Why South Point owner bought land near resort for $5.5M
The South Point’s land holdings have expanded this month as its owner bought 4.3 acres of land near the Las Vegas resort.
Clark County records show the South Point’s owner, Michael Gaughan, bought 4.3 acres to the southeast of the resort for $5.5 million this month. These 4.3 acres connect directly to 2.5 acres that Gaughan purchased in 2015, giving him control of a 6.8-acre chunk of land near the South Point.
Even though the purchase was completed recently, Gaughan said he already has plans to turn the undeveloped land into an overflow parking lot for trucks and other vehicles. He thinks an overflow parking lot will come in handy when the South Point hosts arena and rodeo events, and he estimates this lot could be used up to six times a year.
Gaughan said he has been looking for the past 10 years to buy more land around the South Point, and he views his recent purchases as mostly an investment rather than as part of plans to expand the resort’s operations. He also said he would continue to be interested in buying land close to the South Point, if it comes available, even if some of it is overvalued.
“I might overpay a little bit now, two years from now is probably the right price,” he said.
The process to turn the 4.3 acres into a parking lot should start sometime in July, Gaughan said.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.