LAS VEGAS, NV – According to reports, the Rio All-Suite Hotel and Casino in Las Vegas, Nevada has been sold by Caesars Entertainment to a real estate investment company for $516.3 million.

The buyer, controlled by the firm Imperial Companies, has agreed to acquire the Rio Casino-Hotel, which is located on the famed Las Vegas Strip. Under the terms of the announced agreement, Caesars will still operate the hotel/casino for at least the next two years, paying the new owners $45 million a year in rent. After two years, Caesars retains a $7 million option to continue managing the property for an additional year; further years of management are also possible after the expiration of the lease as well, according to the agreement.

Caesars CEO Tony Rodio noted in a released statement that the move to sell the Rio would enable the company to concentrate on their many other holdings in the Southern Nevada region and beyond.

“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,” he said.

Caesars Entertainment Chief Executive, Tony Rodio

First opening its doors for business on January 15, 1990, the Rio was the first all-suite resort in the Las Vegas area. It was named after the city of Rio de Janeiro and is influenced by Brazilian culture, and is the host casino for the World Series of Poker.

The hotel towers are covered in blue and red glass. The Rio hotel’s 2,522 suites range in size from 600 to 13,000 square feet and have floor to ceiling windows. There are several private villas on the property for high-rollers. In addition, the complex includes a wine cellar that has more than 50,000 bottles. The Rio Pavilion convention center has a total of 160,000 square feet of space. A Race and Sports Book is also available.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Many Las Vegas construction projects that are either in the planning stages or are currently in the works are facing the very real threat of skyrocketing costs in the face of trade tariffs brought on by the ongoing US/China Trade War, according to recent reports.

As previously announced by President Donald Trump, on October 1, 2019, new tariffs – ranging from 25 percent to 30 percent – will be placed on $250 billion worth of Chinese goods; in addition, $160 billion worth of Chinese goods will come under a new 15 percent tax due to be instituted on December 15.

How this affects construction in Las Vegas – and much of the United States, for that matter – is in steel, one of China’s main exports, which is also home to six of the 10 largest steel-producing companies headquartered there, according to reports. 

And the increased steel prices that the tariffs are causing are making many developers think twice about going forward with – or scaling back – numerous planned projects in the Southern Nevada region due to the ballooning costs involved. For example, a proposed sports and entertainment complex for the Las Vegas Strip headed up by former NBA star Jackie Robinson has raised its estimated costs from $2.7 billion to nearly $3 billion as a result of increased steel costs, reports say. In addition, the developers of the MSG Sphere at The Venetian have increased their initial estimate from $1.2 billion to $1.7 billion.

However, an equal number of developers are pressing forward and taking on the extra costs as they come, while others are managing to remain on-budget as pre-existing purchase contracts with exporters have rendered them temporarily immune to the rising costs brought about by the US/Chine trade war. Projects that report no significant cost overruns due to the conflict include the Las Vegas Raiders Stadium and the Las Vegas Convention and Visitors Authority (LVCVA) convention center expansion.

According to the LVCVA, there are ongoing or currently planned projects scheduled to open through 2022 totaling in the amount of $15.2 billion within the confines of the city.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Derek Stevens – noted owner of several high-profile Las Vegas casinos, including D Las Vegas and Golden Gate and developer of the under-construction Circa Resort & Casino – recently announced his plans to build a warehouse near the downtown area to service his hotels, according to reports.

The warehouse, whose project plans have been approved by the Las Vegas City Council, would be built in a vacant lot at the northeast corner of Bonanza Road and Main Street and is slated to be 62,976 square-feet in size.

The lot, previously empty for an extended period of time, was the former home of the Nevada Biltmore Hotel in the 1940’s. It has remained in disuse since then, with an attempt to build a $135 million, 296 unit condominium complex there in the mid-2000’s never coming to fruition due to the recession; Stevens later acquired the property through foreclosure.

The warehouse, according to reports, would be used primarily to service Stevens’ currently-in-construction Circa Resort & Casino, a 777 room hotel that is expected to open in December 2020. The warehouse would also service other hotels that Stevens owns in the downtown area. 

Ground is expected to be officially broken on construction by April of 2020. The project’s general contractor has been announced as being Tré Builders, and efforts have been made to open up channels of discourse with neighboring residents of the project in order to get feedback from them.

