{"id":21767,"date":"2018-05-24T09:37:58","date_gmt":"2018-05-24T17:37:58","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=21767"},"modified":"2018-05-29T05:39:02","modified_gmt":"2018-05-29T13:39:02","slug":"strip-land-values-skyrocket-second-chance-for-margaritaville","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/strip-land-values-skyrocket-second-chance-for-margaritaville\/","title":{"rendered":"Strip land values skyrocket; Second chance for Margaritaville"},"content":{"rendered":"

In a deal not seen since the giddiness of 2007, someone\u00a0is expected $34 million an acre for Strip land, for a grand total of $540 million<\/a>. The property in question is a collection of parcels wedged between Planet Hollywood<\/strong> to the north and Showcase Mall<\/strong> to the south. This is the area in which Robert F.X. Sillerman<\/strong> had hoped to establish a high-\"\"end, Elvis Presley<\/strong>-themed resort in the wayback<\/a>. Spectrum Group Management<\/strong> tried to redevelop the area four years ago as “Project Jackpot.” Spectrum didn’t like to talk about the development but\u00a0title has now reverted to\u00a0NPB Luxury<\/strong>, which could score a ginormous profit since the acreage had been written down to $220 million 10 years ago.\u00a0\u201cI believe we\u2019re going to set records for values paid for land on the Las Vegas Strip<\/strong>,\u201d said\u00a0CBRE<\/strong> Senior Vice President Michael Parks<\/strong>. Be careful what you wish for: The last time somebody paid such big bucks for Strip frontage, it was the Plaza<\/strong>\/Alon<\/strong>\/Wynn West<\/strong> parcel that still sits vacant to this day. Established Vegas companies know better than to bite at a lure like this, so some out-of-town chump is probably going to get taken to the cleaners while NPB Luxury laughs all the way to the bank.<\/p>\n

*\u00a0Casinos in Atlantic City<\/strong> and on Mississippi<\/strong>‘s Gulf Coast are seeing fewer and fewer $1 million-plus jackpots. Why? Well … it’s complicated<\/a>.<\/p>\n

* While we’re on the subject of Biloxi<\/strong>, failed Margaritaville Casino<\/strong> might come back from the dead<\/a>.\u00a0“We’ve had some pretty good interest in the building,” especially with the prospect of sports betting, said NAI Sawyer<\/strong> Vice President Ray Stronsky<\/strong>. Asking price for hotel-less Margaritaville would be $118 million. [Correction<\/em>: $18 million] That buys you 55,000 square feet of casino.\u00a0“The building’s still like new. There’s plenty of room to build a hotel,” Stronsky added. However, everything depends on whether Biloxi extends Pine Street<\/strong>, creating a loop that would link all of the city’s casinos. (Poor access was a large part of Margaritaville’s downfall.)<\/p>\n

Margaritaville isn’t the only property in need of positive action from the city. Prospects are iffy for in-development Foxwoods Casino Resort<\/strong> on the site of the old Heinz<\/strong> plant if the loop isn’t built. That $265 million project<\/a> has been hanging fire for two years. The city won’t build the access road, however, unless the casinos pitch in themselves. (Foxwoods would be expected to pony $7 million, for example.) As Mayor Andrew “FoFo” Gilich<\/strong> told the Sun Herald<\/em>, “we’re going to make sure that all of the funding is in place from all of the parties involved.” Keep your fingers crossed.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a deal not seen since the giddiness of 2007, someone\u00a0is expected $34 million an acre for Strip land, for a grand total of $540 million. The property in question is a collection of parcels wedged between Planet Hollywood to … 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":[23,166,140,29,35,6,8,9,100],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21767"}],"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=21767"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21767\/revisions"}],"predecessor-version":[{"id":21776,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/21767\/revisions\/21776"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=21767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=21767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=21767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}