USA.- January 12nd 2024 www.zonadeazar.com [1] Last year, MGM Resorts made an intriguing acquisition of a parcel of land along the Strip, as per Clark County property records.
On May 15, 2023, MGM Resorts Land Holdings purchased 1.62 acres situated between the Bellagio and The Cosmopolitan for $54 million, as indicated by property records. This prime piece of real estate lies just south of the Bellagio fountains.
The elongated, narrow land, currently designated as a vacant lot, extends a few hundred feet and is presently utilized as a roadway, parking lot, and garbage storage area. Its view from the Strip is obstructed by several trees.
A spokesperson from MGM Resorts confirmed the sale, highlighting that the company leases the real estate for both the Bellagio and Cosmopolitan from the hedge fund Blackstone. However, they refrained from providing further comments on the transaction. MGM Resorts boasts ownership of 33 hotels and casinos worldwide.
Steven Haynes, a land advisor at Colliers International, shared insights into the deal in an email to the Las Vegas Review-Journal.
“Steve Wynn leased it from the previous buyer long ago when he owned the Bellagio,” he stated via email, referring to the strip of land. “MGM inherited the lease and they exercised an option to purchase now that they own both sides, including the Cosmo and Bellagio.”
It’s worth noting that MGM Resorts took over the operations of The Cosmopolitan in 2022.
Edited by: @MaiaDigital [2] www.zonadeazar.com [1]