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Archon Selling 27 Acres on 'Strip' for $450M

LAS VEGAS-The Las Vegas based owner of one operating casino-hotel property is selling the former Wet 'n Wild amusement park site. The property is located immediately south of the Sahara Hotel & Casino, which also is on the market.

By Brian K. Miller | Updated on June 30, 2006

LAS VEGAS-The defunct Wet ‘n Wild amusement park here has been tied up by Texas developer Christopher Milam. The option agreement calls Milam to pay $450 million or $16.66 million per acre for the 27-acre site. The property is located at the corner of Sahara and Paradise, immediately south of the Sahara Hotel & Casino, which also is on the market.

The amusement park closed in 2004. The seller is Archon Corp., a locally based public gaming company with one operating casino-hotel property to its name, the Pioneer Hotel & Gambling Hall in Laughlin, NV. Milam reportedly plans to develop a mega resort and has retained Paul Steelman Group for the casino, RTKL for the retail component and Skidmore, Owings and Merrill for the hotel tower.

Brian Gordon, a principal with Applied Analysis tells GlobeSt.com the $17 million per acre being paid for the property is representative of the price being paid for properties with Strip frontage. The north end of the Strip is expected to see lots of development and redevelopment activity over the next five- to 10 years. Projects include Boyd Gaming’s $4-billion Eschelon Place development, several condominium towers and the rumored redevelopment of the Sahara.

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