The Land Housing Suncoast Hotel And Casino Up For Sale
Boyd Gaming has confirmed that the real estate assets of the Suncoast Hotel and Casino in Nevada Land are up for sale for $87 million. Following the news the company says it still plans on operating the hotel and gaming area up until the sale date.
The listing on Loopnet gives an idea of how valuable the land is;
“The Suncoast land is 49.13 acres in the highly coveted master-planned community of Summerlin and presents a once in a lifetime generational opportunity.”
Whoever buys the property would be getting a minimum of $60,000 in annual rent as well as a fee title.
Gaming Real Estate Is A Hot Commodity
Following the news that the Suncoast land is up for sale, there has been a rising number of gaming real estate owners who are looking to make the most of their assets. It is expected that Sale-leaseback deals would continue to pop up in the industry, following the need for operators to still maintain day to day control of casinos while unlocking cash from real estate holdings.
Such transactions are a win-win or both real estate and gaming companies. Owners of the estate will enter into a long term contract with the intended casino companies, and they can increase the rent progressively, and at the same time, not be responsible for any improvement in the physical structure.