Posted on: July 21, 2021, 3:41 a.m.
Last update on: July 21, 2021, 3:41 a.m.
Aztec Inn Casino is one of the properties north of the Las Vegas Strip now for sale. The total 7.23-acre package is priced at $ 60 million and foreign companies have shown initial interest in the deal, according to a released report.
The Aztec Inn Casino is located on the corner of Las Vegas Boulevard. It has a gaming license, as well as a bar and restaurant, according to TripAdvisor.
Located in the zone of opportunity
An added benefit with and near Aztec lots is that they are located in an area of opportunity. This provides a potential promoter with tax incentives, depending on the Las Vegas-Review Journal.
Aztec is also located in the “Gateway District, the busiest part of the Strip,” according to the commercial listing.
The motel now occupied by Aztec opened in 1957. The casino opened in 1991.
Other properties listed in the offering include several vacant lots and retail space now occupied by a tattoo parlor, according to the report.
If buyers don’t want the whole group of properties, they can acquire properties in two purchases for $ 30 million each, the Journal mentionned.
Centennial Advisers is the listing agent. They are based in California with an office in Las Vegas.
“The zoning and everything that’s going on around the north end of the Strip right now – it’s an easy way to buy a property…” said Tom Watkins, regional director of investments at Centennial Advisers. Journal.
So far, overseas-based developers have been among those who have shown interest in the properties, Watkins said.
“I thought he would be a local player, honestly, because they know (the area) but I think that says something good about Vegas,” Watkins told the Journal. “It’s a global market and people are looking to invest their money in it. “
The owners of Aztec are listed as Gerald Brinkman, Paul Kellogg and Gary Vause.
Near the Aztec is the iconic Strat Hotel, Casino and SkyPod, which is a tenth of a mile away. This property is owned by Golden Entertainment.
Aztec is one of several plots on or near the Strip that have been released to the market. For example, in 2020, a 130-acre property south of the Strip was available for $ 300 million.
It was the planned site of an $ 800 million extreme sports complex, called Edge, which was scrapped.
This parcel includes 65 acres of vacant land, a 41.4-acre golf course, and a 23.6-acre athletics site with a go-kart track, the Journal reported last year.
The current owner of the property was identified in a report as Ernie Lee.