The North section of the Las Vegas Strip used to be a semi-abandoned wasteland featuring lesser casino properties, motels, sketchy gift shops You had The Strat, formerly The Stratosphere, sitting on the very northern tip of The Strip, essentially as a lone beacon of the glitz and glamour offered by the South and Central Strips dominated by Caesars Entertainment (CZR) – Get Caesars Entertainment Inc Report and MGM Resorts International (MGM) – Get MGM Resorts International Report.
In the not-so-distant past, aside from The Strat, which was sort of on an island, The Strip ended after the Wynn Resorts (WYNN) – Get Wynn Resorts, Limited Report properties. It was possible to walk farther on the North Strip past Wynn, but there was really no point to it.
That, as you might imagine created some opportunity as available land on the Las Vegas Strip means the ability to create new properties and challenge Caesars, MGM, and Wynn, The problem is that new properties may draw people, but it takes a critical mass of investment — with multiple properties feeding into each other — being built to truly create an area that will compete with the Central and South sections of the Las Vegas Strip.
That may have seemed like a fantasy just a few years ago, but now, the North Strip has seen two major casinos rise with another planned, as well as other major projects, and, now, a new site has gone on the market that could further help the area’s transformation.
A Look at the North Strip Now
When you pass the Wynn properties on The Strip you now see Resorts World Las Vegas, a massive new casino that opened in June 2021. It;’s a huge property featuring a unique global food hall that’s easily walkable from the MGM or Caesars properties on the Central and South StrIp. In fact, it’s an easier walk because it does not have any of the escalators or stairways that break up the busier sections of the strip.
On that walk, people can also see the near-completed Fontainebleau Las Vegas, a project that has been on a nearly 20-year odyssey, which appears on track for a late-2023 opening.
Those two giant casino projects already exist, but they’re just the beginning for the North Strip. An NBA-ready arena has landed funding that will be built in the area. In addition, Siegel Group, which operates a deli in Las Vegas on Convention Center Drive, as well as multiple retail shopping centers in Sin City and around the country, has acquired 10 acres just across the Strip from Resorts World Las Vegas, to the north of Encore/Wynn Las Vegas and to the south of Fontainebleau.
It’s a large site that the developer called the last great piece of land available on the North Strip,” the Las Vegas Journal-Review reported. Siegel plans to build a casino on the property but has not released a timeline.
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The North Strip may also end up being the site for the new stadium being sought by the Oakland A’s (although multiple sites are being considered). Over just a couple of years, the North Strip has begun a massive transformation and land has actually become scarce.
Now, however, a new site has gone up for sale that could lead to even more modern development on the North Strip.
What’s Next for Las Vegas’ North Strip
Caesars and MGM’s properties on the South and Central Strip feed off of each other. You can easily walk between the casinos as well as venues like T-Mobile Arena and Caesars many concert/club options. That creates an energy and a critical mass that draws tourists.
The North Strip does not have that yet, but each new property built or tired old motel or strip mall that gets replaced contributes to making the area a legitimate rival for Caesars and MGM. Those efforts may get another boost as another prime site on the North Strip has gone up for sale, according to Loopnet, a commercial real estate site.
Prime Real Estate on the famous Las Vegas Boulevard next to Circus Circus Hotel and Casino featuring a Travelodge Hotel and 3 story building. The Hotel has 100 renovated rooms in which 2 are jacuzzi suites, newly done lobby, guest park, and pool. The 3 story building features a beautiful gift shop on the first floor with rolling gates and an elevator to get to the upper levels.
It’s a fairly bleak motel property with enormous potential that’s listed for $52 million. That’s a much higher prIce than other nearby properties have sold for, according to the Review-Journal. Haim Gabay, who owns the 1.8-acre property, seems to be selling opportunity, more so than a dated motel.
“Gabay’s asking price far outweighs that of the White Sands. The 1.1-acre property is currently listed for $12 million and seems destined for demolition, given its history of vandalism, vagrants, and feral cats,” wrote the Review-Journal’s Eli Seagal. “…Gabay’s price tag also is much bigger than what the Motel 8 sold for. Israeli hoteliers bought that property in 2018 for $7.4 million and unveiled plans for a yet-to-be-built flashy resort.”
With the North Strip resurgence, however, this site may capture its owner’s price and become another major pIece of the area’s redevelopment.
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