Records Reveal MGM Quietly Bought 1.62 Acres of Land on Las Vegas Strip for $54 Million in 2023
LAS VEGAS, NV – According to Clark County property records recently unearthed, 1.62 acres of land on the Las Vegas Strip were clandestinely purchased by MGM Resorts International in May 2023 for $54 million.
Located in-between the Bellagio and the Cosmopolitan, just south of the iconic fountains, the property in question had previously been owned by Steve Wynn, who at the time also owned the Bellagio, Mirage, and Treasure Island. MGM bought those venues from Wynn in 2000, and in the process inherited the real estate developer and art collector’s rights to the 1.62-acre plot of land – currently zoned as a vacant lot – that it later went on to purchase in May.
The casino giant has not yet publicly revealed their plans for the plot of land, but experts find the purchase intriguing given the fact that MGM does not own the majority of the property upon which their resorts and casinos are located. For example, many of the MGM owned and operated casino hotels on the Las Vegas Strip are actually located on land owned by VICI Properties.
Since the news of last year’s sale has been publicly revealed, many in the real estate industry have wondered what MGM‘s plans for the property could be; however, experts say is unlikely that it will be used for another hotel or casino, given the relatively small size of the plot. Likewise, it is not expected to be used to create any sort of pedestrian connection between the Bellagio and the Cosmopolitan given the fact a covered walkway leading to an escalator already exists for that purpose.
Some experts say that the most likely use for the land on part of MGM is to sit on it while its value appreciates – typical of the finite amount of real estate on the Strip – with the intention of eventually selling it off to another entity to develop.
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.
About the Author
Christopher Boyle is an investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher helps keep a keen-eye on what's happening in the Las Vegas Nevada community on behalf of Shelter Realty Inc.