Siegel Group buys land on Strip, has big plans for area

Las Vegas real estate trader Steve Siegel is potentially most effective recognised for his portfolio of very low-priced condominium complexes bearing his identify.

But he has also acquired hotels and other buildings near the Strip, and now he is the on line casino corridor’s latest landowner.

Siegel, founder of The Siegel Group, purchased roughly 10 acres of genuine estate on and in close proximity to the north Strip for $75 million. The sale shut this 7 days, property documents present.

The customer now has far more than 12 acres of contiguous house alongside Las Vegas Boulevard and Conference Heart Drive, Clark County records demonstrate, and claims he is eyeing a project that could include a resort-on line casino, condo models and retail.

“We’re planning a journey to Dubai to get some strategies,” Siegel informed me.

Long bogged down by unfinished megaresorts, massive tracts of vacant land and little foot website traffic, the north Strip is now looking at its most momentum in yrs. New assignments have debuted, the bubble-period Fontainebleau skyscraper is on a route to eventually opening, and builders have obtained assets.

And when Siegel paid out a mountain of hard cash for his new houses, it was a steep lower price from decades previous.

1 of the parcels, a 5-acre plot next to the Peppermill cafe, marketed for $180 million on your own in fall 2007, not extensive just before Las Vegas’ frenzied true estate current market crashed.

Siegel controls a great deal of true estate close to the valley, especially through his company’s Siegel Suites chain of residences, in which rental rates start out at $189 per 7 days, in accordance to its site.

“Not absolutely sure how long you’re remaining? We’re adaptable. We offer flats with no prolonged-term lease required and undesirable credit okay,” the web site declares.

His other holdings involve professional residence just west of the Strip guiding Resorts World Las Vegas, and the prolonged-shuttered former Atrium resort just east of the Strip following to Virgin Hotels Las Vegas.

He also beforehand owned the former Rumor hotel just east of the Strip, which he sold in 2017, and the Artisan resort just west of the Strip, which he sold last month.

Nevertheless, the new invest in presents Siegel his initial house on the Strip by itself, he confirmed, and could direct to his 1st floor-up on line casino advancement.

“It’s very difficult to find land like this on the Strip,” he reported, introducing that when houses do arrive up for sale, the inquiring charges “are so crazy it just doesn’t even make feeling.”

Siegel isn’t heading to develop a project there at any time shortly, noting he is less than no timeline or stress to get anything likely. It also remains to be viewed what will come about with some other web pages together the north Strip,

Wynn Resorts, which obtained 38 acres subsequent to Style Exhibit shopping mall additional than 4 a long time ago, even now hasn’t introduced options for the website. Also, the Las Vegas Convention and Website visitors Authority this previous tumble accredited marketing 10 acres to a Chilean developer for $120 million, while below the phrases of the offer, the buyer have to start out building by Jan. 1, 2031 — practically 9 a long time from now — or the tourism agency can purchase back again the land.

But last 12 months noticed two major openings on the north Strip, the $4.3 billion Resorts Planet and the Las Vegas Conference Center’s $1 billion West Hall.

Additionally, Fontainebleau Las Vegas proprietor Jeffrey Soffer, the project’s initial developer from the mid-2000s, reacquired the still-unfinished tower past calendar year, resumed building and plans to open the 67-tale hotel-on line casino in late 2023.

Will the north Strip ever get the foot targeted traffic and excitement of activity observed in other sections of Las Vegas’ famed vacation resort corridor? Who is aware?

But Siegel is the newest trader to wager large on an location that, not quite extended ago, experienced practically no wind at its again.

Contact Eli Segall at [email protected] or 702-383-0342. Adhere to @eli_segall on Twitter.