That's exactly right. The best bookstore in town shut down. The best coffee shop is still there, a wonderful place, but not much else, sadly. (Disclosure: I am a 24-year local in tech who really wanted it to work.)
Did he or others invest as much as was originally implied? I remember it being spoken of as a long-term project. If it was a little shipping container mall, that's a bit of a meagre attempt. You'd need to loss-lead dramatically to attract people across from The Strip to visit.
For just part of $350m, you could comfortably bankroll 20 small businesses to effectively create the dynamic you wanted. Couple that with some drawcards to lure tourists across, free travel, etc. That would've worked.
