In July 2020, the North Dakota-based Three Affiliated Tribes paid $12 million at a bankruptcy auction for an 8.7-acre lot just off the south end of the Las Vegas Strip. The tribe, consisting of the Mandan, Hidatsa and Arikara Nations, had been looking for an investment opportunity for a portion of the nearly $1.7 billion in tax revenue it received from oil drilling on the reservation over the last 15 years.
Tribal Chairman Mark Fox said, “We saw it as an opportunity to get land—prime real estate land—in Las Vegas for a good price, and that’s essentially why we went there. We’re still in that phase of trying to develop a concept of development for the acreage. Nothing beyond that right now.” He noted the tribe could build anything from a parking lot to a casino on the property.
The acreage, located at 95 East Ali Baba Lane, had been part of a 38.5-acre lot that was divided after the notorious $100 million SkyVue Ferris wheel complex went bankrupt. Fox said in the last year the lot has not been used except briefly as a location for the reality show, “American Ninja Warrior.” SkyVue’s two large support structures have remained on the lot for years. Meanwhile, another Ferris wheel project, Caesars Linq and the High Roller, a few miles up the Strip moved forward, and investment for the SkyVue wheel collapsed.
Josh Swissman, a partner at Las Vegas-based consultants the Strategy Organization, said, “A parking lot is not the craziest idea in the world. I think it’s a good one, actually,” with the tract’s proximity to Mandalay Bay and the new Raiders stadium. Swissman added easily developed space in the property could be flipped for a big gain later.
Several other American Indian tribes recently entered the Vegas market, as well. Swissman praised the “shrewd decision” of the California-based San Manuel Band of Mission Indians to scoop up the strip-adjacent Palms Resort earlier this month. He also noted the Mohegan Tribe of Connecticut recently took over operations of another casino, while the Seminole Tribe of Florida was vocal about its interest in Vegas business ventures.
The Three Affiliated Tribes owns and operates the Four Bears Casino and Lodge at Fort Berthold. It was significantly expanded in the last few years. The tribe’s Fort Berthold Indian Reservation accounts for about one-fifth of North Dakota’s oil production.
