After calling earlier reports of its demise premature, the moment has matured: George Clooney's Las Ramblas is no more.

Way back in 2005, Clooney's plan was to bring old-style Vegas elegance back to town with Las Ramblas: a casino, 4,000 room condo-hotel, and snazzy restaurants and high-end shopping. Instead, the 25 acres of land have been sold to Edge Resorts.

Don't worry about Clooney and his partners. There was a massive profit: purchased for $75 million, the resale of the land garnered $202 million. The purchase is perfect for Edge Resorts, which is already a partner in the nearby W Las Vegas project. Las Ramblas now will be developed under the name Edge East. According to the Review-Journal, the new owners have not yet decided on the exact mix or number of rooms on the final development. But it's safe to say there will be a casino, condo-hotel, and snazzy restaurants and high-end shopping. Just no George Clooney.

I got a call last night from a spokesperson for Las Ramblas, the $3 billion proposed hotel/condo/casino development backed by among others actor George Clooney. She called to deny a report on the Buffet that the project is in trouble and will be either canceled or put on hold. "The project is moving forward and there is NO truth to the rumours suggesting otherwise," she said. Though at this time she said she was unable to elaborate further. Still, according to her, everyone at Las Ramblas is dumbfounded where the rumour is coming from. We will see.

(photo by Amanda Edwards/Getty)

Since leaving the parental nest I have always lived in apartments. I am not fussy as long I've got my books, my music, my cats and a door to get out. So, before I moved here in 1999, I rented the first apartment I found on the Internet and I am still living there now. Few understand why I stay here as my apartment was built in the 80's (ancient by Vegas standards) and has construction problems that are apparent even to me (light switches that are wired backwards, a roof that doesn't keep the rain out, and is so porous that during the summer the air conditioner running full time can't get my two bedroom apartment lower than 85 degrees and, most disturbingly, odd dark stains on the ceiling that each year seem to mysteriously grow). And, yet, I have never really thought of moving. But last week in the mail I got a notice that even my cruddy apartment complex is hoping to go condo and if I am not interested in purchasing all this luxury I will be required to move next year.

"It's the combination of rising construction costs, rising land prices and the fact that the mid- and high-rise condo market (in Las Vegas) is still in its infancy," said John Restrepo, principal of Restrepo Consulting Group.

He said the fever to build a condo tower in Las Vegas was equivalent to a gold rush. But getting a condo project off the ground is tougher than drawing up a rendering and having a slick marketing campaign.

"There's a certain segment that are more promoters than developers, more snake-oil salesmen," Restrepo said.