Investors profiting in Las Vegas

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by Kay Murchie

In 1998, Kansas property investor, Phil Ruffin, paid $165 million for 41 acres on the Las Vegas strip. Many said he had overpaid by $15 million. However, this August, he is set to close a $1.35 billion sale of 34.5 acres of the land. It will be home to the New Frontier hotel and casino. Phil Ruffin is planning a second condominium with partner Donald Trump on the remainder of the land.

Many investors are making huge profits as property values in Las Vegas have doubled in the last few years. Many deals have landed anywhere between $10 million and $36 million.

Many new developments are taking place on the strip and MGM have stated that they will embark on a new project with Kerzner International Holdings Ltd. A $5 billion development is to begin in 2008 bearing the Plaza name, it will be across the street from Steve Wynn’s lustrous hotel and casino.

Las Vegas was renowned for its mobsters back in the 1940’s but it is now well known as a family-friendly holiday destination. Hotels such as the Circus Circus cater for families with its indoor adventure dome and circus acts. The Stratosphere tower which stands at just over 1100 feet has rides at the top of the tower for the more daring.

The latest renovation in Las Vegas is all about opulence and variety. Casinos are aiming at high rollers and wealthy visitors from around the world with new casinos, fine dining, exclusive shops, well known entertainers and spas.

The gambling industry has always been a profitable business and is now proving to be lucrative for property investors.