The site borders a flood channel to the south and interstate 15 to the east.
The land with Golden Palm was valued at $46.6 million in November. The property, which is in the gaming enterprise district, is now approved by Clark County for a 41-story hotel tower and 31,000 square feet casino with 560 rooms, 100,000 square feet of shops and restaurants.
Golden Farm’s parent company, Gold Rush Casino & Hotel, said rising construction costs and the joint venture’s failure to line up have prompted the sale of the property.
The Chicago-based real estate company, NRC Realty Advisors, is handling the sale, which was advertised worldwide via the Wall Street Journal and direct mail to high-income and commercial and real estate investors.
NCR Evan Gladstone, the executive director, said the company had received 95 inquiries about the property. Gladstone said the 150-room six-story hotel is a “teary property” and the land will have to be scraped clean and development will start from scratch. He said the company will hold a bidding seminar for the property on March 16 in Wynn Las Vegas.
Marvin Lipschultz, chairman and CEO of Gold Rush, said the property would not necessarily go to the top bid, but rather to the best bid for the property. He added that the property could be sold out or part of a joint venture with the current owner.
“If someone wants me to pay $30 million and absorb the rest, that might be what I was hoping for,” Lipschutz said.
He believes that only the boutique project will be applied to small parcels in the current market. He said his initial plans for a 20-story hotel casino called South Beach collapsed as building and construction costs rose.
“I want to get a four-star or five-star hotel,” Lipschultz said.
Lipschultz said he wasn’t willing to go into debt, so he started looking for a joint venture a few years ago. Lipschultz said many possible joint ventures, including Station Casino, have been moved away because the land could not be extended to nearby properties.온라인카지노
The hotel was built in 1980 and was operated by Travelodge and Howard Johnson. Lipschutes bought the franchise in 1999 for $6.5 million. Two years later, the underlying land was purchased for $3.7 million and the name was changed to Golden Palm.