It’s the easiest job in Las Vegas — sitting back and collecting big rent checks on empty land.
The Elardi family, former owners of the long-ago-demolished Frontier hotel on the Strip, still own a 16-acre chunk of the site and have leased it to a succession of developers for more than two decades.
The current renter, Wynn Resorts, currently pays $4 million per year to lease the vacant plot, a securities filing shows. Wynn also confirmed it pays the property taxes on the site, located just south of Resorts World Las Vegas.
The Las Vegas Strip’s casino real estate market is now dominated by rent-collecting landlords, who over the past several years spent billions of dollars to buy megaresort properties and then lease them to the operators for hefty sums.