According to reports, some of local residents are unhappy with the impending warehouse and its planned aesthetics, claiming that it will have a negative impact upon them. 

Others, however, have been supportive of the warehouse project, noting that the vacant lot is currently home to many undomiciled people.
Attempts to placate neighbors of the project include numerous design elements that will reportedly enhance the visual appeal of the warehouse, including cypress trees, wall vines and a mural.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Boy Scouts of America Las Vegas Area Council’s camp, located in Mount Potosi near the Las Vegas Valley, will soon have 1,150 acres of land converted into luxury homes if a local commercial brokerage’s asking price of $90 million is met by an interested developer, according to reports.

Brokerage firm Newmark Knight Frank is put out a press release advertising the sale of the land – known as the Spencer W. Kimball Scout Reservation – is situated at an elevation of 5,800 feet and is currently ripe for development. The release notes that the land could accommodate approximately 1,250 units, ranging from single-family homes located on 3-acre lots as well as attached town houses and condominiums.

The land offers a great chance for an enterprising entrepreneur to take advantage of the current skyrocketing economic climate in the Southern Nevada region with such an investment, according to Newmark Knight Frank executive managing director Curt Allsop.

“The Mount Potosi Canyon Road land offers an extraordinary opportunity for developers, as the potential acquisition of 1,150 acres of contiguous land in one transaction has not existed in Las Vegas for many years,” he said in the firm’s statement. “Located just outside of Las Vegas in a striking natural environment offering unequaled views, the site’s remarkable attributes, combined with the traditional price points of a master-planned community will allow for luxury living without the luxury price tag.”

The Boy Scouts of America Las Vegas Area Council has operated the Spencer W. Kimball Scout Reservation for over 60 years, but a recent decision by the council in regards to their resource and financial management has lead to their decision to engage the services of Newmark Knight Frank to market the property for potential sale. The current asking price of $90 million comes out to just over $78,000 an acre.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The downtown Las Vegas skyline as of late is littered with numerous cranes and other pieces of construction equipment, giving visitors plenty to look at as the area undergoes a serious period of development not seen in decades.

Nearly 60% of Las Vegas visitors stop by downtown, and most of those do so because of Fremont Street Experience. Our crown jewel is the massive Viva Vision canopy featuring free light shows nightly.

One of the most noticeable construction projects in the region is the Circa Resort & Casino, situated at the corner of Main Street and the Fremont Street Experience. Upon completion, the Circa will have 777 guest rooms, five restaurants, a two-level casino, one of the largest sports books in Las Vegas, and a nine-story parking garage dubbed “Garage Mahal.” Above the casino will be a rooftop deck and amphitheater with six swimming pools and a 125-foot screen. It is expected to open in December 2020.

Also under development in the downtown area is the third tower of the Downtown Grand Hotel & Casino, a seven-floor, 495-room expansion scheduled for completion by the middle of next year. Located at 3rd Street and East Ogden Avenue, the Downtown Grand currently has two hotel towers- an 18-story Casino Tower built in 1985 with 295 rooms, and a 25-story Grand Tower with 334 rooms. The East Tower is connected to the ground level casino. The completion of the third tower will boost the overall number of rooms in the Downtown Grand to 1,124.

And yet another construction project with high-visibility in the Las Vegas downtown area is the ongoing renovation of Viva Vision, a LED display “canopy” that runs along the Fremont Street Experience promenade from Main Street to Fourth Street. 

Currently, Viva Vision is the world’s current largest video screen. Originally, nearly 2.1 million incandescent lights were housed in the canopy. With the completion of the $17 million upgrade, more than 12 million LED lamps will illuminate the overhead canopy. The new LED upgrade was designed and engineered by LG Electronics, who is also the primary corporate sponsor of the canopy. Within the canopy itself are 220 speakers powered by 550,000 watts of amplification. Light and sound shows are presented nightly beginning at dusk on the Viva Vision video screen.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Majestic Las Vegas, the latest luxury resort hotel to call Sin City home, is slated to offer a different experience than many of the establishments in town when it opens its doors for business in 2023.

