How Much Does the Wynn Pay in Property Taxes for Its Parcel?

After reading today's QoD (on who owns the vacant lot across from the Wynn), one can't help but wonder: How much is Wynn Resorts paying in property taxes on that acreage?

You might or might not be surprised, but it's not that much, actually.

We're talking here about part of the vacant acreage that used to be the site of the Frontier. That land is divided into five parcels, four of which are under the ownership of WynnWest LLC.

The first parcel, 2.8 acres, is assessed at $81,105. The second, 12.8 acres, is assessed at $308,098. Parcel number three, seven-tenths of an acre, is pegged at $23,929, and the final parcel, 5.6 acres, is assessed at $210,083.

As correctly pointed out by friend of LVA Peter Bijlsma in the previous answer, there's a fifth section. Wynn's 21.9 acres are on the southern part, while the remaining 12.1 acres on the northern end across from Encore are owned by Tishmar LLC, which is managed by Margaret Elardi and her son Tom Elardi, owners of Casino Royal down the Strip. And yes, Margaret Elardi is still alive at 97, having been born in March 1925.

In light of what some casino executives are paid, that roughly $625,000 Wynn pays in property taxes on its Strip acreage is walking-around money … and obviously well worth it to the company to keep valuable Las Vegas Strip acreage under lock and key.

The dollar amounts and parcel sizes are courtesy of the Clark County Treasurer’s office.

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Comments

Kevin Lewis Aug-22-2022

Ridiculously low

Those assessment amounts are a joke. That land is worth fifty times that. But that's what happens when you're royalty.

VegasVic Aug-22-2022

Not Correct

The assessed values add up to $623,215 and you say they pay roughly $625,000 in property taxes.  If the assessed value is $625K the properties taxes paid would be a fraction of that. Not the same amount.

Brent Aug-22-2022

Really?

C'mon guys, those are the assessment amounts, not the appraised values.

The assessment is the amount of tax you pay. The appraisal is what the property is worth.

The answer does not discuss appraisals. Only assessments.

Question of the Day - 22 August 2022

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