The land around the Las Vegas Strip is reaching astronomical numbers with no signs of stopping. With the prices soaring higher than ever, any property struggling to keep up is losing its presence.
That is why the Strip witnessed the demolition of The Hawaiian Marketplace, an 80,000-square-foot shopping area. The 4.2-miles long Strip has no more space, especially with new projects ready to enter the marketplace.
Oakland A is a great example, as the renowned MLB team is looking to build a new stadium in Sin City. The Major League Basketball squad has already funneled their choices down to three locations. Out of these three, two locations will result in the destruction of well-known casinos.
One of these sites is already public knowledge, the Tropicana casino. When BALY purchased the legendary yet dated casino, its renovation and rebranding were under consideration. However, the company president, George Papanier, stated that it would take 18 to 24 months before making the final call.
The executive has also reported that the company is interacting with Oakland A to offer the site for their stadium. Besides the casino, the team has also shown interest in acquiring another spot on the Strip, the Las Vegas Fairgrounds.
Owned by Phil Ruffin and Circus Circus, the venue is essentially vacant at this point. On the other hand, the third location Oakland A is considering is still operational.
According to new reports, Caesars Entertainment might be looking to sell The Flamingo to reduce its number of rooms on the Strip. While there have been no official announcements, several sources have come forward to report it. Given the sheer popularity of the spots, any site in Oakland A will create an enormous buzz across the industry.