New move continues North Las Vegas Strip Casino resurgence
The northern section of the Las Vegas Strip was once a semi-derelict wasteland with casinos, motels, and sketchy gift shops. You had The Strat, formerly The Stratosphere, sitting at the northern end of the Strip, essentially as a solitary beacon of the glitz and glamor offered by the Southern and Central Strips dominated by Caesars Entertainment. (CZR) – Get the report from Caesars Entertainment Inc. and MGM Resorts International (MGM) – Get the MGM Resorts International Report.
In the not so distant past, apart from The Strat, which was sort of on an island, The Strip ended after the Wynn Resorts (WYNN) – Get Wynn Resorts, Limited Report Properties. It was possible to walk further on the North Strip past Wynn, but it really didn’t help.
This, as you can imagine, has created an opportunity as available land on the Las Vegas Strip means the ability to create new properties and challenge Caesars, MGM and Wynn. The problem is that new properties can attract people, but that requires a critical mass of investment – with multiple properties feeding into each other – being built to truly create an area that will rival the central and south of the Las Vegas Strip. .
It might have seemed like a fantasy just a few years ago, but now the North Strip has seen two major casinos develop with another planned, along with other major projects, and now a new site has arrived on the market that could further contribute to the transformation of the territory.
A look at the north strip now
As you pass Wynn properties on the Strip, you now see Resorts World Las Vegas, a massive new casino that opened in June 2021. It’s a huge property with a one-world dining room that’s easily accessible at walk from MGM or Caesars properties on the Central and South Strip. In fact, it’s an easier walk because there are none of the escalators or stairs that separate the busier sections of the Strip.
During this walk, people can also see the nearly completed Fontainebleau Las Vegas, a project that has been on a nearly 20-year odyssey, which looks set to open in late 2023.
These two giant casino projects already exist, but it is only the beginning for the North Strip. An NBA-ready arena has landed funding that will be built in the area. In addition, Siegel Group, which operates a Las Vegas deli on Convention Center Drive, as well as several retail malls in Sin City and across the country, acquired 10 acres just across the Strip from Resorts World Las Vegas, North. from Encore/Wynn Las Vegas and south of Fontainebleau.
This is a large site which the developer has called the last large land available on the northern strip,” said the Las Vegas Journal Review reported. Siegel plans to build a casino on the property but has not released a timeline.
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The North Strip could also end up being the site of the new stadium sought after by the Oakland A’s (although multiple sites are being considered). In just a few years, the northern strip has begun a massive transformation and land has actually become scarce.
Now, however, a new site has come up for sale which could lead to even more modern development on the northern strip.
What’s next for Las Vegas’ North Strip
Caesars and MGM properties on the South and Central Strip feed off each other. You can easily walk between casinos as well as venues like T-Mobile Arena and Caesars, lots of concert/club options. This creates an energy and a critical mass that attracts tourists.
The North Strip doesn’t have that yet, but every new property built or tired old motel or strip mall that’s replaced helps make the area a legitimate rival for Caesars and MGM. According to Loopneta commercial real estate site.
Prime Real Estate on famous Las Vegas Boulevard next to the Circus Circus Hotel and Casino with a Travelodge hotel and 3 story building. The hotel has 100 renovated rooms including 2 suites with jacuzzi, a recently renovated lobby, a guest park and a swimming pool. The 3-story building includes a beautiful gift shop on the first floor with rolling doors and an elevator to access upper levels.
It’s a pretty bleak motel property with huge potential that’s listed at $52 million. That’s a much higher price than other nearby properties, according to the Review-Journal. Haim Gabay, owner of the 1.8-acre property, appears to be selling an opportunity, more than a dated motel.
“Gabay’s asking price far exceeds that of White Sands. The 1.1-acre property is currently listed at $12 million and appears destined for demolition, given its history of vandalism, vagabonds and feral cats. “, wrote Eli Seagal of the Review-Journal. “…Gabay’s price is also much higher than the price at which Motel 8 sold. Israeli hoteliers bought this property in 2018 for $7.4 million and unveiled plans for a resort flashy that hasn’t been built yet.”
With the resurgence of the North Strip, however, this site may capture its owner’s price and become another major part of the area’s redevelopment.