Key Takeaways
- • Lily Funds, LLC, the family office founded by Thomas "Tom" McManus, announced the completion of all sales across its nearly 30-acre South Las Vegas Boulevard land assemblage, with the final parcel closing in July 2026.
- • The final parcel was sold for a planned Top Gun-themed entertainment destination, and a separate nearby parcel was sold in July 2026 for a proposed NBA arena.
- • The assemblage sits near the "Welcome to Fabulous Las Vegas" sign and across from Mandalay Bay, positioning the firm at the southern gateway to the Strip.
- • Prior transactions included a 2020 sale of 5.25 acres at 5051 Las Vegas Boulevard (Dream Hotel site) and a 2021 sale of roughly 17 acres to the Clark County Department of Aviation for $60 million.
- • The firm also completed a land transaction supporting transportation infrastructure in the resort corridor, tied to The Boring Company.
Summary
Lily Funds, LLC, a private investment company and family office founded by Thomas "Tom" McManus, announced on October 8, 2026, via PRNewswire-PRWeb that it has completed sales across its nearly 30-acre land assemblage on South Las Vegas Boulevard. The final parcel closed in July 2026 for a planned Top Gun-themed entertainment destination. The announcement was issued by the company and has not been independently verified in the sources reviewed.
The assemblage is located near the iconic "Welcome to Fabulous Las Vegas" sign and across from Mandalay Bay, giving Lily Funds a position at the southern gateway to the Strip. Through a series of transactions, the firm and its affiliated companies placed land with buyers pursuing hospitality, entertainment and transportation projects. July 2026 marked two milestones: the sale of a separate nearby parcel intended for a proposed NBA arena, and, roughly one week later, the disposition of the assemblage's final parcel.
McManus, Founder and CEO of Lily Funds, said the firm "recognized the potential of the South Strip and assembled a meaningful land position in one of the world's most recognizable destinations." He added that the closings "demonstrate our ability to identify opportunity, execute a focused investment strategy and connect valuable properties with buyers pursuing ambitious projects."
The firm's South Strip strategy included several earlier transactions. In 2020, it sold 5.25 acres at 5051 Las Vegas Boulevard, the Dream Hotel site, to developers Shopoff Realty Investments and Contour Real Estate. In 2021, it sold approximately 17 acres to the Clark County Department of Aviation for $60 million, a transaction approved by the Clark County Commission. The company also completed a land transaction supporting transportation infrastructure in the resort corridor, associated with The Boring Company. The release does not disclose the aggregate proceeds from the assemblage or the sale prices of the final parcels.
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The assemblage is located near the iconic "Welcome to Fabulous Las Vegas" sign and across from Mandalay Bay, giving Lily Funds a position at the southern gateway to the Strip. Through a series of transactions, the firm and its affiliated companies placed land with buyers pursuing hospitality, entertainment and transportation projects. July 2026 marked two milestones: the sale of a separate nearby parcel intended for a proposed NBA arena, and, roughly one week later, the disposition of the assemblage's final parcel.
McManus, Founder and CEO of Lily Funds, said the firm "recognized the potential of the South Strip and assembled a meaningful land position in one of the world's most recognizable destinations." He added that the closings "demonstrate our ability to identify opportunity, execute a focused investment strategy and connect valuable properties with buyers pursuing ambitious projects."
The firm's South Strip strategy included several earlier transactions. In 2020, it sold 5.25 acres at 5051 Las Vegas Boulevard, the Dream Hotel site, to developers Shopoff Realty Investments and Contour Real Estate. In 2021, it sold approximately 17 acres to the Clark County Department of Aviation for $60 million, a transaction approved by the Clark County Commission. The company also completed a land transaction supporting transportation infrastructure in the resort corridor, associated with The Boring Company. The release does not disclose the aggregate proceeds from the assemblage or the sale prices of the final parcels.
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