Thomas "Tom" McManus-led firm closes final sale in nearly 30-acre assemblage, alongside a separate nearby transaction for a proposed NBA arena

LAS VEGAS, Oct. 8, 2026 /PRNewswire-PRWeb/ -- Lily Funds, LLC, a private investment company and family office founded by Thomas "Tom" McManus, today announced the completion of sales across its nearly 30-acre South Las Vegas Boulevard land assemblage. The final parcel closed in July 2026 for a planned Top Gun-themed entertainment destination.

Located near the iconic "Welcome to Fabulous Las Vegas" sign and across from Mandalay Bay, the assemblage positioned Lily Funds 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 marked two milestones: the sale of a separate nearby parcel intended for a proposed NBA arena and the disposition, approximately one week later, of the assemblage's final parcel.

"We recognized the potential of the South Strip and assembled a meaningful land position in one of the world's most recognizable destinations," said McManus, Founder and CEO of Lily Funds. "These closings demonstrate our ability to identify opportunity, execute a focused investment strategy and connect valuable properties with buyers pursuing ambitious projects."

A series of South Strip transactions

The firm's South Strip investment strategy included:

• Dream Hotel site — 2020: Sale of 5.25 acres at 5051 Las Vegas Boulevard to developers Shopoff Realty Investments and Contour Real Estate.
• Clark County Department of Aviation — 2021: Sale of approximately 17 acres for $60 million, approved by the Clark County Commission.
• The Boring Company: A land transaction supporting transportation infrastructure in the resort corridor.
• Proposed NBA arena site — early July 2026: Sale through a Lily Funds-affiliated company of a separate nearby parcel across from Mandalay Bay.
• Planned Top Gun-themed entertainment destination — mid-July 2026: Sale of the final parcel in the nearly 30-acre assemblage.

The transactions reflect the range of uses attracting investment to the South Strip, from hospitality and entertainment to transportation infrastructure and potential professional sports development. Proposed projects remain subject to their respective development and approval processes.

A track record spanning Nevada real estate

McManus's experience in Nevada extends beyond the Las Vegas resort corridor to master-planned residential development, agricultural land and water rights.

His development background includes Tuscany in Henderson, a roughly 550-acre master-planned community planned for approximately 3,000 homes, with a golf course now known as Chimera Golf Club.

In Northern Nevada, McManus led the acquisition of approximately 5,000 acres of agricultural land near Gerlach and the perfection of 18,300 acre-feet of water rights.

"Across these investments, the common thread has been recognizing value in land and scarce resources," McManus said. "Our approach is to identify opportunity early, do the work required to unlock it and remain disciplined throughout the investment."

About Lily Funds

Founded in 2013 and based in Fort Lauderdale, Florida, Lily Funds, LLC is a private investment company and family office founded by Thomas "Tom" McManus. The firm invests in real estate, public equities and private placements across the United States and the Caribbean, independently and alongside select partners.

Its public-market strategy emphasizes growth at a reasonable price, with a focus on companies participating in advances in space, defense, artificial intelligence, robotics and other emerging technologies. Real estate investments are held through affiliated entities.

For more information, visit www.lilyfunds.com.

Media Contact

Jonathan Culbertson, Lily Funds, LLC, 1 9546217577, info@lilyfunds.com, www.lilyfunds.com

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SOURCE Lily Funds, LLC