Henderson, Nevada may soon be home to a brand-new casino property. Next week, the City Council of Henderson will consider a resolution to formally show an intent to sell nine acres of land in the city. The land is located at St. Rose Parkway and Las Vegas Boulevard South. Marnell Gaming Management LLC wants to buy the land and create a casino resort.
Henderson decided to purchase the land last year to be able to control what type of development took place in the future. The city paid $4.1 million for the property. According to reports, Marnell wants to buy the land and then create a casino and hotel resort. It would operate the facility and spend around $250 million on its creation.
Surprisingly, the land appraised for $6.5 million, but the city is only asking $4.3 million. If the resolution is approved this coming Tuesday, then the sale can be finalized. The city will then need to set up a development agreement with Marnell for the new facility.
A Good Location
The new property will be in a good location, situated near the M Resort. According to Global Market Advisors director of government affairs, Brendan Bussman, Las Vegas is set up to be a strong market once again even though times are trying right now due to the COVID-19 pandemic.
Growth in the gaming area reveals that there is room for competition from the new casino against the M Resort. Penn National Gaming currently operates the M Resort, having taken control of the property back in 2011 during an economic downturn.