Las Vegas Strip land values push higher after plunging in recession

Las Vegas Strip land values push higher after plunging in recession

Article brief provided by Las Vegas Review-Journal
  • Eli Segall, Las Vegas Review-Journal
March 4, 2023 7:16 PM
  • Eli Segall, Las Vegas Review-Journal

When casino giant Genting Group bought a mothballed project site on the north Strip a decade ago, it sparked hopes for a sleepy section of Las Vegas Boulevard.

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It also marked a steep plunge in property values for the famed casino corridor.

On March 4, 2013, Boyd Gaming Corp. announced that it sold the partially-built Echelon resort property for $350 million in cash to Malaysia-based Genting. The sale amounted to roughly $4 million per acre, and by that measure, it was a bargain compared to what buyers paid years earlier, before the economy crashed, for land on the Strip.

But a lot has changed in the past decade.