Iconic Las Vegas Strip resort casino put up for sale
It's very rare that a Las Vegas Strip resort casino gets sold, but one of the Strip's most famous destinations now has a "for sale" sign.
The Las Vegas Strip only has 4.2 miles of land. You can build higher, but you can't create more land so every property that might house a viable business goes for incredibly high prices.
That's why many iconic Las Vegas Strip destination the kitschy Hawaiian Marketplace have been sold in recent years. That site was simply too valuable remain being used for a popular, but out-of-date idea.
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It was sold and the Hawaiian Marketplace has been demolished to be replaced by a modern retail center.
The high value of land on the Strip also explains why Casino Royale, a relatively small property topped by a Best Western in the middle of many Caesars Entertainment CZR resorts will soon be demolished to make way for a mega-resort.
It's challenging to build on the Las Vegas Strip and new resorts can take years (or even decades in certain cases) but outdated properties almost always get replaced.
