Wizard
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Wizard
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July 15th, 2022 at 5:41:35 PM permalink
I could see getting rid of one of them, but both? For those who don't know, they are right next to each other. The closest locals casino looks to be the Santa Fe Station about 4.5 miles away, so they are the closest locals casinos for a pretty big area.

Early in the pandemic I got a drive-by Covid test at the Texas Station. That is about the only story I have about either property.
“Extraordinary claims require extraordinary evidence.” -- Carl Sagan
AlanMendelson
AlanMendelson
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July 15th, 2022 at 7:59:22 PM permalink
I'm more curious about the demolitions.

This indicates to me the land might be used for something other than hotel/casinos.

I'm not familiar with the neighborhoods so any guesses on what might be built there?
rsactuary
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camaplPokerGrinder
July 15th, 2022 at 8:38:30 PM permalink
They paved paradise and put up a parking lot.
Wizard
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Wizard
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July 15th, 2022 at 9:03:35 PM permalink
Quote: AlanMendelson

I'm not familiar with the neighborhoods so any guesses on what might be built there?
link to original post



It's in North Las Vegas, which is low income and industrial. I don't see the land being worth that much.
“Extraordinary claims require extraordinary evidence.” -- Carl Sagan
AlanMendelson
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July 15th, 2022 at 9:34:34 PM permalink
Quote: Wizard

Quote: AlanMendelson

I'm not familiar with the neighborhoods so any guesses on what might be built there?
link to original post



It's in North Las Vegas, which is low income and industrial. I don't see the land being worth that much.
link to original post



Is there another business with adjoining property that might want to expand?
camapl
camapl
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July 16th, 2022 at 2:53:32 AM permalink
Quote: Wizard

Quote: AlanMendelson

I'm not familiar with the neighborhoods so any guesses on what might be built there?
link to original post



It's in North Las Vegas, which is low income and industrial. I don't see the land being worth that much.
link to original post



Do you think they decided that a reduction in competition (even in NLV) was worth more than the price tag from another/new casino owner. For that matter, could a side deal with another casino owner who also wants less competition be a possibility? (I/we will pay you X to demolish and sell to a non-casino.)

EDIT: Nevermind! Guess I should have read first… “ Kreeger said that the company will reinvest in their current open properties and develop more casinos in North Las Vegas and Henderson.”
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AlanMendelson
AlanMendelson
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July 16th, 2022 at 9:08:32 AM permalink
Quote: camapl

Quote: Wizard

Quote: AlanMendelson

I'm not familiar with the neighborhoods so any guesses on what might be built there?
link to original post



It's in North Las Vegas, which is low income and industrial. I don't see the land being worth that much.
link to original post



Do you think they decided that a reduction in competition (even in NLV) was worth more than the price tag from another/new casino owner. For that matter, could a side deal with another casino owner who also wants less competition be a possibility? (I/we will pay you X to demolish and sell to a non-casino.)

EDIT: Nevermind! Guess I should have read first… “ Kreeger said that the company will reinvest in their current open properties and develop more casinos in North Las Vegas and Henderson.”
link to original post



It just doesn't make sense to me to rip down perfectly good buildings to start from scratch unless there's a buyer in the wings who does not want to be in the hotel/casino business.

My first thought was residential housing -- even apartments or condos -- but I don't know the areas.

If it's an industrial area it could be anything including retail or manufacturing.

Usually a company tries to sell property "as is" before going to the huge expense of demolition.

I suspect they already have buyers lined up. And a condition of the sale was to clear the property. Sorta like selling or leasing a property with a sign that says "will build to suit."

In this case its "will demolish to suit."

I think an announcement could come soon about the buyer and then the demolition will make sense.

My very long shot money would be on a oil refinery. The entire state of Nevada has only one tiny refinery. Nevada needs it. My second very long shot money would be on small power plants.

I'm getting the power plant idea from the City of Burbank, CA that years ago bought two jet engines... set them up in a parking lot... and connected them to turbines that used the thrust to generate electricity during peak hours. You could easily put two dozen jet engines on the footprint of a typical hotel casino and have a sufficient noise barrier.

There are plenty of scrapped jet engines available and it requires little construction. Remember Burbank put two engines in a parking lot in downtown behind its DWP building. (I covered that story years ago.)
DRich
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AxelWolf
July 16th, 2022 at 1:46:41 PM permalink
Quote: AlanMendelson



It just doesn't make sense to me to rip down perfectly good buildings to start from scratch unless there's a buyer in the wings who does not want to be in the hotel/casino business.



They will not be selling to a company that wants to open a casino. They do not want more competition.
Order from chaos
Gialmere
Gialmere
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July 21st, 2022 at 11:02:51 PM permalink
It looks like there's a method to their madness...



The property is just south of South Point Casino.
Have you tried 22 tonight? I said 22.

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