The hotel-casino’s shopping district will span 90,000 square feet and feature around 35 “luxury retail concepts.”
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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.
Station Casinos has loaded up on more land in Las Vegas, closing a big purchase just a few days after it unveiled plans to demolish three hotels in Southern Nevada.
Dream Las Vegas, on the south edge of the Strip, will feature dining and nightlife venues, 12,000 square feet of meeting and event space and a 20,000-square-foot casino.
Developers of Dream Las Vegas are scheduled to hold a ceremonial groundbreaking Friday for the 531-room casino resort.
According to Las Vegas city records last year, the one-story project will span more than 21,000 square feet and sit on a 5-acre plot of land.
Dream Las Vegas is estimated to cost around $550 million and slated to open in late 2024.
Blackstone announced Friday that it closed its acquisition of billionaire James Packer’s Crown Resorts Ltd., saying this marked its largest transaction to date in the Asia-Pacific region.
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.
The buyer, British businessman Simon Dolan, made headlines for challenging the U.K. government in court over the country’s pandemic lockdowns.
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.
Over the past year or so, Las Vegas has seen a rising tally of sales and construction plans involving vacant land, retail properties and hotels on or near its famed casino corridor.
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.”