The Blackstone Group, a global investment giant, has gone from buying the recession’s discarded leftovers to snapping up hot property in Las Vegas.
Resorts World Las Vegas, the supersized, Chinese-themed casino project on the Strip, got a new boss this week, another expected opening date, and another promise of soon-to-come heavy work.
It’s been set on fire and ripped apart by vandals. Its owners have been ordered to fix it or tear it down. There has even been a rumor of ghosts. And now, thanks to the Raiders, it’s looking like prime real estate.
Before anyone rented its apartments, or the office tenants moved in, or the eateries opened their doors, the Gramercy was known as ManhattanWest, and it was a scary place.
Amid the ongoing recovery from the bloodbath of the Great Recession, waves of retailers have been locking their doors in Las Vegas and elsewhere — and the pace of closures is only increasing.
And at first glance, anyone who’d driven past the abandoned, beat-up office complex on Durango Drive at Hacienda Avenue the past few years might lump this with the rest, figuring it was just another rundown project that flopped with the economy. But this mess had nothing to do with the recession.
Spanning 26 acres of beachfront property, the latest project by a subsidiary of MGM Resorts won’t have slot machines or poker tables, but will boast 1,000 rooms, a “dazzling” theater and a snorkeling area. It will also be in Dubai — a Middle Eastern city the company knows all too well.
The stadium for the Raiders, which would be backed by $750 million in taxpayer funds, isn’t the first project to get pitched for the Russell Road and Dean Martin Drive site.
Mortgage lenders may not be as slaphappy as they used to be, giving money to basically anyone who wanted a house. But in the past few years, with the economy mending and the housing market pulling itself out of the dumps, they’ve opened the vaults wider and wider.
There were about 47,000 sales of previously owned homes in the Las Vegas Valley last year. But which properties were the most and least expensive?