MGM Resorts buys sliver of land between 2 major Strip properties
MGM Resorts bought an interesting sliver of property on the Strip last year, according to Clark County property records.
MGM Resorts Land Holdings on May 15 bought 1.62 acres between the Bellagio and The Cosmopolitan, just south of the Bellagio fountains, for $54 million, property records show.
The long, slender piece of land, which is zoned a vacant lot, stretches a few hundred feet and is used as a roadway, parking lot, and garbage storage. Its view is blocked from the Strip by several trees.
An MGM Resorts spokesperson confirmed the sale, noting that the company leases the real estate for both the Bellagio and Cosmo from hedge fund Blackstone, but declined to comment further on the sale. MGM Resorts owns 33 hotels and casinos across the globe.
Steven Haynes, a land adviser from Colliers International, in an email to the Las Vegas Review-Journal provided a little insight into the deal.
“Steve Wynn leased it from the previous buyer long ago when he owned the Bellagio,” he said via email about the sliver of land. “MGM inherited the lease, and they exercised an option to purchase now that they own both sides including The Cosmo and Bellagio.”
MGM Resorts acquired the operations of The Cosmo in 2022.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
