Market Conditions
What;s Happening on the Strip
By Al Tamura, Broker

There are between $17 and $25 BILLION worth of real estate projects happening on the Strip now.  There is more invested in real estate on this one road than is happening in most countries!

The largest single private real estate project in the history of the country is MGM-Mirage City Center.  This is a $7 billion project with 4,000 room hotel/casino, 3 separate buildings of high rise condos and huge retail and shopping complex.  The condos are commanding the highest prices ever paid on the Strip and one building sold out in 14 days.

The Wynn is expanding with the Encore at $2.5 billion.  This will be a hotel/casino located just north of the Wynn.

The Palazzo is the Venetian expansion.  It will cost $2 billion and add about 4,000 rooms.

The Stardust is dust now.  Imploded by Boyd Gaming, it will be replaced by a new $4 billion entertainment complex named Echelon Place.

The 50 year old Tropicana is about to get a $2.5 billion face lift.

The Frontier is in negotiations to be purchased and replaced with a new project.

The Aladdin is no more.  After a $1 billion face lift, it's now known as Planet Hollywood.

Fontainebleau Resorts LLC has announced a new $2.8 billion project of almost 4,000 hotel/condo units and casino.  This project is just north of the Riviera Hotel.

The Hard Rock is planning a $750 million expansion.

MGM-Mirage just purchased 34 acres across the street from the Sahara Hotel.  They will use this for future projects.

There are 27 high- or mid-rise condo towers being marketed or in the process of construction on the Strip.