Pebbles Corp. gains majority interest in Las Vegas property

The Peebles Corp. | 8/26/2010, 3:15 p.m.

R. Donahue Peebles. Courtesy Photo

The Peebles Corporation, considered the country's largest African-American real estate development company, announced recently the purchase of a majority interest in the Mardi Gras Hotel and Casino in Las Vegas.

The property is located in the heart of the resort corridor on Paradise Road, one block south of the Convention Center and adjacent to Wynn Las Vegas. R. Donahue Peebles, the chairman and chief executive officer of the Peebles Corporation, is capitalizing on the opportunity to expand the company's current market holdings.

"We have an extremely positive outlook on this market and are confident in the long-term future of Las Vegas," Peebles said. "During such a ripe time for commercial investing, we are pleased to have identified such a unique opportunity with a solid revenue stream as well as strong future development potential."

Peebles has partnered with the Jaramillo Family who opened the hotel back in the mid-1970s and has retained a minority stake in the property. The Jaramillos will continue to oversee the current operations of both the hotel and casino.