When MGM Mirage bought the old El Rancho Vegas site across from the Sahara last month, it reinforced the value of land on the Las Vegas Strip. Not that Strip land needs more value; the sale price of the Barbary Coast, the Tropicana and several other older properties have sent valuations through the roof. That’s why MGM Mirage paid more than $440 million for the old El Rancho site. Can you imagine what the original owners of the Strip’s first casino would have thought about that? For the decades that land has laid fallow, I’m sure they would have wondered why; but if it is to become what we know MGM Mirage is capable of developing, the corner of Sahara and the Strip could become one of the hottest locations—once again—in all of Vegas.

It’s no coincidence that this month’s Casino Connection focuses on housing in the Las Vegas Valley. Very few of us own land on the Las Vegas Strip (although I know one dealer who did very nicely with his Downtown property). But we can own—and do—land in the Las Vegas Valley. In most cases, our land is our home. And the time couldn’t be better than now for buying your first home or upgrading to the home of your dreams.

Land—our home—often defines us. It’s what we are, where we live. It’s a reflection of our hopes and aspirations. And it can be a path to a comfortable retirement.

While renting a home is sometimes a reasonable choice in this kind of soft market, buying a home with all the bargains on the market can become one of the smartest things you can do.

Check out our story on the Las Vegas housing market in which author Tann Summers outlines just a few of the new homebuilders and their innovative developments. Check out the sidebar on incentives, and you’ll understand why it makes sense to consider one of the newer—and more affordable—options in the Las Vegas housing market.

You’ve heard the expression, “a man’s home is his castle,” and of course that goes for women, too. I believe that is true, even if we don’t spend much time there. I’ve lived in many different kinds of dwellings, from small cramped rooms to large sprawling houses. It’s all about how you feel about your home. A home should be inviting, relaxing, comfortable… a retreat from the craziness of our everyday lives.

So take some time and learn what is available from the Las Vegas homebuilders. These folks are some of the most innovative builders in the nation. Remember, you’ve got the upper hand now if you’re ready to buy. Check out the incentives a few homebuilders are offering new buyers on page 24. And that’s just the start. You can drive a great bargain for the dream home of your choice.

Also in this issue, check out the fun festivals and events featured in the Las Vegas Valley in May, June and beyond. This is the best time of year in our area, so make it a point to get outside and enjoy before the brutal summer weather descends upon us.

It’s also an exciting month for Las Vegas because the latest “fight of the century” arrives with the matchup of two boxing legends, Oscar De La Hoya and Floyd Mayweather Jr. on Cinco de Mayo. The live gate will be amazing, but the pay-per-view numbers are expected to be in the stratosphere.

And speaking of the Sratosphere, that property will have new owners soon now that billionaire Carl Icahn has decided to sell that, his two Arizona Charlies properties and the Aquarius in Laughlin to a group of companies led by Goldman Sachs. Icahn is known as a corporate raider, so it’s not unexpected that he would sell out for a big profit (estimated to be about $1 billion). On page 18, read how Icahn’s casino head Richard Brown sees the deal from his perspective and how he respects the efforts expended by the management and employees at all four properties.

But the sale shows once again that Vegas is all about location, location, location. And it applies to houses as well.

By Roger Gros

Roger Gros is publisher of Casino Connection and editor and publisher of Global Gaming Business magazine, the industry’s leading gaming trade publication. Prior to joining Global Gaming Business, Gros was president of Inlet Communications, an independent consulting firm. He was vice president of Casino Journal Publishing Group from 1984-2000, and held virtually every editorial title during his tenure. Gros was editor of Casino Journal, the National Gaming Summary and the Atlantic City Insider, and was the founding editor of Casino Player magazine. He was a co-founder of the American Gaming Summit and the Southern Gaming Summit conferences and trade shows. He is the author of the best-selling book, How to Win at Casino Gambling (Carlton Books, 1995), now in its third edition. Gros was named “Businessman of the Year” for 1998 by the Greater Atlantic City Chamber of Commerce.

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