It’s a beehive of activity on the North Strip and Dan Ahrens, founder of the new Gaming & Casino Fund has a good idea why. “Investors are looking for the next Aztar bidding war and they may be over-enthusiastic over what property in the [North Strip] space is worth,” he says. Not that said situation is deterring one buyer from plunking down $17 million an acre on what used to be Wet ‘n Wild or discouraging his next-door neighbor from reportedly pushing for $20 million per acre for what must be the only casino to ever mix Moorish minarets and red state-friendly NASCAR rides.
Las Vegas-based resort broker David Atwell admits to being somewhat staggered by the price escalation. When Related Cos. took a gander at the Sahara two years ago, the asking price was $400 million to $425 million, Atwell says. “We sold the Icon site on Convention Center Drive about a year and a half ago,” he continues, referring to a doomed condo project, “and the price you’re talking about [$17 million an acre] is almost double” what the Icon land fetched 18 months back.
Riviera Holdings began the week with a run up to $22.52/share, a jeté presumably inspired by media reports of the Wet ‘n Wild sale. But Atwell is among those who think Riviera CEO William Westerman has nothing to fear from dissident shareholders. “It’s a done deal,” Atwell says. “You’ve got all the bosses in favor of it.”
Credit local developer Gary Goett with thinking big. The creator of Southern Highlands already has a $750 million megaresort slated for the Southern Highlands area and craves another one for his Aliante development in North Las Vegas, Mayor Michael Montandon’s opposition be damned.
With both projects still on the drawing board, Goett is rolling out plans for a third casino/resort/spa project, this one slated for The Legends at Sparks Marina on I-80. Budgeted at $500 million, the as-yet-untitled casino would offer 1,000 hotel rooms, five restaurants, a private beach, a “lakefront amphitheater and water show,” and a convention center. With luck, we’ve uploaded three PDFs of what Goett’s project should look like when completed. Enjoy.
