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Last year, Clark County property records revealed a fairly quiet purchase made by MGM Resorts International. Stealthily, this international casino titan acquired a 1.62-acre plot on the illustrious Las Vegas Strip for a staggering $54 million in May 2023. This stealthily executed transaction left many in the real estate industry wondering what the future holds for this strategically located gem of real estate.
This particular piece of land lies conveniently between the Bellagio and the Cosmopolitan, just south of the famous Las Vegas fountains. It had previously been claimed by Steve Wynn, an influential real estate developer and avid art collector. Wynn had also owned renowned landmarks such as the Bellagio, Mirage, and Treasure Island, before MGM proudly took them under its wing in 2000. Quite interestingly, this also entitled MGM to Wynn’s rights on the 1.62-acre piece of land, then earmarked a vacant lot.
In a rather curious circumstance, the MGM conglomerate is not the true owner of the majority of properties hosting its resorts and casinos. Case in point: VICI Properties are the actual landowners of many MGM-operated casino hotels majestically gracing the Las Vegas Strip. This rare direct purchase by MGM further escalates the intrigue surrounding this enigmatic piece of real estate.
Since news of the purchase came to light, industry enthusiasts and observers have speculated on MGM’s potential plans for the property; a fascinating discourse to say the least. Roosevelt Brown, a seasoned real estate expert, thinks it’s unlikely to be another hotel or casino. “Considering the plot’s relatively small size, it may not be feasible to erect another mega-structure in the form of a hotel or casino,” he says.
Ambitious concepts of transforming the lot into some sort of pedestrian connection between the Bellagio and the Cosmopolitan have been swiftly dismissed, since a functional, covered walkway furnished with an escalator already serves this purpose.
Amidst the conjectures, some industry experts propose the theory that MGM could simply be playing the waiting game. This is a common practice in the Strip, owing to the finite availability of real estate. The idea is to let the land appreciate over time, and eventually flip it to another entity keen to carve their own niche in the landscape, for a handsome profit.
Accessing public records for this property via Clark County, Nevada, any curious individual can get the complete rundown. Information regarding the property’s address, unique parcel identifier number, property type, zoning details, year of construction, square footage, current owner(s) details, and tax-related information are collectively available with just a few digital keystrokes.
For more information on the latest property trends and real estate news affecting the Las Vegas real estate market please check our weekly updated market updates section. https://www.shelterrealty.com/blog/
Published by: Aly Cinco
