Wednesday, December 31, 2014

Small Casinos for Sale in Las Vegas!

When some of you search for a Las Vegas Casino, you have come upon my web site. What a lot of you don't know about casinos is that you as a principal must be qualified by the Nevada Gaming Control Board to even own a Nevada gaming property.

And, this concerns me when I see that my web site has been popping up on searches for 'Small Casinos For Sale in Las Vegas,' because, most of you potential gaming property owners will NOT qualify to even own a casino property here in Nevada.

Now, there are a variety of small restaurants, bars, taverns, sports bars in and around the Las Vegas Valley -- all with gaming -- that are for sale. However, there is only one actual small "casino" that I know of that is truly For Sale in Las Vegas.

As most of you are aware of, the true "casino" properties are on the "Strip" and in Downtown Las Vegas.  There are several "local" casinos in outlying neighborhoods, but these are owned and controlled by large local casino companies. And the small local casinos -- not on the "Strip" -- will still advertise themselves as a casino because they do have slot machines. And, they will call themselves casinos when in actuality, they are legally known as "taverns."  These only have "restricted gaming licenses."

However, I do know of a local "grandfathered casino" property that has an "unrestricted gaming license" where the owner will sell, but his sell price is $5 Million!  It is a +/-5,000 SF building, on a +/-1.35 acre lot.  It is just off a major freeway and located on a high traffic street. It is surrounded by national credit tenants, multiple roof tops and Class A type Office buildings.

So, there is everything about this property that needs to be disclosed.  Any further information requires a Non-Cir Agreement which is located under the Las Vegas Casino Information Button on the right side of this page.

And, the price is the price. According to the owner the price is: "Not Negotiable!"
And, whether you agree or not, you must disclose your financial capability to even receive the property's financials.  And, the owner says: His business' financials are what they are and he will NOT argue that the property is worth less than his Selling Price. OR, whether or not the appraisal MAY or MAY NOT justify the selling price.  The price is the price.

WHY? (you may ask.) It is because this location has the "Grandfathered Unrestricted Gaming License." Which means to the untrained eye, that you can have table games (blackjack, roulette, craps, poker) and the local government body is no longer giving "unrestricted gaming licenses" out any more; AND, any alteration to the existing property will require upgrading to the "new" codes. Thus, elimination of the "grandfathered licensing status forever.

So,...want more information? As i mentioned above, click on the Las Vegas Casino Information button, print out the Non Circumvent Agreement, sign and email it back to me. Then, I will send you the property information.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

Wednesday, December 10, 2014

"If you want to make Money in Las Vegas, Stay Out of the Casinos!"

And he is correct.

Years ago, when I first moved to Las Vegas, a met with a broker who owned a local real estate firm. It was NOT affiliated with any national chains or franchises.  It was strictly a local company.

As we talked and I was trying to make up my mind about where to hang my Nevada Real Estate broker's license, we were discussing the topic on visiting the casinos. During the discussion, he brought up the fact that too many real estate agents would cash their commission checks at the casinos and walk away from their adventurous gambling spree broke once again.

And, to emphasize his point, he wrote the word casino on a letter size pad.  He then circled it while asking the question: "How do you make money in Las Vegas?"  He paused for a second to let me absorb the effect.  I was stunned and confused.  I was brand new to Las Vegas and the city still had the allure of gambling riches in my mind.  (This is the mind set of the majority of Tourists who visit here.)

I remember starting to mumble something, but he cut me off with the answer: "If you want to make money of Las Vegas, you stay out of the casinos!"*  He then struck a line right through the circle as in the international Do Not Enter Sign!

Point taken.

This is when I first heard the fact that the casinos are NOT built on winner's money.  The only entity that wins is the casino owner(s).

I have remembered that ever since.  And, because I have that thought deeply in-bedded in my mind, I have learned to ignore the casino allure.

However, there is money to be made in Las Vegas.  It might be a real estate property where you are only earning a 6% Cap Rate, but you are more likely to make money on that, than gambling.

A former casino manager (for 30 years) I have become friends with, attested to the fact that only the casino wins at gambling -- every time.  He told me one time that poker -- as in the World Series of Poker No Limit Texas hold em tournament, is 95% luck.

He said that the most successful poker players are just able to win 51% of the time.  Sure, that one time is a million dollar jackpot.  But, most are behind on their bills most of the time -- he said.

So, are you still thinking of coming to Las Vegas to gamble?  As I have stated above, the best gamble in Las Vegas right now is Commercial Real Estate (CRE).

Sure, the Return on Investment might be marginal as in a low Cap Rate, but IF the tenant is a National Credit Tenant, your winnings will still be greater then at the casino.

*This applies only to those NOT qualified to BUY a casino.  IF you can BUY a casino, then, you would more likely to be dealt the winning hand.

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes

Tuesday, December 2, 2014

Happy Holidays! And a Profitable New Year to You!!!!

Happy Holidays! to ALL and let's all have a profitable New Year!

Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes