Is the old Sahara being rebuilt?

A while ago, there were a few articles noting that the owner of the old Sahara was looking for money to redevelop the place.  Yeah, right, I thought - who's going to throw millions at rebuilding the Sahara, smackdab in the fading wasteland of the north strip?

Maybe I was wrong.  Maybe.  I stumbled on an article in Bloomberg a while ago that the money is there, and the redo is on.  Vegaschatter has written quite a bit about it too, as has Two Way Hard Three and a bunch of other blogs.

I'm terribly sceptical by nature, so I'll believe it when I see cranes and trucks at the site.  Personally, I hope it's for real.  While the north end of the strip is pretty barren in spots, I don't think it's so far gone (yet) that it can't come back, and I'm not such a jerk that I'm trying to put a downer on a project that will bring jobs to LV. So I really hope it's true.

The cynic in me, however, keeps thinking of the "redo" that was promised (a few times) at the old Lady Luck, which still sits empty, ugly, and depressing downtown.