Las Vegas

The entertainment capital of the world is about to become even more entertaining as MGM Resorts International has announced the development of a new 5,000-seat theater at Monte Carlo Resort and Casino.

It’s not easy to garner the attention of millennials, as Caesars Entertainment Corp. will attest. The firm, in partnership with Elkus Manfredi Architects, has just completed the $223 million renovation of the LINQ Hotel & Casino located on the Las Vegas Strip.

Since the closing of the arts museum on West Sahara, Las Vegas has lacked a major counterweight to its wild side.

With Sunbelt Enterprises now half way through its portfolio-slicing campaign, the effects are rippling through the Las Vegas real estate landscape. Since last year, NGKF Capital Markets Executive Managing Directors Rick Sheckter and Robert Griffith have been working to ensure the sale of a commercial real estate portfolio totaling roughly 2.1 million square feet of space.

For a while there, the CityCenter project in Las Vegas was shadowed by the failure of the Harmon tower. The district’s fortunes have since turned, and amid the resurgence of the city’s economy the multifamily component is performing nicely. Veer Towers, the two-story luxury condominium project set up in the very core of CityCenter, continues to move units.

As the residential market continues its climb from the deep canyon created by the recession, the city’s office market is also continuing to improve, generating investor interest. Griffin Capital Essential Asset REIT II, an entity created in 2014, recently completed the purchase of a fully leased office property in the Las Vegas market, the trust’s seventh addition to its portfolio and the first acquisition completed in the state of Nevada.

Currently finding itself in the midst of an expansion campaign throughout improving markets in the Western U.S., TruAmerica Multifamily just completed an acquisition in the Las Vegas market. This is the L.A.-based value-add multifamily investment firm’s inaugural purchase in the state of Nevada. The company also marked its debut in the Portland and Salt Lake City markets during recent weeks.

As the proposed soccer stadium project went up in smoke along with the city’s bid for a Major League Soccer expansion team, local authorities are looking to channel their resources in a different direction. It was recently announced that the Las Vegas City Council has greenlit the development of a parking garage in the area where the proposed stadium would have taken shape.

Las Vegas North Premium Outlets recently opened the expansion of the shopping center. The center has added 25 new stores to its offering, becoming one of the largest properties of its kind in the entire country. Developer Simon Property Group officially unveiled the expansion and renovation project that has also added to the asset’s common areas and amenity package last week.