The towering north Strip resort is set to open this year, following prior stops and starts.
Real Estate Insider
Eli Segall’s Real Estate Insider column appears Saturdays in the Business section.
esegall@reviewjournal.com … @eli_segall on Twitter. 702-383-0342
Las Vegas’ famed casino corridor is a highly lucrative and competitive tourism market, where massive resorts offer extensive and ever-changing menus of amenities.
One side of the street has massive resorts, but the other side has low-slung motel buildings, a boarded-up tavern and a never-finished Ferris wheel project.
The north Strip isn’t overrun with tourists, and it still has big pieces of land. But the area has gained momentum.
Brett Torino and Paul Kanavos have already teamed up to build retail projects in the heart of the casino corridor.
Ten years ago, Genting Group bought the Resorts World Las Vegas site at a bargain price.
Dreamscape Companies recently announced that it raised $850 million in capital and is launching a real estate investment trust.
Some casino operators touted the benefits of owning their properties or stated they aren’t looking to sell them and rent them back.
Las Vegas has some of the world’s biggest hotels, and resort operators and other businesses regularly roll out new ways to capture tourists’ attention and dollars.
A state Senate bill seeks to raise the transfer tax to fund assistance for “very low income housing,” supportive housing and supportive services.
A top executive with Vici Properties this week reiterated its stance that the Strip is the world’s premiere cash machine.
Southern Nevada’s housing market may have slowed last year, but its range of sales prices, from one extreme to the other, was plenty wide.
The Fontainebleau’s path to opening has received a major boost from Vici Properties and Blackstone.
Southern Nevada’s wheeler-dealer market didn’t disappoint this year, as investors bought hotels, high-priced land and other properties.
Vici Properties, which owns The Mirage’s real estate, entered a lease with Hard Rock International that calls for initial annual rent of $90 million.