Home News This Could Change the Las Vegas Strip Forever (In a Good Way)

This Could Change the Las Vegas Strip Forever (In a Good Way)

by admin
0 comment

Scarcity creates value. That’s how collectibles, precious metals, and most certainly real estate work. As a result, properties on the Las Vegas Strip are selling at all-time highs.

It takes a lot of land to build resort casinos, shopping areas, entertainment venues and even arenas that can compete with Caesars Entertainment. (CZR) MGM Resorts International (MGM) Wynn Resorts (win) , and other major players already offer. That land, even on the more desolate North Strip, is in very limited supply as plans for new casinos, hotels, and venues are being sold at an ever-accelerating pace.

Las Vegas is coming out of the pandemic, with both MGM and Caesars saying they are back to or above their 2019 numbers (which are just beginning to recover international clientele and major conventions). There’s only so much you can build on 4.2 miles of land, so two gaming industry experts shared a bold idea that could literally change the Las Vegas Strip as we know it.

long las vegas strip

For most of its recent existence, the 4.2-mile Las Vegas Strip seemed long enough. This was because most of its activity was centered around Caesars and MGM properties in the south and middle of the Strip, with Wynn acting as a gateway of sorts. North end unknown.

Yes, The Strut and other properties were on the North Strip, but that area was relatively full of vacant and underutilized land. It has changed considerably over the past few years and is likely to change again.

Resorts World now opens on the North Las Vegas Strip, Fontainebleau We are back on track to open in the second half of 2023. These two mega-resorts/casinos of his made the North Strip a hotspot, making real estate almost as valuable as the southern and central areas that Caesars and his MGM vie for control of.

scroll to continue

With land values ​​so high and available parcels so rare, two gaming industry experts spoke with members of the NAIOP Southern Nevada (Association of Commercial Property Development) and came up with a rather shocking solution. proposed. Las Vegas Review Journal report.

Las Vegas Strip could be expanded

UNLV professor and MGM executive Alan Feldman and Josh Suisman, founding partner of the Las Vegas-based Strategy Organization, told audiences in Orleans that the strip could be even longer.

“Feldman said in the far future the Strip could go south to M Resorts on Las Vegas Boulevard and St. Rose Parkway,” he explained.

In the near future (roughly the next decade), “Blue Diamond Road and Warm Springs Drive could become the southern end of the Strip with a new resort being developed by Tim Leiweke’s Oak View Group and a 20,000-seat NBA-ready arena.” There is a possibility.”

“Looking at what Tim Leiweke and his colleagues have, I have a feeling we’re going to see a slightly different variation, sort of Resorts World 2, on that part of the Strip,” Feldman told the paper. in another interview. “They’re going to have to have an NBA team there. I think it’s for everyone’s benefit.”

Given the massive underground transportation system that Elon Musk’s Boring Company is building underneath the city, it has also become easier to extend what was traditionally thought of as the Las Vegas Strip.Oakland A The viable land on which to build a potential stadium-like project is much wider given that there are easy ways to move people to new locations.

Resorts World already has parcels of land that can be used to build another resort roughly the same size as the current gigantic property.

You may also like