MGM Resorts International is selling the Bellagio property and leasing it back, giving the casino operator a cash infusion of more than $4 billion.
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The community in northwest Las Vegas is designed to have around 3,000 homes and just under 30 acres of parks, trails and open space, according to a spokeswoman for one of the builders.
Eric Carlton of Colliers International told the Las Vegas Review-Journal that the Suncoast hotel-casino is not for sale, only the 49-acre parcel on which it sits.
More than 13 years after the market peaked, Las Vegas house prices last month came close to their pre-recession highs.
Seven Valleys Realty Construction owner Khusrow “K.” Roohani and American West Homes founder Larry Canarelli teamed up to purchase just over 63 acres at the northwest corner of Las Vegas Boulevard South and Starr Avenue.
MG Properties Group announced Thursday that it acquired the 184-unit Village at Desert Lakes for $36.55 million.
Frank Nothaft, chief economist at housing tracker CoreLogic, discusses the current health of the housing market in Las Vegas and beyond.