Bet on a Las Vegas Real Estate

by Troy | May 25, 2006 at 10:09 am

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As casino operators and residential developers search to win big by grabbing some if the least attractive parcels surrounding the lucrative place, prices of Las Vegas commercial lands are hitting high records.

The city has been recently on the spotlight. That is because of the headlines about the bidding war for casino operator Aztar and the recent $770 million purchase of the Hard Rock Hotel and Casino by Morgans Hotel Group.

Aztar's aspirants were searching to gamble on the company's Tropicana Hotel and Casino. It sits on a 34-acre land parcel representing one of the last remaining major development opportunities on the south end of the Las Vegas Strip.

According to Pinnacle Entertainment, the company has decided not to raise its $51-a-share offer for Aztar, thus ending a bidding war and making closely held casino operator Columbia Sussex Corp. the winner of the company.

Columbia's bid for Aztar reached $1.94 billion or $54 a share. Lawrence Klatzkin, an analyst with Jefferies & Co., said that with the price that was offered for Aztar, it only implied that Aztar's Las Vegas Strip land is still valued at $22 million to $39 million an acre.

By M. Sese
Real Estate Agent