The Las Vegas Strip packs a lot into 4.2 square miles. In fact, you could argue that there's no real estate on the planet that's more valuable or more competitive.
MGM Resorts International (MGM) and Caesars Entertainment CZR operate more than a dozen Strip properties combined. Each one of those essentially offers visitors an adult theme park. You can gamble, see all sorts of shows, eat at world-class, low-class, and every other type of restaurant, including many from famous chefs.
You can also bet on sports, visit any manner of bar, relax in some of the nicest pools in the world, visit top-tier spas, and have pretty much every desire met.
There's pretty much no legal adult activity you can't find on the Las Vegas Strip which also offers an NHL/NBA-quality arena, concert venues of all sizes, multiple virtual reality experiences, and a gigantic ferris wheel complete with onboard bars.
It's a short stretch of land that's jam-packed with entertainment options from some of the best companies in the world when it comes to entertaining people.
It's also a street where something old often has to get knocked down to make way for something new.
That's why any open land on the Las Vegas Strip garners huge interest as not just Caesars, MGM, and other big casino players may have interest, but the Oakland Athletics, NBA teams looking to move to Las Vegas, and countless other operators want to stake their claim on Las Vegas Boulevard.
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An Empty Piece of the Las Vegas Strip Has a New Owner
The North Las Vegas Strip has been on the comeback. It is now home to a top-tier resort in Resorts World Las Vegas and it will add the long-in-development Fontainebleau later this year.
The North Strip also has a multi-billion dollar NBA-ready arena project in the works which, if an actual NBA team eventually decides to call it home, might tip a significant audience from Caesars and MGM's Central and South Strip Properties.
Now, a large available piece of land has been purchased by a company you would perhaps not associate with the glitzier parts of Las Vegas, the Las Vegas Journal-Review reported.
The Siegel Group, which operates a deli in Las Vegas on Convention Center Drive, as well as multiple retail shopping centers in Sin City and around the country, has acquired "10 acres just across the Strip from Resorts World Las Vegas, to the north of Encore/Wynn Las Vegas and to the south of Fontainebleau," the paper reported.
Stephen Siegel, who founded the company, called the property “the last great piece of land available on the North Strip.”
What Will Happen to This Piece of the Las Vegas Strip?
Siegel told the Review-Journal that his company is currently reviewing hotel/casino concepts to build at the site.
“We’ve been waiting years to acquire a large piece of land in the Strip, and have been watching this site for a long time,” Siegel said in a statement.
“When this opportunity presented itself there was no question that we had to purchase it. This is a phenomenal property that will one day soon have a development worthy of such an irreplaceable location on the Las Vegas Strip.”
This property puts the Las Vegas-based Siegel Group in competition with some very large players, including not just Caesars and MGM, but also its North Strip rivals Resorts World and Fontainebleau.
The company could opt to partner with an experienced Las Vegas casino operator, but it has not made any comments on its plans.
