There is a buzz in the air once again as dealers, casino executives and others in the Vegas Valley hear about a new developer coming to town to bring back to life an old property that was imploded to make room for a multi-billion dollar resort only to be left dormant as America and Las Vegas fell into a deep recession.
The Wall Street Journal reported Boyd Gaming negotiated sell off of the old Stardust property located in Clark County . The Genting Group from Malaysia will pay 350 million for the 87 acre site located on the northern part of the Strip that currently houses a massive expansion of unfinished steel and concrete structures.
The property has been dormant for 4 years as building funds dried up after the economic collapse of 2008. Las Vegas and Nevada where hit hard as congress and the president worked feverishly to spend our why out of a deep recession. Senator Harry Reid worked to shore up funding to complete MGM's City Center as funding for the completion of that project was halted amid growing concerns there won't be enough revenue to support the project.
This will be the first casino to be completed since the recession and will give Las Vegas a boost in the tourist trade once again as the doors open to what will be known as "Resort World" that will be centered around the Asian market that still represents a large percentage of the tourist that frequent the corridor known as the Las Vegas Strip.
The selling price amounts to a mire 4 million dollars an acre in an area that in the past commanded up to 34.5 million dollars an acre, a bargain price for an opportunity to bring another massive resort for tourist to gaze at as they enjoy the sun and the vistas that surround the Vegas Valley.
The new resort will add new jobs, new revenue for the city and state and help to get our state back on it's feet after so many years with a struggling economy. Also the new resort will remove that blemish that has marked the Strip for so long as tourist walked by wondering what will become of the construction zone. We will now watch as that unfinished structures forms into a beautiful elegant building over the next few years something Nevadan's have grown accustomed to seeing over the past 25 years.
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