In Las Vegas and the eight-acre plot of land that hosts the historic Aztec Inn Casino as well as a number of other small businesses has reportedly been put up for sale with a minimum asking price of $60 million.
According to a Wednesday report from the Las Vegas Review-Journal newspaper, the parcel located at the junction of Las Vegas Boulevard and West Bob Stupak Avenue is also being made available to anyone who can make two separate $30 million transactions.
The newspaper reported that the sale being handled by commercial real estate agency Centennial Advisers moreover embraces a number of vacant lots and an adjacent retail space that currently hosts a pair of tattoo parlors. The entire Las Vegas Strip tract purportedly moreover comes with a state gaming license and no height restrictions while being classed as a qualified opportunity zone to give the future owner a range of tax incentives.
Tom Watkins serves as the Investment Regional Director for Centennial Advisers and he reportedly told the Las Vegas Review-Journal that he has so far received inquiries regarding the small Nevada site from a number of international firms who are now interested in being able to take advantage of ‘the zoning and everything going on around the north end of the Las Vegas Strip right now.’
Watkins reportedly declared…
“I thought it would be a local player, honestly, because they know the area but I think it says something good about Las Vegas. It’s a worldwide market and people are looking to put their money here.”
The 45-room Aztec Inn Casino began life as the Sun N Shine Motel in 1957 before having its name changed to the Sunshine Motel and then the Mojave Meadow Motel in the 1980s. The property acquired its current handle and added a 3,120 sq ft gaming floor complete with 39 slots in 1991 and is currently owned by a group of local investors that includes Ernie Lee.
There had earlier reportedly been plans to transform the entire Aztec Inn Casino site into an $800 million extreme sports complex to be known as The Edge but this endeavor was later scrapped due to funding concerns. Located next door to the iconic The Strat Hotel Casino and Skypod development and a mere five-minute walk from the 1,616-room Sahara Las Vegas property, the plot is now purportedly being put on the market in order to take advantage of improving economic conditions in the wake of Las Vegas’ beginning emergence from its long coronavirus-induced economic downturn.
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