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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The $5.65 billion deal was also the latest high-priced transaction in Las Vegas that did not produce a dollar of real estate transfer taxes.
The Summerlin estate has been on and off the market over the past few years and was priced at $24.5 million last fall.
Nevada added more than 10,000 jobs last month as coronavirus restrictions loosened and tourism regained its footing in Las Vegas, though unemployment remains high.
When the Bellagio was developed more than 20 years ago, it was the world’s most expensive hotel ever built.
Despite the improved economy, land sales on the Strip have been sluggish for years, and values are nowhere near what sellers fetched before the economy crashed.