Most deals on the Las Vegas Strip are sizzling, since the purchase of land begins the promotional cycle for a massive casino, resort, or attraction that could one day be built on the property. That’s essentially what Houston Rockets owner Tilman Fertitta did.
The billionaire, who also owns the Golden Nugget on Fremont Street, bought land on the Las Vegas Strip between Caesars Entertainments (CZR) – Get a free report from Planet Hollywood and MGM Resorts International (MGM) – Get the free report MGM Grand in April. That purchase was major news, as was his disclosure of his intentions for the property in October.
Fertitta may be planning to take on Caesars and MGM in her own backyard with a 43-story, 2,420-room hotel/casino. (Neither the billionaire nor his company have commented specifically on their plans, but a possible plan has been filed with the county.
“The upscale project, spanning approximately 15 acres at the southeast corner of Las Vegas Boulevard and Harmon Avenue, will include restaurants, meeting spaces, a spa, a wedding chapel, an auto showroom and a theater with approximately 2,500 seats, Clark County records show. It would also include suites and villas, VIP saloons, and a bar and lounge for high-limit players, according to building plans,” the Las Vegas Review-Journal reported.
No actual construction happened, but Fertitta gets people talking, which likely helps raise funding for the project and builds excitement for its eventual opening.
However, the NBA owner isn’t the only player with big plans on the Las Vegas Strip. Another potential rival of Caesars and MGM has quietly pooled the land needed to build a new casino, but it’s taken a much more stealthy approach.
That could be at least partly due to the history of the property purchased.
Image source: Shutterstock
MGM sells strip land
MGM has sold The Village, a piece of land on the Las Vegas Strip across from Luxor and adjacent to the Tropicana, to the Three Affiliated Tribes of North Dakota.
The land has been used as a concert venue and was the site of the deadliest mass shooting in modern US history.
“Concert-goers at the Route 91 Harvest Festival gathered there on October 1, 2017, when a gunman opened fire from his hotel room. He killed 58 people. Two others later died from their injuries. More than 850 people were injured by that time and the shooting stopped,” reported US News.
The site has been empty since filming began.
The MGM CEO emailed employees commenting on the sale of the 13-acre Strip Front land.
“We know how important this place is to so many and have always weighed in with every consideration that has to do with location,” Hornbuckle wrote. “This is no exception.”
MGM has already donated two acres of land at the site to Clark County for use as a memorial.
Meet the Strip’s newest player
Three Affiliated Tribes of North Dakota has moved very quietly to put together the land needed to build a resort/casino on the Strip. In July 2021, the group purchased a vacant 8.7-acre lot adjacent to their most recent purchase.
“At the time of the purchase in 2020, Tribal Chairman Mark Fox said his organization could build anything from a casino to a parking lot on their new property. Land – prime real estate land – in Las Vegas at a good price, and that’s essentially the Reason we went there,’” reported the review journal.
MGM once announced plans to use the Village lot as a parking lot for Las Vegas Raiders games and other events at Allegiant Stadium. It seems unlikely that the Three Affiliated Tribes, who have operated 4 Bears Casino & Lodge on the Fort Berthold Reservation grounds since 1993, would make this investment in Las Vegas just to open a parking lot.
The new owner hasn’t released a concrete plan for the site, but shared the statement below.
“This is a solid investment for the MHA nation,” said John Fredericks III, an attorney representing the tribes. “There are no immediate concrete development plans, but the MHA Nation will explore its development opportunities in the near future.”