Clark County cleared the way for a guitar-shaped hotel tower to be developed at The Mirage, a project that would spell the end of the resort’s iconic volcano attraction.
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Hard Rock International is looking to build a 600-room high-rise along Las Vegas Boulevard.
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.
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.
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.
Casino operator Bally’s Corp., which is buying the hotel-casino, would “almost certainly” look to rename the property as Bally’s and likely look to redevelop the property.
The Clark County Commission is scheduled to consider a proposal for the Department of Aviation to purchase around 17.3 acres of mostly vacant real estate across from Mandalay Bay.
Developer Brett Torino aims to open the four-story complex by October 2022.
The market for new casinos in the famed resort corridor was shaky long before the pandemic hit.