The Key Largo, located on E. Flamingo near Paradise Road, opened in 1973, only way back then it was called the Ambassador. The name was changed to La Mirage about 10 years later and in 1986, Steve Wynn paid $750,000 for the name, at which point the casino and hotel became known as the Quality Inn. The 314-room Inn remained the same when the casino was remodeled and renamed Key Largo in 1997.
The whole property closed in January 2005 after it was bought by a Florida-based developer for $23 million. The developer planned and announced an unnamed 20-story, 900-unit condo high rise and a seven-story 344-room hotel tower; the plan was approved by the Clark County Planning Commission.
Nothing, however, happened after that. Nothing continues to happen, except that the property is now up for sale again. The site seems to have grown by three acres, because the Colliers International listing is for 8.15 acres, at a price of $79 million, or $9.69 million per acre.
The listing touts the site's unrestricted gambling license, but that license has lapsed, so whoever buys it with the intention of opening a casino will have to put up 200 hotel rooms to meet the casino lodging requirement.
