MGM Resorts Acquires Prime Land Parcel on the Las Vegas Strip
Date: 2024-01-15 Author: Dima Zakharov Categories: EVENTS
MGM Resorts' Strategic Land Acquisition
In a surprising move, MGM Resorts Land Holdings recently secured a 1.62-acre parcel of land located south of the iconic Bellagio fountains on May 15, 2023. This prime real estate, wedged between two MGM-operated properties, has generated substantial interest in the world of Las Vegas real estate.
A Parking Lot and Storage Space Transformed
Currently, the newly acquired land serves dual purposes as a parking lot and a storage area for garbage. Surrounded by trees, the famous Las Vegas Strip is not visible from this location, adding an element of mystery to MGM's intentions for the property.
A Legacy of Ownership
This piece of land once belonged to the renowned real estate developer and art collector, Steve Wynn, known for creating iconic Las Vegas casinos like Treasure Island, The Mirage, Wynn Las Vegas, and Bellagio. Almost 25 years ago, MGM inherited rights to this land when they acquired Bellagio and other properties from Wynn.
The Future of MGM's Land
While MGM has not disclosed its plans for the newly acquired land, this purchase holds significance for several reasons. MGM owns relatively little real estate beneath its gaming venues, with VICI owning most of it. Moreover, the complex ownership structure involving Cosmopolitan and Bellagio adds intrigue to the situation.
Potential Scenarios
Given the limited space, MGM may explore various options, including selling the land to entities involved in the ownership of Cosmopolitan and Bellagio real estate. This acquisition marks a strategic move by MGM Resorts, and its ultimate purpose will undoubtedly be a topic of keen interest in the coming months.
