There have been plenty of rumors for several years about an impending redevelopment of the New Frontier. With Wynn getting set to open across the street, there's no doubt that it's a prime spot. Today's LVRJ has an article about where the money might come from:
http://www.reviewjournal.com/lvrj_home/2004/Oct-28-Thu-2004/business/25113474.html
http://www.reviewjournal.com/lvrj_home/2004/Oct-28-Thu-2004/business/25113474.html