The property is 100% leased by Nevada CVS Pharmacy, LLC and guaranteed by CVS Caremark Corporation (NYSE:CVS), the largest provider of prescriptions and related healthcare services in the U.S. Located at the north end of the Las Vegas Strip, on the ground floor of Sky Las Vegas, a 45-story high-rise luxury condo development, the property is surrounded by new development activity, including the SLS Las Vegas currently under construction on the site of the former Sahara Hotel & Casino.
This 1,600-room boutique resort is estimated to cost $300 million and is scheduled to open in 2014. The property is also close to Resorts World Las Vegas, currently under construction, and the previous site of the Stardust Hotel and Casino. The project is estimated at $2 to $7 billion and is scheduled to open in 2016. The Asian-themed resort will feature: 3,500 rooms, a 175,000-square-foot casino, multiple luxury dining options, 250,000 square feet of retail space and 500,000 square feet of convention space, providing tens of thousands of jobs to the local residents.