Boyd’s Suncoast Hotel and Casino Las Vegas’ land up for sale
A listing reported by News 3 Las Vegas showed that nearly 1.3 million square feet, located in the northwest Las Vegas Valley, were available near Rampart Boulevard and Alta in the Summerlin master-planned community but the legacy property, Suncoast Hotel and Casino itself is not up for sale.
The parcel of land appeared on the market on October 3, according to Eric Carlton of Colliers International, a California-based real estate company. “The long-term owners are looking to cash out,” Carlton said. “Right now, we’re asking for $87 million.“
The casino itself is not being sold, according to the resort’s operator, Boyd Gaming. “The land parcel is for sale,” Vice President of Boyd Gaming Corporate Communication David Strow said Wednesday, as reported by Fox5.
Colliers’ listing on Loopnet states 49.13 acres of land “in the highly coveted master planned community of Summerlin” is available for ground lease.
The real estate listing said that it was a “once in a lifetime generational opportunity” for a long-term 35+ year NNN ground lease and noted the casino operates as an oligopoly. As part of the deal, it would require zero landlord responsibilities during the lease’s time frame.
An investor who purchases Suncoast would also receive a fee title to its land and an annual rent of $60,000.
The Suncoast Hotel and Casino first opened to the public on Sept. 12, 2000.
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