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Maxim Stamps Moniker on Casino & Hotel
Maxim Magazine is slapping its name to a new hotel and casino on the Las Vegas Strip, The New York Times reports. Dennis Publishing is expected to announce that it has signed a deal with a real estate developer, Concord Wilshire Partners, to build the Maxim Hotel and Casino, a $1.2 billion destination hotel with 2,300 rooms and a 60,000-square-foot casino that is to open in 2010.
Concord Wilshire is paying Dennis an upfront fee in the middle seven figures, said Steve Sirang, the company’s chairman and chief executive. The publisher will also receive an annual minimum fee, at least in the mid-seven figures as well, plus a percentage on food, beverages and retail lease revenue. Dennis will not receive any cut of the revenue from the casino.
Maxim’s circulation has surpassed 2.5 million, dwarfing traditional men’s publications like GQ and Esquire, and its formula has spawned a posse of competing “lad” magazines.