New casino planned in South Nevada

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Peter Brandt January 6, 2021

A new casino could soon be created in the city of Henderson near the gaming metropolis of Las Vegas. As the “Las Vegas Review Journal” reports, the gaming company “Marnell Gaming Management LLC” plans to buy a piece of land in the small town in the south of Nevadas to realize the casino project. The Big Player in the industry is willing to invest around $ 250 million in the approximately nine hectare property, which is located near the Las Vegas Boulevard South.

The otherwise flourishing gambling metropolis Las Vegas suffers extremely from the effects of corona pandemic. ((©zzim780/Pixabay)

Sales price is $ 4.3 million

The nine hectare property north of the M Resort was only bought by Henderson last year for $ 4.1 million (USD). According to the “Las Vegas Review Journal”, the small town wanted the costly investment to Gain decision sovereigntywhat should happen to the property in the future. A year later, this matter seems to have already clarified.

The gaming company “Marnell Gaming Management LLC” submitted the municipality to a purchase application for the state, which is intended to cover both the scope of costs and the further plans of the casino project. So Marnell is willing that Property for $ 4.3 million To buy and invest around $ 250 million for the casinobau. The new casino would operate and manage the group on its own. At the same time, the long -term project is intended to inspire the labor market in the region, since at least 100 full -time positions are created by the large construction site.

With the purchase offer, Marnell is clearly below the real price of the nine hectare property. According to official estimates, the country is worth $ 6.5 million. Despite the price difference, Henderson play with the idea that the property under value for sale. However, the city council only wants to announce a final decision in the coming weeks.

Marnell Gaming Management LLC. The gaming company is considered a big player in its industry and has and operates numerous casino hotels. The group also has a wide-ranging service repertoire. In addition to accommodation for individuals, families and business people, Marnell offers entertainment in the form of games, spas, salons and restaurants. The industry giant has been in business for over four decades and has accumulated large expertise in many areas over time.

Sales under value allowed?

According to the legislation of the state of Nevada, cities and municipalities are allowed to sell land to promote economic development below the actual market value. As early as 2018, Henderson made use of this legal regulation and sold around 22 hectares to that damalige NFL-Team „Oakland Raiders“who were looking for a property for their training facilities and their headquarters for their change of location to Las Vegas.

The newly founded Las Vegas Raiders should have received the lands for half of the actual value. With the accommodation of a football franchise, Henderson and Nevada hope for enormous financial profit, which compensates for the sale of land under real value. For example, merchandise, spectators and media rights are profitable factors that are via the tax system Money in the state coffers do the washing up.

Despite Corona: Las Vegas continues to be strong market

The rampant Corona-Pandemie Didn’t stop at Las Vegas either. As in almost all regions of the world, also apply in the state of Nevada Drastic restrictions for the public and economy. The gaming metropolis caught it particularly hard. The city, which depends on tourism, has been similar to an empty backdrop for months. The numerous hotels and casinos drive on the back burner, sometimes the establishments were even closed.

Current Corona position in Las Vegas. The lack of international tourism also seems to remain the status quo beyond the turn of the year. As a result, the otherwise large New Year’s Eve parties that are common in Las Vegas every year will be significantly smaller for 2020. Ultimately, this suffers from the income of the hotels and thus the remuneration of the employees. The big hotels like Planet Hollywood and Wynn have already reacted and only take up hotel guests from Thursday to Monday. Common security standards are also part of the new everyday life in Las Vega’s. There is a strict mask and distance obligation. In some cases, the regulations on camera monitoring are enforced.

Despite the external circumstances and the economic problems Brendan Bussmann, director of government matters at “Global Market Advisors”, Las Vegas continued as a strong market for the gaming industry. The planned casino project and the associated investment is proof that the gaming metropolis would provide enough scope for economic growth. The effects of Corona pandemic are a bitter blow for the metropolis, but Bussman is certain that further investments will follow in the future.