Las Vegas Casino is closing, another will take its place

Land has become incredibly valuable in Las Vegas and not just on the Las Vegas Strip. Yes, every buildable property on the Strip itself has sold for exorbitant prices, but anything downtown or adjacent to the Strip has also increased in value.

This has forced resort/casino operators to assess how each property in their portfolio is performing and how it fits into their overall goals. That’s at least partly why MGM Resorts International (MGM) sold the Mirage and bought the Cosmopolitan — the location and age of the new acquisition simply made more sense for the company compared to what it was selling.

Source link

Back to top button