Las Vegas’ Aztec Casino For Sale, Part of $60M Off-Strip Listing

Posted on: July 21, 2021, 03:41h. 

Last updated on: July 21, 2021, 01:38h.

Ed Silverstein @casinoorgedsilv Read More

Expertise: Legal, Tribal Gaming.

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.

The motel now occupied by the Aztec was first opened in 1957. The casino was launched in 1991.

The iconic Strat Hotel, Casino, and SkyPod are located nearby.

Opportunity Zone Tax Credit

One added plus with the Aztec and nearby lots is that they are located in an opportunity zone.

An Opportunity Zone is meant to spur development in low-income or hard-to-develop communities. Investors receive substantial tax credits for building in these zones. Each state nominates plots of land for the program. The plots are then approved by the Secretary of Treasury.

Foreign Interest

The 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.

If buyers do not want the entire group of properties, they can acquire properties in two purchases for $30 million each, according to the Review-Journal.

So far, foreign-based developers are among those who have shown interest in the properties, Tom Watkins, regional director of investment at Centennial Advisers, told the Review-Journal.

The Aztec is among several parcels on or near the Strip that have been on the market recently. In 2020, a 130-acre property located south of the Strip was available for $300 million.

Previously, the Aztec had been the planned site of an $800 million extreme sports complex, called the Edge, that was scrapped.

The current owner of the property was identified in a news report as Ernie Lee.