Wynn Resorts has picked up 2 million from the sale of a half-interest in Wynn Plaza, a new shopping mall the gaming giant is building on the Las Vegas Strip.
The sale to New York-based Crown Acquisitions, a privately held commercial property group, includes 88,233 square feet of other retail space at Wynn’s two Strip resorts, Wynn Las Vegas and Encore.
Wynn will retain 50.1 percent of the new mall, Wynn Plaza, and will participate in its management.
Sales or partnerships on in major Strip retail appear to be a trend. In April, MGM Resorts International announced it sold the Crystals mall at City Center to Invesco Real Estate and Simon Property Group for $1.1 billion. This was followed in October by Boulevard Invest’s sale of the Miracle Mile Shops at Planet Hollywood to Institutional Mall Investors for an undisclosed price. Similar deals have been done at the Fashion Show and the Grand Canal Shops at The Venetian.
“Crown represents some pretty high-profile retail in other parts of the country and the world,” said Brian Sorrentino of ROI Commercial Real Estate. “Maybe Wynn feels it will have a better conduit to get the kind of tenants they are looking for. And they are looking for extremely high-end clientele in those shops, not the norm.”
Wynn Plaza is scheduled to open in the second half of 2017 with more than 75,000 square feet of space designed on two levels.
