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 Three Affiliated Tribes acquired 23 acres along Las Vegas Boulevard, but some tribal citizens believe money could be better spent on the reservation.
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.
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 towering north Strip hotel-casino will feature a pillarless ballroom spanning more than 105,000 square feet, one of the largest in Las Vegas.
Hard Rock’s purple-hued tower would feature six light beams shooting into the sky as if they were strings on a guitar neck.
Blackstone has purchased the hotels’ real estate for nearly $3.9 billion, and MGM is leasing the properties back.
The multibillion-dollar sale of The Cosmopolitan marks the latest in a string deals on the Strip between two powerhouse companies and another investment on Las Vegas Boulevard from the CEOs of fast-food chain Panda Express.
Las Vegas’ CityCenter — once touted as a future “urban metropolis” — has had a mixed history, but has weathered its ups and downs well.
The long-planned $4.3 billion property could bring more tourists to the north Strip and a surge of visitors overall to Las Vegas.