The leading attraction for most Las Vegas visitors is the famed Strip. This is were the most iconic casino resorts in Nevada are located. Bankruptcies in this neighborhood have been rare in recent years. Since the real estate crash more than a decade ago, this casino gambling mecca has been booming.
Most of the existing casinos have poured money into property improvements and added amenities. New construction can be found all over town as part of the rebirth of this major tourist attraction. Yet, bankruptcy still makes headlines from time to time.
Which Large Parcel On The Las Vegas Strip Is Heading To Bankruptcy Sale?
The latest bankruptcy court proceedings involve a 38-acre property on the Las Vegas Strip. The court has appointed Kavita Grupta as the lead attorney and Chapter 11 Trustee. This lawyer will be primarily tasked with overseeing the sale.
The 38.6 acres of land is privately owned. It occupies a choice location at the southern end of the strip across from Mandalay Bay. It is also close in proximity to McCarran International Airport.
The sale involves a bidding process. All bids must be placed by April 30. Qualified bidders will be invited to the actual auction on May 19 of this year. The parcel offers 750 feet of frontage on Las Vegas Boulevard. As an added feature, the land is walking distance from the new Las Vegas Raiders stadium.
This could be an opportunity of a lifetime for the successful buyer. The parcel is included in the Qualified Opportunity Zone. This zone has been approved for:
- Casino gaming
- Hotels and restaurants
- Entertainment venues
- Resort uses
A direct quote from the Chapter 11 Trustee read as follows: “The auction process is intended to bring about an efficient, transparent and final sale of this property. The 12 parcels can be purchased individually or in the aggregate with offers reviewed and considered in advance of the bid deadline.
Matthew Bordwin is the Principal at Keen-Summit Capital Partners LLC. He is acting as one of the real estate advisors for this offering. He added the following statement:
“There is nothing like this available for development on the Strip. The heart of the Strip between the Wynn property and Mandalay Bay is fully developed. This opportunity is the last true development opportunity in the heart of the Strip. With a trustee appointed and bid procedures approved by the Bankruptcy Court, there will be a sale transaction.”
Broker Michael Stuart at Colliers International is another exclusive real estate advisor for the property. His comments were:
“The southern part of the Strip is becoming a strong growth area due to the opening of the new Raiders Stadium later this year. There is limited opportunity for developers to take advantage of a site of this size. And capitalize on the more than 42 million annual visitors.” Back on April 30, 2018, the previous landowners first filed a Chapter 11 bankruptcy petition.