Clark County commissioners gave the green light for a 43-story, 2,420-room project at the southeast corner of Las Vegas Boulevard and Harmon Avenue.
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It was the latest high-priced deal in Las Vegas that did not produce transfer tax revenue that supports schools and low-income housing in Nevada.
Complex transactions without transfer taxes frequently cite an exemption allowed under state law for entities that transfer property to a subsidiary.
The project, by Reno-based Tolles Development Co., would span more than 140 acres in Jean and could result in a shuttered hotel-casino being demolished.