The owner of the Plaza hotel in New York is making the purchase for $1.2 billion claiming it to be buying one of the last great parcels on the Strip. His new development is estimated to cost $5 billion and projected to open in 2011.
Las Vegas real estate remains in demand. Builders are looking toward the skyline during this Manhattanization phase of down town. Indications, like this purchase and others similar, show the Las Vegas market to be strong. There is a bright outlook on the future for Las Vegas propery.