NORTH DAKOTA (KXNET) — What was a nightmare for many on the night of the Route 91 Harvest Festival in 2017, will see new light as it has now turned into an economic development property for the MHA Nation
That 15 acres of property owned by MGM Grand, along the Las Vegas strip, near the Luxor and Mandalay casino resorts, now belongs to the tribe.
“We approached them a little more than a year ago, about 14 months ago. And said, ‘we are interested, are you interested in selling?’ And that just began a process of consideration and then ultimately negotiation,” said MHA Nation’s Chairman, Mark Fox.
A negotiation that led to a $90 million decision.
In 2020, MHA Nation purchased a different property consisting of eight acres one block away from the Vegas strip for $12 million. Now, it’s valued at $30 million.
Chairman Fox says the goal in purchasing the new property is to obtain the same return on investment (ROI), or maybe even greater.
He said, “It’s at least 30 million now. In fact, the numbers are going up as each day we sit because of its value. Right off the bat, two years in a row, American Ninja Champions held their championships there right on the 8.7 acres, on our site. And paid us handsomely for being there for 10 days a year.”
This new asset is one of the largest withdrawals the tribe has made from its investment fund.
Chairman Fox says the ROI from this property will go towards funding important tribal projects and improving the quality of life for tribal members.
“When you get really good ROI, which we’ve done in many areas and we’ve been successful the last eight years, that ROI equates to program development, healthcare for our people, education for our children, fighting against drugs and building treatment centers. All these things are a result of the business decisions that we make stemming primarily from our energy program. So, this is one more step in that direction, and I’m positive it’s going to be good,” explained Fox.
He says they are not sure what will come of the property yet.
They could hold on to it and wait for the market value to go up, or they could create a development.
Either way Chairman Fox says he’s optimistic this investment was the right move.
“We’re very diligent in how we move forward, we do our homework, we find return areas, and we maximize that, bring more revenue in, and that equates the benefit. So, all one has to do is open their eyes, and see all the things that we’ve built,” said Fox.
And he hopes to continue creating economic developments for not only tribal members but for all North Dakotans.
MGM and MHA Nation also agreed that two acres would be set aside for a memorial site for the victims of the Las Vegas shooting.