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Prime Las Vegas Strip Property Hits the Market

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The Las Vegas Strip seems to be constantly evolving with constant development.

Projects are planned above and below the strip, including the development of luxury hotels and casinos, the construction of new retail stores and restaurants, and the construction of residential condominiums.

One of the most anticipated projects since 2005 is Fontainebleau Las Vegas Development It will eventually open on the North Strip in late 2023. Also on the North Strip, real estate developer Siegel Group has planned to buy 10 acres and build hotels / casinos, retail stores and residential condominiums on the premises.

At the end of last year, MGM Resorts International ((((MGM)- Get the MGM Resorts International Report Sold Mirage on the Strip to Hard Rock International along with the iconic volcano. Build a guitar hotel This is similar to a hotel / casino facility in Fort Lauderdale, Florida.

Tillman Fetita, the billionaire owner of the NBA Houston Rockets, who reportedly owns the Golden Nugget Casino in downtown Las Vegas. Planning to buy a prime location $ 200 Million on Strip Between Caesars Entertainment ((((CZR)- Get the Caesars Entertainment Inc Report Planet Hollywood and MGM Grand develop a new 6-acre high-end casino project.

For retail development on the Strip, next to Fertitta’s proposed development site, Grindy Capital is planning a 9.5-acre project. Brett Torino, a Las Vegas developer who owns a three-story retail complex on the northeast corner of Las Vegas Boulevard and Harmon, is building a four-story retail project on the southwest corner of Las Vegas and Harmon.

Also for professional sports Significant impact on development On the strip. With the arrival of the National Hockey League’s Golden Knights at the Strip’s T-Mobile Arena in 2017, Las Vegas has become a major destination for professional sports teams and events. The Raiders of the National Football League arrived in 2020 at the Allegiant Stadium, not far from the Strip.

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The National Basketball Association began playing the Summer League in Las Vegas in 2004, and the WNBA Ace, owned by Raiders owner Mark Davis, will come to Las Vegas in 2018 to play at the Michelob Ultra Arena in Mandalay Bay. Formula 1 announced in November 2023 that it would bring the Global Racing Series to the streets of Las Vegas.

Currently, Auckland A is discussing building a stadium on the property currently occupied by Tropicana Las Vegas on Las Vegas Boulevard and Tropicana Avenue, and is seriously considering moving to the Las Vegas Strip.

Another big step is coming soon to the South Strip as real estate broker CBRE Group is marketing to sell the 26-acre site of Seattle businessman Wayne Perry across from Mandalay Bay Resort and Casino. There is sex. business, According to the Las Vegas Review Journal.

According to the report, Perry’s Shotgun Creek Investments is seeking to sell the site for $ 182 million ($ 7 million per acre) through CBRE’s global gaming group. Shotgun, the lender of the failed Ferris wheel project, bought real estate in 2020 for bankruptcy sale. Perry said he wasn’t interested in resuming the SkyVue project.

Howard Bulloch of Compass Investments, the first developer of SkyVue, planned to spend more than $ 100 million in 2011 to build a 500-foot-high Ferris wheel, roller coaster, retail store, and restaurant project on the strip property. .. The site pole ended in 2012. The project did not end due to financial problems.

Bulloch reportedly began selling real estate for sale in 2015 for $ 10 million per acre, or more than $ 385 million, but the deal was unsuccessful.

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