Boyd Gaming Corp. has sold a former Las Vegas casino site for nearly $29 million after a homebuilder secured approvals for a new subdivision on the property.
Boyd sold the now-empty former Eastside Cannery plot for $28.8 million to a New York investment firm that simultaneously granted an option to homebuilding giant Lennar Corp. to acquire the spread, according to Clark County property records and state and federal corporate filings.
The sale, which closed Sept. 10, involved a so-called land banker. Typically, such groups acquire land for homebuilders and then sell them plots when they’re ready for construction.
Last month, Clark County commissioners approved Lennar’s plans for a 279-lot housing tract on the roughly 29.5-acre former Eastside Cannery site.
