AI-Powered $45M Land Sale for Shuttered Eastside Cannery in Las Vegas#

On April 2025, Boyd Gaming purchased the land beneath its shuttered Eastside Cannery hotel-casino in Las Vegas for $45 million, with the transaction aided by an innovative AI tool called “Marcus,” developed by Agrippa. The deal, announced by Agrippa’s CEO Blake Owens to 8 News Now, highlights the growing role of artificial intelligence in commercial real estate.

Deal Details#

Property: The 29.5-acre site under Eastside Cannery, located at 5255 Boulder Highway, was sold by Bill Wortman, co-founder of the property’s former operator, Cannery Casino Resorts.
Buyer: Boyd Gaming, which acquired Eastside Cannery in 2016 for $230 million but had been leasing the land, terminated its ground lease with the purchase.
Price: $45 million, closing a deal that ended millions in annual rent payments for Boyd.
AI Involvement: Agrippa’s “Marcus” AI tool assisted in negotiating and managing bids, acting as a “quarterback” for the transaction team.

The Role of Marcus AI#

Blake Owens described “Marcus,” still in development, as a tool designed to apply game-theoretic concepts to complex real estate negotiations. The Eastside Cannery sale served as a case study to refine its capabilities:

Functionality: Marcus helped Agrippa’s team evaluate and respond to bids, streamlining the negotiation process.
Future Potential: Owens envisions Marcus becoming publicly available, transforming how real estate deals are conducted.
Industry Trend: Despite hesitations about AI, Owens emphasized its rapid adoption, warning that resistance could leave firms behind.

Eastside Cannery Status#

Eastside Cannery, closed since Nevada’s COVID-19 shutdowns in March 2020, remains shuttered with no reopening plans. Boyd Gaming cited insufficient demand, excess capacity at its nearby Sam’s Town, and hiring challenges (over 400 open positions in Las Vegas) as reasons for the continued closure. The company has invested over $500,000 monthly to maintain the property, which has been used for community purposes like Three Square Food Bank distributions and police/firefighter training.

Property Features: The 16-story hotel-casino includes 307 rooms, a 64,000-square-foot casino, multiple restaurants, and 20,000 square feet of meeting space.
Market Context: Opened in 2008 for $250 million, Eastside Cannery caters to locals but struggles to compete with nearby Sam’s Town amid post-pandemic demand shifts.

Implications#

AI in Real Estate: The use of Marcus underscores AI’s potential to enhance efficiency and decision-making in high-stakes property deals, setting a precedent for future transactions.
Casino Industry: Boyd’s purchase secures ownership but reflects cautious optimism about the Boulder Strip’s recovery, with no immediate plans to reopen Eastside Cannery.
Community Impact: The property’s closure highlights challenges for locals-focused casinos, while its maintenance and community use demonstrate ongoing commitment.

Conclusion#

The $45 million land sale for Eastside Cannery, facilitated by Agrippa’s Marcus AI tool, marks a significant step in integrating AI into commercial real estate. While Boyd Gaming’s acquisition eliminates costly lease payments, the future of the shuttered casino remains uncertain. As AI tools like Marcus evolve, they could reshape real estate negotiations, offering efficiency but raising questions about adoption and impact. Investors and industry watchers should monitor both AI advancements and Las Vegas’ locals casino market for future developments.