Dragon City Casino Site to be Auctioned in Las Vegas
LAS VEGAS, NV, March 24, 2009 - The 22-acre Dragon City Hotel and Resort casino site in Las Vegas, Nev., will go on the auction block May 16 during the ICSC (International Council of Shopping Centers) Convention.
'The site could be the largest single asset ever sold at an open outcry real estate auction in the history of the world,' said Michael E. Berland, executive vice president and principal of Chartwell Group's Accelerated Marketing Division. 'This is a highly strategic opportunity for buyers to acquire a fully entitled casino site in an unparalleled location.'
Chartwell Group is a member of TCN Worldwide, a consortium 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, Berland said. TCN, Chartwell Group and Berland will conduct the auction in cooperation with Greg Harelson of Auction One Las Vegas, a Nevada real estate broker and auctioneer.
The property has recently been appraised for $174 million, said Berland, who has been conducting real estate auctions for 25 years. The opening bid for the property is set at $27.5 million.
The land, which is slated for hotel/casino/entertainment use, took seven years to assemble and is fully entitled for gaming, he said. All zoning permits and approvals are in place for a 28-story, 2,200-room hotel with 500,000 square feet of gaming, restaurant, entertainment and conference/meeting space.
The Asian-themed resort takes its name from the site, which is located adjacent to Las Vegas' world-renowned Chinatown, three blocks off of the Las Vegas Strip. The project will be the first Asian-themed gaming site in the United States.
The site encompasses the entire area between Valley View Boulevard, Spring Mountain Road, Wynn Road and Desert Inn Road. It is currently is the location of businesses that generate a net operating income of more than $1.2 million annually, Berland said.
The auction will be held at the MGM Grand Hotel and Casino in Las Vegas on May 16, with the time to be determined. Bidders are required to bring a cashier's check for $1 million.
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