It's something like $20 million an acre for Las Vegas Strip property. Anyone want to guess where the majority of those billions of dollars to build new hotels is spent? The hotels are actually the cheapest part to build in Vegas, it's the LAND that costs an absolute fortune to acquire.
Getting a hotel with prime location like the Aladdin for $500 million means that they were pretty desperate to sell it. It cost $1 billion to build the hotel and that was back when Vegas land was a relative bargain. They opened this hotel right after 9/11 and the tourist decline, not to mention no one could find the entrance. The one hotel in the history of Vegas that managed to rise from its own destruction, and it turns into a different hotel just 5 years later. Just goes to show you that in Vegas, nothing comes back once it's been imploded.