Random Vegas
Because they used the shell of the Marina Hotel, the entire MGM Grand project was considered a remodel rather than new construction.  Therefore, property taxes were set at the value when the Marina was built. (@AStotland)
Twitpic of the week

While it may be hard to wrap your head around, motels used to dominate the Vegas strip and beyond.  They must have seen the writing on the wall when hotel towers became the future of hospitality but that didn’t stop properties like the La Concha from continuing to try and compete in the market. In 2001, the property was approved to build a 520 foot tall hotel tower, a 645 square foot condo tower and a shopping mall.  In 2004 the La Concha was closed and demolished to make room for the new project.  The iconic concrete shell lobby was carefully dismantled and donated to the Neon Museum who reassembled it and use it as the attractions lobby.  The signage, shown here by @Las_when, is on display in the neon boneyard to this day.  The project was ultimately canceled for reasons unknown and the property has been sold multiple times.  It is currently owned by the Siegel Group and trust me, you don’t want these people opening a hotel/casino.  Think Circus Circus, Imperial Palace and Excalibur at their worst but strip out the themes.
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