More than 16 years after the New Frontier was toppled, the Strip property hasn’t seen a new project take shape.
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The sale, marks a new chapter for a property that once had unspeakable violence.
Vici Properties reached a deal to purchase financial giant Blackstone’s 49.9 percent stake in the properties, which are leased to casino giant MGM Resorts International.
The permits were issued the same day the Clark County Commission approved Fertitta’s plans for a towering hotel-casino on Las Vegas Boulevard.
Station Casinos has loaded up on more land in Las Vegas, closing a big purchase just a few days after it unveiled plans to demolish three hotels in Southern Nevada.
According to Las Vegas city records last year, the one-story project will span more than 21,000 square feet and sit on a 5-acre plot of land.
The buyer, British businessman Simon Dolan, made headlines for challenging the U.K. government in court over the country’s pandemic lockdowns.
Multibillion-dollar property sales can be structured to allow buyers and sellers to avoid paying the transfer taxes that support schools and other programs in Nevada.
Complex transactions without transfer taxes frequently cite an exemption allowed under state law for entities that transfer property to a subsidiary.
With its multibillion-dollar sale in the works, The Cosmopolitan of Las Vegas gave employees a welcome surprise Wednesday: a $5,000 bonus each.
Vici CEO Ed Pitoniak says the company has become “the leading real estate owner” on what “we believe is the most economically productive street in the world, the Las Vegas Strip.”
Vici Properties closed its acquisition of MGM Resorts International’s real estate spinoff, giving the buyer several more hotel properties on the Strip.
The Summerlin estate has been on and off the market over the past few years and was priced at $24.5 million last fall.
The towering north Strip hotel-casino will feature a pillarless ballroom spanning more than 105,000 square feet, one of the largest in Las Vegas.
Construction is underway on the $750 million Durango hotel-casino near Ikea.