Las Vegas real estate market report

It appears that Edge Group owners of the “W” and former “Las Ramblas” development sites may have their eyes on the short term prize $$$.
With the condo and condo-tel market being dominated by the BIG boys link MGM-Mirage and financing tightening it would seem that one needs to have a lot of liquidity in order to viably play the condo tower game in
Las Vegas.
As I reported yesterday, one of the world’s richest men has stepped up to the plate to buy the well worn “New Frontier.”
Now it appears another real estate developer from
New York (name unknown) is making an offer on the 50 acres owned by Edge Group.
The Morgan Group that currently owns “Hard Rock Hotel/Casino,” directly east of this site, recently announced their expansion plans to begin immediately. But there are other plans for what is called the Harmon Corridor including infrastructure and street widening.
The Alexis Park hotel still has plans in place for its renovation but no action yet.
The site of the Harley Davidson Café on the corner of Harmon and
Las Vegas Blvd.

also as drawings for the “Metro Flag” project, but no movement yet on that project.

However, with the transformation of the “Aladdin” into the “Planet Hollywood” this group has started construction on 2 hotel-condo towers on the north east corner of Harmon and
Las Vegas Blvd.
And the
MGM
Project
City
Center on the Southeast corner of Harmon and

Las Vegas Blvd.
is well underway as it Cosmopolitan Mega Resort on the North West corner and just south of the Bellagio.

One of the major problems with growth on Harmon right now is a traffic problem. There are current improvements taking place on the streets east of Koval that include Paradise (Hard Rock is on the corner of
Paradise and Koval). These improvements are aimed at improving the infrastructure and widening the streets from 4 to 6 lanes. The widening and improvements from Koval west to the strip will not occur until after the completion of the $7 billion dollar MGM’s
Project
City
Center in 2009, because of the traffic problems that would be cause by earlier development of that section of the street.
With the price of property almost doubling again in the last year for gaming zoned land near or on “The Strip,” look for the density of structures to increase considerably per acre.
It’s going to take well capitalized experienced developers to play the
Las Vegas condo and casino game in the future. Many of the smaller casinos are being snatched up by private equity groups. Some of the larger casino stocks are being bought out by private equity groups so that they can make the necessary improvements to the properties that will hurt their quarterly or yearly profit picture (something the brokers on Wall Street dump stock for) because they can see the potential of the long term growth and profit in these facilities.
I failed to mention it yesterday. Did you know that Donald Trump has his Atlantic City Casino’s up for sale? Maybe he’s trying to raise a little cash so he can play in
Las Vegas real estate with more than 2 ½ acres off the back parking lot of the New (old) Frontier?

For the Latest in Las Vegas real estate call Max at 702-334-2200. Or email me at:Max@MaxSellsVegas. com. Your comments and questions are welcome.

This entry was posted on Tuesday, March 27th, 2007 at 4:21 pm and is filed under Las Vegas real estate news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.