A penthouse has hit the market in Las Vegas for $18million despite sales plummeting since the start of the pandemic.
The 12,940-square foot apartment occupies the entire 45th floor at luxury high-rise, The Martin, just steps from The Aria and Bellagio casinos.
It comes with a a 360-degree view of the strip, a gym, wine room, theater and a bed surrounded by fish tanks.
If it sells for the asking price it will beat the current Las Vegas record-holder, a 27,000 square foot penthouse that sold for $12.5million in 2019.
Sin City has a well-earned reputation for offering every kind of thrill 24 hours a day – from high-stakes poker tournaments, slots and roulette wheels in the casinos to the strip joints, showbiz glitz and all-night bars.
But real estate experts have raised concerns that the interest in the high-rise condominium market in the city has dropped as COVID-19 continues to devastate the city’s tourism industry.
Visitors numbers dropped from 42.5million in 2019, to just 19million last year, a fall of 55%, the lowest seen in more than 30-years, according to The Las Vegas Convention and Visitors Authority.
The record-breaking $18million penthouse has gone on sale at The Martin in Las Vegas, featuring a bed surrounded entirely by fish tanks
The unusual fish tank bed allows the owner to drift off to sleep while watching tropical fish
The 12,940 square foot, five-bed apartment has 360-degree views of the whole valley
When COVID restrictions are over, the penthouse is equipped to throw large parties, with a custom-built dining table and catering kitchen
The marble-clad kitchen has been custom built by the previous owner who spent $12-13million on the renovations over two years
The penthouse, which occupies the whole 45th floor, has its own wine tasting room
The apartment comes complete with a 2,000 square foot balcony and four terraces over-looking the famous Las Vegas strip
The penthouse is in the luxury condo tower, The Martin, and occupies the whole of the 45th floor
But some agents have raised concerns that the sale of luxury condos over $1million have plummeted by 20% in 2020, following the arrival of the pandemic
Brian Gordon, from research firm Applied Analysis, said: ‘The high-rise condo market in 2020 has clearly been impacted by the COVID-19 health crisis and related response, including the shutdown of hotel-casino properties along with amenities housed within those buildings.’
Among their findings are a drop in real estate sales of 17 per cent since 2019 and nearly 40 per cent since 2018, with luxury condo sales of $1million or more down by 20.6 per cent last year.
He added: ‘With a number of these high-rise projects located or around the Las Vegas Strip corridor as well as downtown, the demand weakened as a result of the health crisis’, as reported by Las Vegas Review Journal.
Nevada officially re-opened its famous casinos, hotels and restaurants in June last year, following an unprecedented 78-day spring lockdown for its industry.
They can now welcome visitors, provided they run at 25% capacity and install other safety measures like mandatory masks, perspex screens and ‘washing stations’ at machines and black jack and poker tables, but guest numbers remain low.
Room rates – once hundreds of dollars a night during peak times such as big boxing nights and New Year’s Eve – plummeted to $49 a night or less in September last year, even at five-star resorts such as The Wynn.
In January the city revealed it had the lowest visitation amount since 1988 when around 17.2 million people visited the city; the year before The Mirage opened.
The Las Vegas Business Bureau estimated in September that 40 per cent of restaurants may permanently fail.
In 2019 casinos, hotels and shows in the city generated $60 billion in tourism revenue and the state’s 441 casinos paid around $52million a month in gaming taxes; vital for a state that has no income tax.
In September last year, tourist Ben Jacobs, 23, from Los Angeles, told DailyMail.com: ‘It’s like being in a zombie apocalypse movie. Vegas is somewhere you come for laughs and fun, but now it’s so quiet and everyone is wearing a mask. Even the strip clubs are closed.’
Casinos, hotels and shows which in 2019 generated $60 billion in tourist revenue are either almost empty or shuttered
Even Vegas’s ubiquitous strip joints are no more. Little Darlings tried to stay open, offering ‘coronavirus-free’ dancers and nude, hand-sanitized wrestling. It is now shuttered with a sign saying: ‘Sorry, we’re clothed’
The lack of revenue has caused a number of distressed retailers to close their doors or file for bankruptcy.
Last month, Las Vegas’ Prizm Outlet Mall lost 95% of its value when it sold at auction for $1.525 million, rather than its July appraisal for $28.2 million.
MGM Resorts cut 10,000 jobs in the city, along with other Las Vegas operators, like Treasure Island, Sahara, M Resort, and Boyd Gaming.
In November MGM Resorts stopped weekday hotel operations at the Mirage and Mandalay Bay.
But with the arrival of vaccines being rolled out across the US, The Martin’s five bedroom and eight bathroom penthouse is hoping to lure buyers back to the city.
Along with two master bedrooms, including a custom fish tank with a bed in the middle, it features a 2,000-square foot balcony and four terraces, as well as a gym featuring a steam room, sauna and plunge pool.
When COVID restrictions lift, the apartment comes equipped with a catering kitchen to throw parties, as well as a wine tasting room, a bar, game room and theater.
The luxury penthouse features a game room surrounded by panoramic views
The apartment has five bedrooms and eight bathrooms, including two master suites
The bedrooms have been tastefully outfitted in luxury fabrics and marble
The apartment has eight bathrooms, which were outfitted in marble and stone during the two-year renovation that cost $12-13million
The 360-degree views in the apartment will cost you $18million, the most expensive condo in the city, if sold at that price
The penthouse features a separate catering kitchen for when the pandemic is over and large parties and gatherings can be hosted again
Michael McGraw, a realtor with Elite Realty, said: ‘It’s the most incredible house I have ever been to in the world. It’s unbelievable. It’s the only entire top floor in Las Vegas right now. The Venetian plaster walls are incredible. All of the furniture was custom-made for every room. There are like 30 TVs up there and a drop-down screen and theater. It’s crazy.’
It was bought by an international unnamed buyer in 2016 for $4.25million as a ‘gray shell’ before spending between $12-13million on renovations for two-years.
McGraw said that despite the city’s drop in sales that he had already received some offers, mostly from people out of state.
He added: ‘The buyer will be someone who likes an amazing penthouse and likes to entertain and bring guests in. It’s for someone who wants everything’.
If it sells for the $18million asking price it would beat the current record-holder.
A 27,000 square foot ‘palace’ in Palms Place that was sold by the late Phil Maloof in 2019 for $12.5million, after being listed in 2014 for $38million.
The former New Mexico state representative and uncle of the Real Housewives of Beverly Hill star Adrienne Maloof, came from the wealthy Maloof family, a Lebanese-American hotel dynasty. He died of the coronavirus in April last year aged 93.
Sales in the valley’s 21 luxury condo towers slowed even before the arrival of the virus, according to research by Applied Analysis.
In 2018 there were 836 sales, dropping to 607 in 2019 and to 505 in 2020; a decrease of nearly 40% in two years.
Agents credit this trend to a rise in interest in single-family homes and properties with back yards, as well as high costs for amenities like swimming pools and concierge services.