Eschewing gambling and other similar activities, The Majestic will instead exclusively focus on a growing field in the hotel world- health and wellness.
From outward appearances, The Majestic – estimated to cost a whopping $850 million – will most likely look like your run-of-the-mill luxury high-rise, offering 720 suites, six gourmet restaurants, a 50 cabana pool area, and theaters for live entertainment. However, at the very heart of the hotel will be a unique attraction- a four-level, fitness and nutrition spa center featuring state-of-the-art facilities and services such as exercise classes, full-body treatments, and more.

Catering to clientele that wish to avoid the Las Vegas gambling scene – again, there will be no high-stakes betting or games of chance on the premises – The Majestic will feature a contemporary design inspired by the iconic La Concha Motel originally constructed in 1961. 

The Majestic will also cater to Las Vegas’ business community, with levels 51 through 60 – dubbed “Sky Suites” – offering 25,000 square feet of space that is fully customizable and reconfigurable for the needs of any businesses that may decide to take up residence in the hotel. These business tenants will have full access to the hotel’s amenities, as well as a private concierge and a dedicated Owner’s Club.

The Majestic is slated to be constructed upon the six-acre location of the former Clarion Hotel – just two blocks from the Las Vegas Strip – and will be situated directly across from the new Las Vegas Convention Center, which is due to open in 2021. If all goes according to plan, The Majestic, with its emphasis on health and wellness, will offer an interesting new twist to the Southern Nevada tourism trade by giving guests a healthy respite from the excesses that Las Vegas is known world-wide for.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Recently, Las Vegas city officials and business leaders discussed the status of a proposed and oft-delayed high-speed train between Las Vegas and California, a project that is now seemingly going forward with a estimated construction start date of 2020, according to reports.

The service, which will serve as a conduit between the two regions for upwards of 22 million people, has been in the on again/off again planning stages since the late 1990’s. However, developer Virgin Trains USA has stated that they are ready to begin development after similar railways that they have developed and maintained in Florida have proven to be successful, giving them an established model to adhere to with the Vegas equivalent. 

The project overall is expected to take approximately three years to complete, with the railway to cover the distance between the Las Vegas Strip and Victorville, California, a 75 minute-long trip; the distance – about 185 miles – is cited by Virgin Trains USA as being too close to fly, but too far to drive, thus making a railway line an ideal solution for commuters and travelers between the two cities. 

Construction of the railway system – which will run alongside Interstate 15 and will reach speeds of 150 miles per hour – is expected to be privately-funded, according to reports.

A railway connecting LA and Vegas would prove beneficial to both, as each city features a robust business climate that a dedicated train line would help to grow. Establishing a direct, fast and easy commute would help their overall job markets and provide a means for companies to recruit more widely to suit their needs. Currently, the 15 freeway serves as the most direct means of travel between LA and Vegas, in addition to air travel, which can be cost-prohibitive for most commuters. Train service, in contrast, would be very affordable.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Experts have recently noted that the Las Vegas real estate market has settled into a degree of stability that the region has not seen for 20 years, according to reports. This comes after a period of skyrocketing growth that followed one of the worst recessions Vegas has seen when the housing bubble burst in the mid-2000’s.

Greater Las Vegas Association of Realtors President Janet Carpenter recently stated that there are a number of factors that figure into this determination, including home price appreciation slowing to a more gradual rate than the region has seen in years. 

Sales and the amount of homes on the market has also approached a greater degree of synchronicity, reports say. In July, 3,159 single-family homes were purchased, representing an 8.8 percent increase from June yet only a slight decrease of 0.8 percent from the same time period one year prior. The median sales price of those homes was $303,000, showing only a dip of 0.3 percent from the previous month with an increase of 8.8 percent from July 2018.

As for the available inventory on the Las Vegas real estate market, 7,808 homes were for sale without current offers at the close of July, which represents over a 63 percent increase from 2018 but only a 0.1 decrease from June 2019.

Clearly, the market is falling into a more sustainable pattern than it has seen in some time, when a previous lack of inventory coupled with massive demand caused home prices to swell at a record rate that many experts feared would lead to affordability concerns down the road. This was a major concern, as Vegas was often seen as a more affordable alternative to neighboring states such as California, where the escalating cost of living was actually driving some residents out. 

However, a greater amount of homes on the market are helping to reign in skyrocketing home price growth and are giving potential home-buyers more options, leading to an overall more stable marketplace for Las Vegas’ future.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.