This will only succeed so far with a ground lease from VICI. Many sites on the strip have degraded as a result while still making huge loses, such as Caesar’s next door.
Interesting
Can you explain that in more detail?
Casinos sold their land to VICI and bought it back with a lease, it’s a long story you can see it on Youtube I believe. But now they’re handcuffed to these leases and when covid/inflation/etc hit then matters got worse. Now the prices on the strip are too high, service has been greatly degraded, so they can make ends meet, but this results in less people visiting and Caesar’s reported last year a loss of 300$ million I think?
The Seminole tribe always owns the land of their properties but this one is different. VICI already owned it so a lease was their way in. It might have been better off long term to redevelop one of these less primed empty parking lots down the strip than redoing The Mirage.
I’m always amazed when a casino operates at a loss.
Make it make sense!