Vegas casino land up for sale
The Suncoast Hotel and Casino is giving up its land
In what has become fairly standard in the casino industry, a Las Vegas gambling venue is looking for a buyer. However, the casino itself isn’t being offered for sale. Instead, Suncoast Hotel and Casino wants someone to buy the land beneath it. It only costs $87 million.
About 1.3 million square feet (around 49.13 acres) of land under the Suncoast have been put on real estate listings as a “once in a lifetime generational opportunity.” It includes a 35+ ground lease and comes with zero landlord responsibilities for the life of the lease. In addition, the lucky buyer will also receive a title to the land, as well as an annual rent of $60,000.
The listing had previously been found on LoopNet.com, a North American real estate listing site. However, since word got out about the listing, it has been removed. Either someone has already made a purchase (unlikely), it was made private or Suncoast asked that the ad be taken down.
The casino first opened in September 2000. It is owned by Boyd Gaming, which purchased it from Michael Guaghan’s Coast Resorts in 2004. It isn’t clear if Boyd’s decision is tied to any financial difficulty, or if it’s just a move like many others seen lately that find a real estate investment trust (REIT) purchase a casino property then lease it back to the casino operator. Boyd hasn’t been slowing down, launching a number of sportsbooks with FanDuel as new states continue to legalize the activity. Most recently, it set up operations in four venues in Indiana and Iowa.