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!
On track to reach the halfway point upon year’s end.
Also! Continuing my previous post on developing less mainstream plots - Red Rock (not Hard Rock, oops) has bought a 126 Acre site for $172 Million in the outskirts of Vegas - will announce a mega project in near future.
It’s growing FAST. It’s already almost the same height as most of the hotels around it. It’s certainly going to dominate the strip. I just wish it was built elsewhere on the strip. It’s tragic this is replacing what was the beautiful volcano and Mirage.