MGM Resorts purchased an fascinating sliver of property on the Strip final yr, based on Clark County property data.
MGM Resorts Land Holdings on Could 15, 2023 purchased 1.62 acres between the Bellagio and The Cosmopolitan, simply south of the Bellagio fountains, for $54 million, property data present.
The lengthy, slender piece of land, which is zoned a vacant lot, stretches a couple of hundred toes and is presently used as a roadway, car parking zone, and rubbish storage. It’s view is blocked from the Strip by various timber.
An MGM Resorts spokesperson confirmed the sale, noting that the corporate leases the actual property for each the Bellagio and Cosmo from hedge fund Blackstone, however declined to remark additional on the sale. MGM Resorts owns 33 inns and casinos throughout the globe.
Steven Haynes, a land advisor from Colliers Worldwide, in an e-mail to the Las Vegas Evaluation-Journal offered somewhat perception into the deal.
“Steve Wynn leased it from the earlier purchaser way back when he owned the Bellagio,” he mentioned through e-mail in regards to the sliver of land. “MGM inherited the lease they usually exercised an choice to buy now that they personal either side together with the Cosmo and Bellagio.”
MGM Resorts acquired the operations of the Cosmo in 2022.
Contact Patrick Blennerhassett at firstname.lastname@example.org.