The Fontainebleau’s path to opening has received a major boost from Vici Properties and Blackstone.
Business Columns
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.
Vici Properties and The Blackstone Group are emerging as two of the biggest players on Las Vegas Boulevard.
Buoyed by shrunken borrowing costs, Las Vegas’ housing market has reached new heights multiple times during the pandemic.
Investors paid a median of about $383,840 per acre last year for Southern Nevada land, up more than double from the depths of the Great Recession, according to figures from John Stater, Las Vegas research manager at brokerage Colliers International.
Land parcels for two Las Vegas projects that fell victim to the Great Recession now are expected to be developed.
The Fontainebleau, soaring 60-plus stories above Las Vegas Boulevard, went bankrupt 10 years ago on June 9, 2009.
What do you do with a failing mall like Primm’s? Someone could buy it and try to fill it with retailers, gut it for another use entirely or, in true Vegas style, implode it to build something else. For now, the mall will likely keep limping along.
At the Rainbow Dunes Centre, shoppers used to stroll the aisles of Kmart, buy shoes at Payless and chow down at a Chinese buffet. In more recent years, the “customers” were kicking through walls, trashing the parking lot and ripping out copper.
Amid the ongoing recovery from the bloodbath of the Great Recession, waves of retailers have been locking their doors in Las Vegas and elsewhere — and the pace of closures is only increasing.