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Nazarian closed Wednesday on the 17.5-acre Sahara for a price approaching $20 million per acre - a milestone reached only recently at the cusp of the Strip's largest building boom.
Nazarian wasn't the only guy with money to spend for a Las Vegas Boulevard address.
A handful of well-financed bidders with the ability to close a deal quickly were lined up for the Sahara, brokers say. The buyers' ability to close escrow and secure a gaming license quickly as well as the still-evolving plans to improve the property factored into the decision to choose Nazarian, said Carlton Geer of CB Richard Ellis' Global Gaming Group.
Nazarian will need to dig deep again to finance a major overhaul at the Sahara.
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Finding parking and an inexpensive room during a busy convention at the Venetian can be harder than finding a cheap seat at a Las Vegas nightclub on a Saturday night. That has many conventioneers staying across the street at the more moderately priced Treasure Island and Mirage.
Venetian executives have already expressed interest in acquiring those properties from MGM Mirage to serve as its own overflow hotels. With its upcoming Palazzo resort and a second convention center planned behind the Venetian, Las Vegas Sands will be shoehorning the nation's largest integrated resort on a surprisingly small parcel.
MGM Mirage Chief Executive Terry Lanni says the company won't part with any of its Strip holdings because redevelopment opportunities anywhere on Las Vegas Boulevard are only getting better.
Never say never, right?
"I'm happy to say, 'never,' " Lanni said. "The only way Venetian would get it would be an invasion - and we would repel it."
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