The new casino is across Boulder Highway from the Boulder Crossroads Shopping Center, anchored by a new Wal-Mart Supercenter. The new center brings more than 260,000 sf of retail space to the area, including a Chili's restaurant, a RadioShack, T-Mobile and GameStop.

Other infill ventures along Boulder Highway have opened or changed hands in the past year, with more in the pipeline. They include Sam's Town Hotel and Gaming Hall's $20 million Sports Book expansion, Century Theatres' new 18-screen theater complex and two new Fresh & Easy Neighborhood Markets.

The developments are generating investment sales as well. Boulder MarketPlace, at Boulder Highway and Russell, was completed in late 2007 and recently sold for $27.8 million. AIM sold the 670-unit Canyon Pointe apartments on Harmon adjacent to the Eastside Cannery for $44 million.

Eastside Cannery expects its new casino to attract locals as well as visitors to Las Vegas, according to William Wortman, co-owner and a principal of Cannery Casino Resorts. A population of more than 160,000 already lives within a three-mile radius of the Eastside Cannery, and more homes are coming. D.R. Horton is completing the last phase of its Nevada Ranch subdivision within half a mile of the casino, and the second phase of the 21-acre Duck Creek apartments is under construction on Boulder Highway east of Russell.

According to CB Richard Ellis, the vacancy rate for retail space in the east submarket is 2.47%, compared to the citywide retail vacancy rate of 5.82%. Despite market qualms, the average retail lease rate is $2.45 per sf per month, compared to $2.21 citywide.

Instant Insights /

$250M Eastside Cannery Casino Debuts

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