Las Vegas Strip real estate continues to be a hot commodity, as casinos report record revenue in the aftermath of the COVID-19 pandemic.
The Las Vegas Review-Journal reports that Lily Funds’ Tom McManus has found another buyer bullish on the Strip. McManus says he recently sold 2.2 acres of vacant land on the Strip across from the Mandalay Bay Convention Center for $12.8 million. The land sits between the Diamond Inn Motel to the north and Little Church of the West to the south.
McManus, who manages his real estate holdings from Ft. Lauderdale, told the RJ that the buyer of 4613 S. Las Vegas Blvd. wishes to remain anonymous. Clark County property records show only an LLC entity called Object Dash as the buyer. Public records provide no additional clarity as to who is behind the venture.
The new property owners have obtained prime real estate on the world’s most famous casino drag. The 2.2-acre plot is less than a half of a mile from Allegiant Stadium, home of the NFL Las Vegas Raiders, and butts up against Harry Reid International Airport, the nation’s eighth-busiest airport. The property is also within walking distance of the “Welcome to Fabulous Las Vegas” sign.
The property is zoned for commercial development, as well as an apartment complex. McManus didn’t get the full asking price for the land. An offering memorandum on the property updated last November marketed the Strip land with an asking price of $15 million.
Strip Sales
The possibilities are nearly endless as to what the new owners of the 2.2 acres of Strip dirt might have in store. Object Dash, whoever that might be, joins a slew of other new Strip-facing land owners.
In April, Las Vegas real estate mogul Steve Siegel agreed to pay $75 million for 10 acres across from Resorts World at Convention Center Drive on the Strip’s northern end. The acquisition expands Siegel’s footprint in the area, as the property is adjacent to the roughly two acres that currently houses his Siegel Select Convention Center extended-stay hotel.
It’s very hard to find land like this on the Strip,” Siegel said after reaching the $75 million agreement.
Siegel’s 10-acre buy comes after he sold The Artisan Hotel for nearly $12 million in March. The Artisan’s new owners plan to renovate the boutique hotel, located west of the Strip along Sahara Avenue at I-15, into Las Vegas’ first cannabis-focused hotel.
Billionaire Lurking
Golden Nugget, Landry’s, and NBA Houston Rockets owner Tilman Fertitta continues to monitor the Strip for a possible land acquisition. Casino.org’s Scott Roeben reported in March that the billionaire, worth an estimated $5.7 billion by Forbes, wants to build a new from-the-ground-up casino resort on the Strip.
Reports have surfaced that Fertitta has his eye on roughly six acres at the southeast corner of the Strip and Harmon Avenue. The property is currently occupied by a Travelodge motel, strip mall, and parking lot.
The ongoing negotiations are rumored to be in the neighborhood of $200 million — or roughly $33.3 million per acre.
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