{"id":10607,"date":"2013-04-10T16:44:19","date_gmt":"2013-04-11T00:44:19","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=10607"},"modified":"2013-04-25T11:35:23","modified_gmt":"2013-04-25T19:35:23","slug":"goett-with-the-wind","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/goett-with-the-wind\/","title":{"rendered":"Goett with the wind"},"content":{"rendered":"

\"\"Since Colliers International<\/strong> hasn’t been able to move Gary Goett<\/strong>‘s 100 gaming-enabled acres on St. Rose Parkway<\/strong> and I-15, at $1.25 million per acre, he’s still got time to rethink his decision not to build his Southern Highlands<\/strong> megaresort (left<\/em>), complete with a mini-ripoff of Wynn Las Vegas<\/strong>, architecturally speaking. But Penn National Gaming<\/strong> continues to entrench at M Resort<\/strong>. (M’s much-touted, sprung-structure pavilion can best be described as “butt ugly” and is unfortunately the closest part of M to the street.) Colliers will split off the 51 acres closest to M, if it likes your offer, and sell those<\/em> to you. Of course, you can forget Goett’s 1,200 approved condo units and I doubt anybody will build 2,700 hotel rooms far, far south of the Las Vegas Strip<\/strong>, even in a renascent market. Penn has talked about expansion at M, but more in the nature of additional amenities, not rooms.<\/p>\n

More interestingly, Colliers is shopping 260 Goett additional acres at Las Vegas Boulevard<\/strong> and Cactus Lane<\/strong>. Bidding starts at … well, name your own price! “SUBMIT ALL OFFERS” screams the prospectus, meaning that Goett wants to \"\"be rid of the place and will listen to anything remotely reasonable — i.e., not a penny less than $400K an acre. Colliers even has the audacity to use 2004-09 sale prices for its “comparables.” Those guys might think prospective buyers just fell off a turnip truck. (Judging by the location, zoning, etc., I thought this might be Station Casinos<\/strong>‘ “Cactus Station” site — but evidently not.) Why Goett thought he needed two gaming-enabled properties in such close proximity is a real poser, too. An adjacent 102 commercial acres are being peddled by Diversified Realty<\/strong>, but info is hard to come by.<\/p>\n

\"\"Even though a Cactus\/I-15 interchange is in the works, South Point<\/strong> owner Michael Gaughan<\/strong> has had the better part of a decade to plant his flag and he’s built a fiercely devoted customer base in the process. Trying to go directly against Gaughan is a suicide mission. Finally, Nevada<\/strong> has approved intrastate Internet gambling, which will have an as-yet-unmeasured (but undoubtedly chilling) effect on brick-and-mortar casinos and whose imminent players include a certain Michael Gaughan. Don’t cry for Goett: Even if he has to take lowest-offer bids — i.e., $125 million for the whole hundred acres — on that land, he’ll still profit handsomely, having picked up all that M-adjoining scrub for well under $2 million, back in 2004. He’ll manage to buy low, sell not-quite-high and still make a fortune.<\/p>\n

Nobody expects Boyd Gaming<\/strong> to execute its Goett-based Park Highlands<\/strong> casino, up in the trackless wastes north of the Woodbury Beltway<\/strong> anymore, Goett least of all. He is trying to offload that acreage \"\"but evidently feels more bullish about his northerly prospects than his southern ones. The 156-acre tract is being shopped at $17 million — a far more robust price for not-significantly more land. And the Colliers “comparables” are more up to date, too, hailing from 2010-11, when the market was El Stinko. However, the prospectus needs updating, referring as it does to “Aliante Station Casino<\/strong>.” That private-equity orphan hasn’t been a Station property in some time now.<\/p>\n","protected":false},"excerpt":{"rendered":"

Since Colliers International hasn’t been able to move Gary Goett‘s 100 gaming-enabled acres on St. Rose Parkway and I-15, at $1.25 million per acre, he’s still got time to rethink his decision not to build his Southern Highlands megaresort (left), … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[65,60,41,63,122,78,69,57,32],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10607"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=10607"}],"version-history":[{"count":4,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10607\/revisions"}],"predecessor-version":[{"id":10688,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/10607\/revisions\/10688"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=10607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=10607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=10607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}