Large Parcel of Land Near Las Vegas Strip for Sale for $300M
Posted on: December 13, 2020, 10:48h.
Last updated on: December 13, 2020, 12:27h.
A 130-acre property located south of the Las Vegas Strip is now available for $300 million. It was the planned site of an $800 million extreme sports complex, called the Edge, that was scrapped.
The property is believed to be the most expensive parcel now for sale in Clark County, the Las Vegas Review-Journal reported. It is in a key location, near McCarran International Airport and Town Square Las Vegas. Town Square has retail and office space.
The available parcel includes 65 acres of vacant land, a 41.4-acre golf course, and a 23.6-acre athletic venue with a go-kart track, the Review-Journal said.
The current owner of the property was identified in the news report as Ernie Lee. The Lee family owns gaming properties. UNLV’s Lee Business School is named in their honor.
Ernie Lee is considering holding onto the property. Or he may sell parts of it or all of it, the Review-Journal said.
Tech Companies Show Initial Interest
Lee further revealed that some unnamed technology companies were interested in the property, the Review-Journal said. No word on whether any casino operators have any interest.
Often, such large parcels lead to mixed uses. Sometimes, owners will hold onto larger properties until economic conditions improve.
This year, the COVID-19 pandemic led to a fall in commercial real estate prices in Las Vegas. Last month, Stephen Miller, director of UNLV’s Center for Business and Economic Research, said that since March, the Las Vegas commercial land market was impacted from the coronavirus-linked economic downturn.
But some commercial properties have changed hands in recent months. Nevada developer Michael Ochoa acquired 12 vacant acres near The Strip for $12.5 million from a China-based company. No details on what Ochoa plans to put there or if he will flip the property in a few years.
Also recently, the owners of a North Dakota tribal casino acquired an 8.7-acre property near The Strip for $12 million via a bankruptcy, the Review-Journal said. In addition, RAH Capital paid $3.1 million for the 11.3 acres that once held the Moulin Rouge casino.
New owners plan to place a casino on the vacant lot. RAH is associated with an Australian-headquartered financial firm: BBC Capital.
To get an idea of the current state of gaming properties, the planned opening of Virgin Hotels Las Vegas was pushed back from January. It is the off-Strip site of the former Hard Rock Hotel & Casino.
The delayed January opening marks the second postponement in the property’s recent history. The newest delay was blamed on coronavirus-impacted market conditions.
Casinos Wait for Change in Restrictions
In addition, several MGM resort casinos have shuttered their hotels during the middle of the week because of the downturn in demand linked to the pandemic. Casinos also are awaiting word from Nevada Gov. Steve Sisolak (D) on what he will do with current capacity restrictions on gaming floors, restaurants, and bars.
Currently, they are at 25 percent. Earlier this year, they were set at 50 percent.
Sisolak could impose tougher restrictions this month, given the spike in the number of COVID-19 cases. As of Sunday, Nevada officials reported 2,882 new coronavirus cases. There were 19 additional deaths tied to the virus.
The total number of cases seen in the state since the outbreak began is 186,833. The total number of deaths in Nevada is 2,539.
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