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Las Vegas Real Estate Blog

Your Las Vegas real estate information source. The latest news, new construction, scandals, additions to the strip and other Las Vegas and related information.

Monday, January 12, 2009

Foreign Investment in Las Vegas

It seems that America is a giant yard sale for foreign investment. The flood started with our good neighbors to the north, buying up vacation and second homes in depressed markets like Scottsdale and Las Vegas. European also jumped on the bandwagon with similar purchases. Dubai had already started years ago, purchasing an interest in the massive MGM CityCenter project (which recently scaled back of its condos in the Harmon building) and the list continues. Of course, these investors are bringing some much needed capital to our economy so we shouldn't be too upset, should we?

I think we should be a little wary. After all, there is no such thing as a free ride. Then again, America businesses track record of late leaves a lot to be desired.

Another group of casinos may be bought up by overseas investors. This time its the Cannery Casino Resorts. The Cannery has two locations, a brand new casino resort on Boulder Highway on the site of the former Nevada Palace and another on Craig Road. Last week the state Gaming Control Board okayed the $1.8 billion acquisition of Cannery Casino Resorts by Crown Ltd, based in Melbourne, Australia. Of course, the deal still has to be approved by the state Gaming Commission but usually its just a formality.

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