Wynn Resorts Announces Major Land Acquisition On North End Of Las Vegas StripCasino Operator Agrees To Acquire Site Of Former Alon Project |
|
Las Vegas casino giant Wynn Resorts announced Wednesday that it has reached an agreement to buy the site that Australian billionaire James Packer had once eyed for a casino-hotel called Alon.
Wynn will be acquiring about 38 acres for a cost of $336 million, the company said. The land is directly across from Wynn Las Vegas, the company’s flagship property in the U.S gambling hub. Before the Alon project, the land was once home to the former New Frontier casino. The New Frontier was demolished in 2007.
“The agreement completes a unique assembly of contiguous real estate of approximately 280 acres that spans from the Las Vegas Convention Center on Paradise Road from the east, to Industrial Road on the west,” Wynn said in a statement.
The company, led by Las Vegas casino mogul Steve Wynn, didn’t specify plans for the site.
“The future development of the land will further change tourist visitation patterns in Las Vegas drawing more visitors to the north end of Las Vegas Blvd and its collection of luxury resorts, including the existing Wynn Las Vegas and the Paradise Park development slated to begin construction in January 2018 on the site of the former Wynn Golf Course,” the firm said.
Wynn’s $1.5 billion Paradise Park project was green lit earlier this year.
Packer’s Crown Resorts announced in late 2015 that it was abandoning the Alon project, which would have been the Australian company’s first casino on the Las Vegas Strip. Packer once said that “you can’t be in the gaming industry and not have a special reverence for Las Vegas."
The Alon site traded for $1.2 billion a decade ago, after Israeli investors bought the New Frontier in 2007 with plans for a new casino called Plaza Las Vegas. That project never came to fruition, and Crown was able to acquire the site in 2014 for $280 million.
It’s been a tough year for the north end of the iconic casino corridor. In May it was made public that the $4 billion Resorts World Las Vegas will be delayed yet again, this time until 2020. The site for Resorts World is Boyd Gaming’s unfinished Echelon development, which was abandoned thanks to the 2008 recession. The site once was home to the Stardust casino. Just this month, there were reports that the SLS Las Vegas, which replaced the shuttered Sahara casino in 2014, could be on the verge of bankruptcy. However, there was some optimism when the unfinished casino-hotel called Fontainebleau, located near SLS, was sold for $600 million in August.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
