Not going to happen!
And, YES! Because I live and work in Las Vegas. I do know of several "gaming properties" that are for sale -- but the owners will NOT state (or allow me to state) that publicly.
Yes. There is a large parcel for sale that is listed -- but you don't want to buy that parcel because you will only receive slightly less than half of the total acreage fee simple. The owner of the 'other (slightly larger) half is never going to sell.
How do I know this? Simple: I know the owners.
Anyway, when I give you a price of a property; and I tell you that's the sale price, you can -- but it's not going to happen -- try to reduce that price it by saying the financials don't support that price.
In most Las Vegas gaming zoned property cases, the financials will never, ever support the selling price.
So, please take my word for it. The price I give you is the selling price.
The reason I stress this is you have to remember that the current owners of these gaming properties know the value of their land. If the property is worth more as a tear-down, they already know that.
If the property is worth more via the financial statement, they know that, too!
So, if you are in the market for a gaming property in Las Vegas, be ready to acquire it at the stated market price!
The time for acquiring a gaming property as in a buy and flip, is gone.
In the reality of today's Las Vegas, the price of the property is the price!
And, unless you are going to buy and tear down, I suggest you stay on the sidelines.
An example of the last major company to come to Las Vegas, buy a gaming property at a rock bottom price, and trying to just paint and carpet to turn it around is failing miserably.
Of course, at that time they were saying just how proud they were to have been able to acquire the properties for below market value. But, when they didn't do anything more than paint & carpet, the sophisticated casino patron moved on to another resort property.
The casino properties they acquired were at or very near foreclosure; They paid pennies on the dollar and tried to run them 'As Is' just as cheaply.
The end result speaks volumes about this approach.
And, all the while, they continued to lose market share because of their cheaper than cheap corporate attitude.
How do I know, you ask? I live and work in Las Vegas, NV!
So, do you want honesty and a true to life assessment of the potential properties in question? If you do, then click the Las Vegas Casino Information Button in the right column, print, fill out with your company's signatory signing it, and email it back to me.
I need this form back BEFORE I release any information about any property to you that I know might be for sale.
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!