Yesterday’s RGJ reported that the Grand Sierra Resort is negotiating with a few interested parties on the sale of the property. All involved parties are quiet on the details but the RGJ reported that “The Grand Sierra Resort Corp. bought the property for $150 million from Caesars Entertainment in 2005.”
If The Grand Sierra Resort Corporation bought at the peak of the market, then, based off of median price declines for residential property (26.4%), today’s selling price should be around $110 million.
We’ll see what it ends up selling for. I hope the new owners put in the long-awaited indoor water park.
[Update 08/01: Mike Van H references his posts regarding the GSR Sale in his comment below. Interested readers can read those posts on Mike’s site, Downtown Makeover.]
3 comments
Hi Guy, you should check out my two posts on GSR. RGJ broke the story about a week late, and didn’t include any of the juicy details. 1. You aren’t getting a water park. Does it really make sense GSR is still promising this while at the same time his property is about to sell? That would be like putting my house up for sale and telling my neighbors ‘oh sure the new owners are going to install the $200,000 koi pond I promised you all I would install’.
2. Perhaps some of the sales number gurus on this blog can enlighten us as to how many hotel-condos sold, because JP Morgan/GSR said they had to sell more than half of the 840 for them to receive financing for the water park and Bellagio style fountains. I bet that hasn’t happened.
I’ll email you with the real nitty gritty.
Mike, why not just post the nitty gritty here? Sounds interesting.
Mike, you are just teasing!!Whats the GSR word?