Michael Gaughan, owner of the off-Strip South Point casino in Las Vegas, has expanded the property’s available land holdings after purchasing a 4.3-acre tract for $5.5 million, according to county records.
The plot, which sits to the southeast of the South Point, is connected to another 2.5-acre tract that Gaughan acquired in 2015.
According to the Las Vegas Review-Journal, Gaughan said he plans to use the land as an overflow parking lot, which will be especially useful for trucks and other vehicles during arena and rodeo events.
Development work is expected to begin in July, and as of now the resort expects to use the lot up to six times a year based on its current schedule.
The purchase, Gaughan said, was viewed more as a long-term investment than a plan to expand current operations. With 6.8 acres already acquired in the vicinity of the resort, he indicated that he will continue to pursue similar opportunities should they arise, even if the price is a little steep for the current market.
“I might overpay a little bit now, two years from now is probably the right price,” he told the Review-Journal.
