Monday, January 02, 2006

Olympia Group Las Vegas Plans

Olympia Group is planning to construct a $750 million, 610-room hotel-casino at Las Vegas Boulevard South and St. Rose Parkway in Southwest Las Vegas. This hotel casino will be situated within the 2,700-acre Southern Highlands community which is also owned by the Olympia Group

The Group alos won a 2,675-acre parcel of land in North Las Vegas in the BLM auction conducted on November 6th. The Garry Goett's group shelled out $639 million dollars to win the auction.

Olympia paid $238,878 per acre to win the vacant land. This was 18.5 percent higher than the minium bid set by BLM. The land was initally set aside last year as some rare species of plants unique to Las Vegas were found in this area. After setting aside a 300 acre conservation area in order to please conservationists and environmental activitists the land was again put on the block this year.

Olympia had earlier bought 4,358 acres in Lincoln County during a Feb. 9 federal government land auction. It paid $14.5 million for the

posted by Las Vegas Home Report @ 8:17 AM