Michael E. Berland, executive vice president and principal of Chartwell Group’s Accelerated Marketing Division, has informed that the 22-acre property once intended for the Dragon City Hotel and Casino project in Las Vegas, Nevada, will go on auction on May 16th during the ICSC International Council of Shopping Centers Convention. The site is located adjacent to Las Vegas’ Chinatown and only three blocks away from the Las Vegas Strip. The land was originally intended for the Dragon City Resort, an Asian-themed hotel and casinos conceived to attract Asian High Rollers and to bring in more tourists from L.A. and China. The site covers the area between Valley View Boulevard, Spring Mountain Road, Wynn Road and Desert Inn Road.“The site could be the largest single asset ever sold at an open outcry real estate auction in the history of the world. This is a highly strategic opportunity for buyers to acquire a fully entitled casino site in an unparalleled location.” said Michael E. Berland.
Chartwell Group is a member of TCN Worldwide, a group of independent real estate firms. The property is being sold by Spring Mountain Wynn Investments LLC subject to the approval of U.S. Bankruptcy Court. TCN, Chartwell Group and Berland will conduct the auction in collaboration with Greg Harelson of Auction One Las Vegas, a Nevada real estate broker and experienced auctioneer.
The opening bid for the property, which has recently been valued on $174 million, is set at $27.5 million. The land, which according to the Clark County Commission is intended for hotel, casino game and entertainment use, is fully entitled for gaming and counts with all the permits and approvals. The auction will take place on May 16th at the MGM Grand Hotel and Casino in Las Vegas, with the time to be announced.
Source: http://www.wedoitallvegas.com
