Blackstone Group Considering Sale of Las Vegas Cosmopolitan Hotel and Casino; Could Fetch $4 Billion, Analysts Say LAS VEGAS – The Blackstone Group L.P. – an American multinational private equity, alternative asset management and financial services firm based in New York City – is considering putting one of their high-profile Las Vegas, Nevada assets on the open market for a potentially huge payday, according to reports. Blackstone has hired investment banks Deutsche Bank AG and PJT Partners Inc. to investigate the possibility of selling the Cosmopolitan of Las Vegas, a 3,000-room luxury resort casino and hotel located on the famed…
LAS VEGAS – At a recent meeting of the Economic Club of Las Vegas, economic experts predicted that the already rapidly rising property prices on the famed Las Vegas Strip could continue their upward trend well into the next decade. John Knott, head of the CBRE Global Gaming Group, noted that heavy demand for the limited parcels of land on the Strip could translate to a mammoth value of $50 million an acre once a mass series of construction and development projects slated to begin in 2020-21 begin. This is in heavy contrast to current values which are still far…
LAS VEGAS – Unless you’ve been living under a rock in the Mojave Desert, you’ve likely heard that Southern Nevada is currently in the midst of a construction boom. The Las Vegas Convention Center recently hosted the World of Concrete trade show this past February, where members of the concrete industry convened to see the impact their livelihood has had upon the city since its epic recovery from the mid-2000’s recession. Due to the recent economic and real estate-related boom that has been re-shaping Vegas – attracting business, professional sports teams, and those seeking jobs – construction work has escalated…
LAS VEGAS, NV – In the midst of a booming economy that is drawing in both businesses and tourists at a rate not seen in years, the famed city of Las Vegas has been experiencing sweeping changes in the form of rampant construction and renovation projects that seek to expand the scope of the city’s offerings – from business to pleasure and everything in-between – to an unprecedented degree. A number of venues related to industry event hosting have sprung up recently, with business travelers soon to be able to take advantage of the amenities of the state-of-the-art, luxury MGM…
LAS VEGAS, NV – Development on new hotels and resorts in Las Vegas has reached a fever pitch in recent months, with reports noting that approximately $17 billion in projects are currently slated to be worked on from now until 2020; this will result in an estimated 14,000 new guest rooms – for a city-wide total of 160,000 – in entertainment and vacation establishments concentrating on the Las Vegas Strip area. This expansion is expected to greatly add to the City’s reputation as a one-of-a-kind, world-known destination that has clearly bounced back after the mid-2000’s recession. One of the most…
LAS VEGAS, NV – After the recent rebirth of Las Vegas – with jobs, the real estate market, and the economy all in the midst of an unprecedented boom period – housing is in great demand, and unfortunately current inventory is unable to meet that demand. In an attempt to close the gaps between the haves and the have-nots, one job market in particular has seen a massive uptick: the construction field, and employers are desperate to get their hands on as many able-bodied workers as humanly possible. According to reports, employment in the Las Vegas construction industry has jumped…
LAS VEGAS, NV – Sitting vacant and unfinished on the Las Vegas strip since 2009, the proposed Fontainebleau Casino and Resort had become synonymous with the national recession that had hit the Southern Nevada region especially hard. However, this week, it was announced that New York-based real estate firm Witkoff – in conjunction with Miami-based investment firm New Valley LLC – has stepped in, and they will finally be opening the property, re-christened as The Drew and managed by Marriott International. The 68-floor luxury resort, boasting almost 4,000 rooms and suites managed by Marriott International, is located near the Circus Circus, SLS hotel-casinos,…
LAS VEGAS, NV – When the housing bubble of the mid-2000’s burst, few areas in the United States felt its devastating affects as acutely as Las Vegas, Nevada; for years, vast amounts of empty properties sat unwanted, and surrounding retail businesses – whose very livelihood depends upon local residents to buy their goods and services – suffered, and for many, closed for good. Fast-forward to the summer of 2017, and Vegas is now in the middle of a housing boom – the likes of which the region has not experienced in over a decade; approximately 4,300 new-home sales were closed…
LAS VEGAS, NV – After several abortive attempts at starting construction of the new Resorts World Hotel and Casino of Las Vegas – it was originally slated to open first in 2016 and then in 2019, with delays being attributed to re-designs and other factors, ground is finally stated to be broken on the $4 billion dollar project this year. The resort, flaunted as the first of its kind constructed from scratch in Southern Nevada in nearly ten years, has a grand opening target of 2020, and its construction promises to create a huge influx of both money and jobs into…
The premier residential and resort destination in Southern Nevada is Lake Las Vegas, which is located in Henderson, Nevada. Lake Las Vegas is situated on a privately owned 320-acre lake. Nestled away from the hustle and bustle of Las Vegas, it’s still conveniently located only 20 minutes away from the famous Las Vegas Strip and McCarran International Airport. Not sure if you want to make Lake Las Vegas your permanent home or a 2nd home? Why not stay at the resort destination as Lake Las Vegas features world-class resorts including the AAA Four Diamond-rated The Ritz-Carlton, the AAA Four Diamond-rated…
LAS VEGAS, NV – The New Frontier Hotel and Casino was an iconic sight on the Las Vegas Strip since it originally opened for business in 1931; over the years it changed hands several times until it’s eventual final sale and closure in May 2007. The structure was finally imploded in November of that same year following a fireworks celebration and countdown chanted by onlookers who gathered to see a remnant of Vegas’ colorful past finally crumble to dust. Nearly 17 years later, the property continues to sit unused; casino operator Wynn Resorts, which bought the land and four adjacent acres…
LAS VEGAS, NV – While there haven’t been many ‘motels’ on the Las Vegas Strip in recent years amid the massive hotels and casino resorts that the roadway has become well-known for, one of the remaining holdouts – the Travelodge Motel – was listed on the market for a whopping $52 million. Situated next to Circus Circus Hotel and Casino, the Travelodge – located on a 1.8-acre plot of land on the northern part of the Strip – boasts 100 rooms spread out over two stories, and the sale also includes a three-story commercial building next door on Las Vegas…
