And although the leadership of the Mandan, Hidatsa, and Arikara nations known as the Three Connected Tribes have no plans for the empty 8.7 acres they claimed for $ 12 million last July, Tribal Chairman Mark Fox said With that, they could build anything from a tribal casino to a parking lot.
“We saw it as an opportunity to get land – prime real estate – in Las Vegas at a good price, and that’s basically why we went there,” said Fox.
The recently acquired satellite property of the Three Affiliated Tribes, whose Fort Berthold Indian Reservation accounts for nearly one-fifth of North Dakota’s oil production, is located right on the south end of the Vegas Strip, the city’s famous commercial and gambling hub, near The 43-story Mandalay Bay Casino and just over a mile from the newly completed Allegiant Stadium, home of the NFL team Las Vegas Raiders.
The 95 E. Ali Baba Lane property was part of a larger 38.5 acre property that was shared following the bankruptcy of an ambitious and long-struggling ferris wheel company. For the past year, the property has been largely unused, Fox said, with the notable exception of a recent 10-day lease on the set of American Ninja Warrior, an obstacle-based reality TV show.
“We’re still at this stage trying to come up with a concept for the development of the property,” said Fox, adding that the tribe is meeting with developers and discussing possible uses for the property. “Nothing beyond that at the moment.”
Fox called the prospect of building a tribal-owned casino “a proposal” and “a possibility,” but added other ideas, including converting it into a paid parking lot.
The Three Affiliated Tribes already own and operate a casino on Fort Berthold, the Four Bears Casino and Lodge, which has completed a major expansion in recent years.
Mike Mixer, a Colliers International broker who oversaw the bankruptcy auction, said he viewed the purchase of the Three Affiliated Tribes as a “strategic acquisition” and found the property has the most diverse zoning in Las Vegas to be used as a casino , Retail space, or numerous other commercial opportunities.
The previous project on this property, the massive, unfinished SkyVue Ferris wheel, is somewhat infamous in Las Vegas for failing to take off after launching almost simultaneously with a separate Ferris wheel project a couple of miles up the Strip, Josh Swissman said, a partner of Las Vegas-based hotel and casino consultancy The Strategy Organization.
According to the Las Vegas Review-Journal, developers SkyVue envisioned themselves a decade ago as a 150-meter-long Ferris wheel and complex costing north of $ 100 million. When the project went under, it left two large pillars – what appeared to be support structures for the bike – that had stood unused on the property for years.
Swissman said SkyVue failed because of competition from the other Ferris wheel and said the property less than half a mile from the Strip could be a smart investment for the three connected tribes.
“The thought of building a parking lot is actually a pretty smart thought,” he said, pointing out the proximity to major Vegas casinos like Mandalay Bay and the new Raiders Stadium, which are likely to need more parking space as the venues are closing 100% return. Capacity.
Easily developed space at this location could later be turned over for a big profit, especially if a large investor comes along looking to buy all of the former SkyVue property for building a new casino.
“A parking lot isn’t the craziest idea in the world. I think it’s actually good, ”said Swissman.
With the pandemic economy on the mend, Mixer noted, property values in Las Vegas are rising.
“I believe the property has probably already increased in value, and I would expect it to continue to appreciate,” he said of the Three Affiliated Tribes lot.
Several other Indian tribes recently entered the Vegas market. Swissman praised the “wise decision” by the California-based San Manuel Band of Mission Indians to take over the Strip’s adjacent Palms Resort earlier this month. He also noted that the Mohegan Tribe of Connecticut recently took over the operation of another casino while the Seminole Tribe of Florida was vocal about its interest in Vegas business.
Fox said the Las Vegas property is the only property the Three Affiliated Tribes own outside of North Dakota, although he noted they lease a facility in Phoenix, Arizona for a sobriety and transitional care center.
Readers can reach forum reporter Adam Willis, a member of the Report for America Corps, at awillis@forumcomm.com.
