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 Strip
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Construction is underway on the 15,274-square-foot Museum of Illusions, which is scheduled to open in early spring 2023.
The permits were issued the same day the Clark County Commission approved Fertitta’s plans for a towering hotel-casino on Las Vegas Boulevard.
A court filing in June said “construction is imminent” at Hawaiian Marketplace, a shuttered property eyed for redevelopment.
Tilman Fertitta owns the Golden Nugget, but his latest purchase gives the business mogul a foothold in the heart of America’s casino capital.
Lily Funds founder Tom McManus sold 2 acres to a buyer who “requested to remain anonymous.”
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.
After unveiling plans for a dramatic race on the Strip, the company behind Formula One says it’s also buying property near Las Vegas’ casino corridor for a hefty price.
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.
Developer Brett Torino expects the first wave of retail space for Project63 to be completed in October, with the remaining batch finished in February 2023.
The north Strip skyscraper’s history is marked by bankruptcy proceedings, halted construction, different sets of owners, and national economic meltdowns.
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.
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