According to a review of Clark County property records, MGM Resorts quietly bought a 1.62-acre plot nestled between the Cosmopolitan and Bellagio for $54 million in May of last year.
The company first acquired the rights to the land all the way back in 2000, when MGM purchased the Bellagio, Treasure Island and Mirage from Steve Wynn.
When asked for comment, the company confirmed the purchase of the land to the Las Vegas Review-Journal, and that it is zoned as a vacant lot. That said, MGM did not disclose its future plans for the land.
Given its small size, it’s unlikely that any gaming-related project would fit on the land, and the two properties are close enough that it doesn’t make a lot of sense to conjoin them.
One initial theory is that MGM could eventually sell the land to a party that has ownership interests in the area, including VICI Properties, Blackstone Real Estate Income Trust, Realty Income or others.
