Boyd Gaming Closes $28.8 Million Sale of Former Eastside Cannery Site for Residential Subdivision

Boyd Gaming Corp. has sold the site of the former Eastside Cannery property in the eastern Las Vegas Valley for $28.8 million. Clark County commissioners approved plans last month for a 279-lot residential subdivision on the roughly 29.5-acre plot along Boulder Highway at Harmon Avenue. The approved project includes two-story single-family homes, two park areas, and a trail.

Transaction Structure and Pricing

The September 10 transfer moved the property from Boyd Gaming to a New York investment firm. That firm is acting as a land banker and granted Lennar Corp. an option to acquire the site for home construction, according to Clark County property records and corporate filings. Boyd Gaming purchased the land for $45 million early last year before announcing demolition of the shuttered hotel-casino and a shift to residential sale. The realized price is lower than the original acquisition cost.

Conclusion of the Redevelopment Cycle

The Eastside Cannery hotel-casino was demolished and imploded less than 20 years after opening, leaving the site vacant until this transaction. The sale finalizes the full cycle from gaming operations through closure, demolition, and conversion approval. As reported by the Las Vegas Review-Journal, the deal transfers the land to parties positioned to execute the approved housing plan without further Boyd Gaming involvement. Exact timing for Lennar construction start remains subject to the option terms.

Reporting: Yogonet International

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