The Harley-Davidson Café may become worth more than the New Frontiers $1.2 Billion.
FX Luxury Realty is acquiring the remaining 50 percent interest on 18 acres at the southeast corner of Harmon Avenue and the Strip for $180 million.
The land, now occupied by the Harley-Davidson Café, Travelodge, and other retail near the MGM Grand, might be converted to a mixed-use gaming project involving the estate of Elvis Presley.
Larry’s Las Vegas predicts when debt is included in the deal; the land will be selling for almost $37 million per acre
.
That figure would eclipse the $35 million per acre deal involving the New Frontier and its 34.5 acres. New York-based Elad Properties announced in May that it was acquiring the New Frontier for more than $1.2 billion and will raze the hotel-casino in favor of a $5 billion development.
Station Casinos opened Sunset Station in Henderson 10 years ago against a backdrop of uncertainty about the company’s future. At the time, management was battling Missouri regulators and the company’s stock price was fluctuating between $8 and $9 per share.
Today, Station Casinos is building its 16th property and is being taken private for $90 a share.
On the north side of the Desert Inn Super Arterial, Boyd Gaming expects to break ground next month on the $4.4 billion Echelon on the site of the Stardust, which was imploded in March.
The Riviera Casino, which sits directly across the street, is set to break a record in the near future.
It’s stock price a few years ago was about $3 a share. It is now trading around $38 a share daily, with a bidding war between at least three suitors, reportedly being waged vigorously.
Harrah’s Entertainment paid the equivalent of almost $85 million an acre for the 4.3 acre site at the northeast corner of the Strip and Flamingo Road that houses Bill’s Gamblin’ Hall, formerly known as the Barbary Coast.
Some Casino stocks are making savvy traders very rich these days, and Larry’s Las Vegas expects most to more than double within the next ten years.
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