This Could Change The Las Vegas Strip Forever (In A Good Way)

Scarcity creates value. This is how collectibles, precious metals and certainly real estate work. This is why properties on the Las Vegas Strip are selling for ever higher prices.

It takes a lot of land to build a resort casino, shopping area, entertainment venue, or even an arena that can rival what Caesars Entertainment (CZR) MGM Resorts International (MGM) Wynn Resorts (WYNN) , and the other major players are already offering. This land is in very limited supply, as even on the most desolate northern strip land is selling out with plans for new casinos, hotels, and venues at an ever-increasing rate.

Las Vegas has emerged from the pandemic stronger than ever with MGM and Caesars saying they’re either back or even ahead of 2019 numbers (and that’s with international customers and major conventions just getting started. to come back.) Now, Because you can only build so many things on 4.2 miles of land, two gambling industry experts have shared a bold idea that could literally change the Las Vegas Strip like that we know him.

A Longer Las Vegas Strip

For most of its recent existence, the 4.2-mile Las Vegas Strip seemed quite long as most of the activity there was clustered around Caesars and MGM properties south and central of the Strips, with Wynn acting as a sort of gateway to the unknown at the north end.

Yes, The Strat and other properties were on the northern strip, but that area was relatively full of vacant lots and underutilized land. This has changed a lot over the past few years and it should change again.

Now Resorts World has opened on the Las Vegas North Strip and Fontainebleau is back on track to open in late 2023. These two mega-resorts/casinos have made the North Strip a place to live and real estate has become almost as valuable as the southern and central areas where Caesars and MGM are battling for dominance.

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With land becoming so valuable and available plots scarce, two gambling industry experts spoke to members of NAIOP Southern Nevada, the Commercial Real Estate Development Association, and suggested a rather shocking solution – to lengthen the Strip. of Las Vegas, the Las Vegas Review-Journal reported.

The Las Vegas Strip could be extended

Alan Feldman, a professor at UNLV and director of MGM, and Josh Swissman, founding partner of the Las Vegas-based Strategy Organization, told crowds in Orleans that the Strip could get longer.

“Feldman said it’s possible in the distant future that the Strip will expand south to the M Resort on Las Vegas Boulevard and St. Rose Parkway,” he explained.

In the more immediate future (approximately the next 10 years), “Blue Diamond Road and Warm Springs Drive could be the southern endpoint of the Strip with the new complex and 20,000-seat NBA-ready arena being built. development by Tim Leiweke’s Oak View Group.”

“If you look at the track record of Tim Leiweke and his colleagues, I have a feeling we’re going to see a slightly different variation, sort of Resorts World 2, in this part of the Strip,” Feldman told the newspaper. in a separate interview. “They’re just going to have to have an NBA team there, which I think is in everyone’s interest.”

Expanding what was traditionally considered the Las Vegas Strip also became easier when you factor in the massive underground transportation system that Elon Musk’s Boring Co. built beneath the city. What land is viable to build a project like a potential stadium for the Oakland A’s becomes much broader when you take into account that there is an easy way to get people to a new location.

Resorts World already owns land that could be used to build another resort approximately the same size as its current massive property.

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