzhen, is leading the design of this project. Mark Advent, partner of LVH Holdings and creator of the hugely popular New York New York hotel and casino, is the creative visionary who works directly with SB Architects.
The Gaucho Holdings brands will play a prominent role in the project, including the development of a Gaucho branded boutique hotel, hospitality accommodation with residential rentals, a well-stocked Gaucho retail store selling Gaucho’s fine leather goods and accessories, and an Argentine steakhouse with the potential of a tango show. In addition, a wine bodega is planned with the high-end wine brand Algodon Fines Wines from Gaucho Holdings, which will be produced on their 4,138 hectare winery in San Rafael, Mendoza, Argentina.
Scott Mathis, CEO and Chairman of Gaucho Holdings, commented, “We are very excited about this advancement of what has the potential to become an exceptional, mixed-use complex with world-class partners at an ideal time when Americans and the world come together As the project progresses through the pre-build phase, we will announce other key elements of development, including an impressive array of entertainment, food and beverage options, as well as other differentiated features and attractions that need to be created a destination with global reach and appeal. The brand and Gaucho’s merchandise will be an integral part of that business. We couldn’t be more excited to be part of this groundbreaking project. Stay tuned as this opportunity unfolds. “
Bill Allen, former chairman and CEO of publicly traded Bloomin ‘Brands who was recently appointed to Gaucho’s board of directors, added, “We are excited and determined to take this project to the next phase. We believe our Las Vegas Project Can Do This “will become a major draw in the marketplace while bringing the Gaucho name and brands to the world. The Las Vegas Strip is one of the most iconic and most visited travel destinations in the United States and beyond, with some of the most emblematic Luxury and retail brands that are presented there. “
Mark Advent, creator of the hugely successful New York New York casino hotel in Las Vegas, said: “We have assembled an all-star team of industry leaders and visionaries to work together to create one of the most transformative and attractive lifestyles and leisure, Entertainment, gaming and hospitality concepts ever devised in Las Vegas. We are designing an entertainment property that will grab attention and become a “must-see” destination and over time will reveal our plans when the various elements are in be cemented. “
