Las Vegas’ famed casino corridor is a highly lucrative and competitive tourism market, where massive resorts offer extensive and ever-changing menus of amenities.
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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.
Brett Torino and Paul Kanavos have already teamed up to build retail projects in the heart of the casino corridor.
A recent deal at almost $6 million per-acre didn’t even come close to a sale up the street.
The property owners are seeking $7 million an acre, or $182 million total, for the spread near Mandalay Bay.
Over the past year or so, Las Vegas has seen a rising tally of sales and construction plans involving vacant land, retail properties and hotels on or near its famed casino corridor.
Las Vegas real estate investor Steve Siegel is perhaps best known for his portfolio of low-priced apartment complexes bearing his name, but now he is the Strip’s newest landowner.
Hard Rock’s purple-hued tower would feature six light beams shooting into the sky as if they were strings on a guitar neck.
Visitor volume remains below pre-pandemic levels, but investors are betting big that Las Vegas is back on track.
Vici Properties and The Blackstone Group are emerging as two of the biggest players on Las Vegas Boulevard.