Developer's Second Las Vegas Project to Modify City's Skyline

Del American, a nationally recognized
and award-winning developer of multifamily communities, today announced that
it will build ONE Las Vegas, the One and Only(TM), a $500 million, 50 story,
ultra luxury resort condominium community with spectacular views of the Las
Vegas Strip. ONE Las Vegas will be built on Hugh Hefner Boulevard, in Las
Vegas, Nevada adjacent to The Palms Casino Resort, where entertainment, night
life, shopping, and gaming reside at your door step. ONE's 542 residences
will be offered to the market in early 2005 with prices ranging from
$500,000 to more than $10 million.
A development that will change the Las Vegas Skyline forever, ONE Las
Vegas will feature five-star resort amenities including a 15,000 square foot,
multi-level and full-service health spa located more than 400 feet above the
strip, a sunbathing "HOT SPOT" with roof-top hot tubs, rain shower, party bar,
dance floor, gourmet grocer and fine dining restaurants, as well as 24/7 VIP
concierge services, valet and door attendants, in-home dining and housekeeping
services.
In addition to the aforementioned slate of unmatched amenities, ONE will
provide residents with a 20,000 square foot heated pool, Grotto, waterfalls
and fully serviced cabanas with hot tubs, sports bar and pool front party
pavilion. Tennis courts, a cyber cafe, putting greens, a business center with
conference facilities, outdoor grilling pavilion, guest suites, a pet park,
private garages and covered valet parking make ONE Las Vegas one of the city's
most compelling and exquisite addresses.
Building off of more than 20 years of award-winning development, ONE's
condominium homes will be designed as single-level suites with 10 foot
ceilings and multi-level lofts with 20 foot ceilings. Residences will range
from 1,000 square feet to more than 10,000 square feet and are available in
the following unique designer and finish styles: Pacifica Exotica (TM), Tech
Italia (TM) and Trada Elegant (TM).
Each of ONE Las Vegas' residences will feature spectacular strip views,
travertine or wood flooring, private terraces, and high-tech electronic
features. The development's gourmet kitchens will feature Sub-Zero
refrigerators, Wolf gas ranges, Snaidero cabinets, granite and glass counters
as well as microwave ovens. The luxurious master baths feature: walk-in and
open-air shower and tub rooms, dual granite or glass vanities, walk-in
closets, marble and tile flooring and designer hardware.
ONE Las Vegas is scheduled to commence in the summer of 2005 and will be a
crown jewel of the Las Vegas Skyline. From its shimmering blue glass, to its
400 foot waterfall, to its embracing multifaceted modern design, ONE will be a
stunning addition to one of the world's most exciting destinations.
Chris DelGuidice, Del American's president and chief executive officer,
said, "Las Vegas is the perfect location to construct this type of
mega-resort. Our residents will have the best of everything, the most
inviting spa, the hottest night spots, magnificent dining options, and superb
shops and services. In ONE Las Vegas, we have designed a community that wraps
up everything that is Las Vegas and packages it for our residents to enjoy.
"Del American will be offering additional information on this development
soon. I guarantee that ONE Las Vegas, the One and Only, will be the ONE for
you." added DelGuidice.

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