Located at 2755 Las Vegas Boulevard South, construction on the 27-acre resort hotel property stalled in 2009 after its developers filed for bankruptcy amidst the global financial crisis.
The $2.9bn hotel-casino and condominium project was planned to be a 68-storey, 3,889-room resort.
In 2010, property owner Carl Icahn and his firm, Icahn NV Gaming Acquisition, received approval to purchase the property site.
Witkoff chairman and chief executive officer Steve Witkoff said: “2755 Las Vegas Boulevard South is one of the best physical assets in the country, which is one of the reasons we were attracted to it.
“Furthermore, the resort is ideally located on the Las Vegas Strip, directly across from the Las Vegas Convention Center, which is in the midst of a $1.4bn expansion and renovation.
“At the basis, we acquired a well-designed, structurally sound integrated resort at a significant discount to both replacement cost and the implied public market valuations of comparable Las Vegas Strip resorts.
“We look forward to applying our industry-leading value-enhancing platform to this property to unlock its true growth potential.”
The acquisition was completed after Witkoff spent four months conducting its due diligence on the resort and market.