Posted on: July 21, 2021, 03:41h.
Last updated on: July 21, 2021, 03:41h.
Aztec Inn Casino is among the properties north of the Las Vegas Strip that are now for sale. The price for the total 7.23-acre package is $60 million and foreign firms have shown initial interest in the deal, according to a published report.
The Aztec Inn Casino is located at a corner off of Las Vegas Boulevard. It has a gaming license, as well as a bar and restaurant, according to TripAdvisor.
Located in Opportunity Zone
One added plus with the Aztec and nearby lots is that they are located in an opportunity zone. That provides a would-be developer some tax incentives, according to the Las Vegas-Review Journal.
The Aztec also is in the “Gateway District, the most active part of the Strip,” according to the commercial listing.
The motel now occupied by the Aztec was first opened in 1957. The casino launched in 1991.
The other listed properties in the offering include several vacant lots and a retail space now occupied by a tattoo shop, the report said.
If buyers do not want the entire group of properties, they can acquire properties in two purchases for $30 million each, the Review-Journal said.
Centennial Advisers is the listing agent. They are based in California with an office in Las Vegas.
“The zoning and everything going on around the north end of the Strip right now — it’s an easy way to purchase a piece of property …,” Tom Watkins, regional director of investment at Centennial Advisers, told the Review-Journal.
So far, foreign-based developers are among those who have shown interest in the properties, Watkins said.
Worldwide Market
“I thought it would be a local player, honestly, because they know (the area) but I think it says something good about Vegas,” Watkins told the Review-Journal. “It’s a worldwide market, and people are looking to put their money here.”
The Aztec’s owners are listed as Gerald Brinkman, Paul Kellogg, and Gary Vause.
Near the Aztec is the iconic Strat Hotel, Casino and SkyPod, which is one tenth of a mile away. That property is owned by Golden Entertainment.
The Aztec is among several parcels on or near the Strip that have been on the market. For instance, in 2020 a 130-acre property located south of the Strip was available for $300 million.
It had been the planned site of an $800 million extreme sports complex, called the Edge, that was scrapped.
That parcel includes 65 acres of vacant land, a 41.4-acre golf course, and a 23.6-acre athletic venue with a go-kart track, the Review-Journal reported last year.
The current owner of the property was identified in a news report as Ernie Lee.
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