Station Casinos wants million for an empty, gaming-restricted 57-acre parcel located well south of the Las Vegas Strip.
The parcel is located along Las Vegas Boulevard at the intersection of Cactus Avenue and south of the South Point casino. Station Casinos listed for sale with CBRE Las Vegas, and say it is ideal for commercial development, but its deed restricts gaming use.
The parcel is about a mile south of the South Point and about a half mile north of the M Resort, and mostly is surrounded by undeveloped desert.
When Station Casinos acquired the parcel 10 years ago, it considered building another locals-focused casino on the site, but the subsequent Great Recession and drops in gaming revenue and financial troubles ended any plans for the property.
Station Casinos owns some 355 acres of land in Nevada and recently sold off an about 100-acre parcel in Reno.
Station Casinos owns 19 casino properties in southern Nevada, which focus on providing gaming for locals rather than tourists, although they do accept tourist business.
About 90 percent of the Las Vegas population is located within five miles of a Station Casinos operation.
Station Casinos last month filed paperwork for a planned initial public offering and is looking to increase revenues while reducing costs. Undeveloped property must be maintained, insured, and have taxes paid on it, making long-term holding of empty parcels to be bad for business.
Station Casino in 2011 reorganized via bankruptcy and currently owns six gaming-enabled development locations occupying about 290 acres of land in Las Vegas and Reno.
