Las Vegas Casino Closing, Another Will Take Its Place

Land has become incredibly valuable in Las Vegas and not just on the Las Vegas Strip. Yes, any buildable property on the Strip itself has sold for exorbitant prices, but anything downtown or adjacent to the Strip has also gone up in value.

This has required resort/casino operators to pay close attention to the performance of each property in their portfolio and how it fits into their overall goals. This is at least partly why MGM Resorts International (MGM) sold Mirage and bought Cosmopolitan – the location and age of the new acquisition simply made more sense for the company than what it was selling.

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