Long-vacant Las Vegas lot poised for multibillion-dollar resort

Real estate developer LVXP plans to liven up a long-vacant lot along the Las Vegas Strip with a multibillion-dollar entertainment and resort project. 

The experience-focused LVXP will transform the 27-acre site at 2601 S. Las Vegas Blvd., formerly home to the Wet ‘n Wild waterpark, into an entertainment and lifestyle venue anchored by an “ultra-luxury” resort and sports arena, the developer announced Monday. 

The mixed-use development, adjacent to the newly opened Fontainebleau Las Vegas, will feature a retail plaza, convention space, a destination casino and hotel rooms and residences. 

The on-site sports arena could also serve as the home for a new NBA franchise, LVXP detailed in a release. Over the past year, sporting events have been a major driver of tourism — and hotel revenue — to Las Vegas. 

LVXP declined to comment on project details beyond the release but confirmed the resort will have roughly 2,500 rooms, as first reported by the Las Vegas Review-Journal on Monday. 

The project announcement comes several months after the Clark County Commission axed plans for the All Net Resort & Arena, a similar multibillion-dollar resort and entertainment venue that was set to occupy the site. The project, led by former basketball player Jackie Robinson’s development company, was canceled after several years of delays and financing woes. 

Now, LVXP will take a stab at the site, with Chief Construction Officer Nick Tomasino leading the project. Tomasino is familiar with Las Vegas hospitality development, having most recently served as senior vice president of construction at Madison Square Garden Entertainment where he managed the construction of The Sphere.

In a statement, Clark County Commission Chairman Tick Segerblom called LVXP’s project “well-conceived,” adding that it is poised “to transform a valuable undeveloped land parcel into a highly productive destination.” 

Tomasino echoed Segerblom, saying the project will “leave a long-lasting positive impact for future generations.” 

According to LVXP, the development will “generate substantial revenue for the local economy” and create “thousands of jobs,” employing union labor. 

Union hotel workers at some of Las Vegas’ largest resorts have won improved contracts, including record wage increases, in recent months.

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