Sun. Offering Memorandum. Residential or Commercial ±5.0 Acres Blue Diamond Road & Durango Drive Las Vegas, Nevada SUBJECT PROPERTY.

Transcription

1 Sun Commercial Real Estate, Inc. Residential or Commercial ±5.0 Acres Blue Diamond Road & Durango Drive Las Vegas, Nevada SUBJECT PROPERTY Durango Dr Buffalo Dr BLM Land BLM Land Blue Diamond Rd BLM Land Offering Memorandum

2 Contacts Jennifer Lehr Senior Associate Cathy Jones, CPA, SIOR, CCIM CEO Roy Fritz Senior Vice President Jessica Cegavske Vice President Sun Commercial Real Estate, Inc. 6 Brent Thurman Way, Suite, Las Vegas, Nevada Ph Fax

3 Confidentiality & Disclosure SUN COMMERCIAL REAL ESTATE, INC. (the Broker ) has been retained on an exclusive basis to market the property described herein (the Property ). Broker has been authorized by the Seller of the Property (the Seller ) to prepare and distribute the enclosed information (the Material ) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro-forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro-forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. Property walk-throughs are to be conducted by appointment only. Contact Broker for additional information. Cathy Jones, CPA, SIOR, CCIM CEO cathyj@suncommercialre.com

4 Table of Contents SUBJECT Blue Diamond Rd S Durango Dr Investment Overview Section Property Overview Location Overview Section Surrounding Aerial Map Mountain s Edge Master-Planned Community Mountain s Edge Map Blue Diamond Development Aerial Map Las Vegas Valley Location Map Assessor Parcel Map Market Overview Section Las Vegas Vacant Land - SW Submarket Review Area Demographics Las Vegas Market Overview - Newest Las Vegas Developments - Recently Completed Major Developments - Planned Developments

5 Property Overview THE OFFERING The Investment Services Group at Sun Commercial Real Estate has been exclusively retained to offer qualified investors the opportunity to acquire two.5-acre parcels located just north of the master planned community of Mountain s Edge. The property offers Blue Diamond frontage and access. SUMMARY Asking Price: $,00,000 Assessor Parcel #s: & Total Land: ±5.0 Acres Net, to be confirmed Frontage: ±688 along Blue Diamond Road Price Per Acre: $,000 Zoning: (H-) General Highway Frontage; most likely to be rezoned (R-S), see below Property Location: The property is located on Blue Diamond Road between Durango Drive and Fort Apache Road in the city of Las Vegas, county of Clark, state of Nevada. The property is located in the southwest submarket, just north of Mountain s Edge master planned community, providing quick and easy access to I-5 & the 5-beltway. New homes are currently being constructed by several local and national home builders. These home builders include DR Horton, Pardee Homes & American West Homes Property Description: Property Zoning: The property is relatively flat raw land with no on sites or off sites. The property is currently zoned (H-) General Highway Frontage. This zoning code is no longer in use by Clark County therefore, the property will need to be rezoned. Per the Clark County Zoning Department the most likely zoning for the property will default to be Residential Suburban (R-S) which allows for up to 8 units per acre. The Owner may also apply for higher density zoning.

6 Property Overview Property On-Sites: Property Off-Sites: Easement: *NV Energy: *Clark County Reclamation: *Las Vegas Valley Water District: *Southwest Gas: Traffic Counts: Raw Land Raw Land The property has an easement from Blue Diamond Road for a driveway for direct access from Blue Diamond Road. The nearest utility service point is roughly 000ft to the west on El Capitan. NV Energy also has a pole line across the street on Blue Diamond. There is an 8-inch sewer line located in Brindisi Park Avenue. There is a 6-inch water line located in Durango Drive. There is 6 inch gas line located Oleta Avenue. On Blue Diamond Rd., W. of Durango Dr. - ±7,000 CPD On Durango Dr., N. of Blue Diamond Rd. - ±,000 CPD * This is not a guaranteed service point for this parcel and additional service information would be needed to make the final determination.

7 Surrounding Aerial Map SUBJECT PROPERTY Durango Dr Buffalo Dr BLM Land BLM Land Existing easements provide parcel access directly off Blue Diamond Road BLM Land Blue Diamond Rd 8,800 SF Retail Space

8 Mountain s Edge Master-Planned Community Mountain s Edge, the # Selling master planned community in the U.S. for four straight years, has consistently ranked in the nation s top 0. The community was created and continues to be developed by Focus Property Group, a Las Vegas company with decades of Las Vegas real estate experience and extensive Southern Nevada roots. The community features hundreds of acres devoted to open spaces, parks, and trails. Mountain s Edge was developed as the region s first droughttolerant community, meaning the unique desert landscaping throughout the community saves over 00 million gallons of water annually, while remaining aesthetically pleasing. In addition to being some of the most desirable and modern homes in Las Vegas, the community has an extensive network of existing and planned schools, offices, restaurants, and shops, ranging from convenience and grocery stores to malls and outlets. Beyond the neighborhoods, Mountain s Edge is just a short drive away from the incredible food, shopping and entertainment that the Las Vegas strip has to offer.

9 Mountain s Edge Map SUBJECT PROPERTY

10 Blue Diamond Development Aerial Map Blue Diamond Business Center Rainbow Blvd Buffalo Dr Durango Dr SUBJECT nd iamo Blue D Rd

11 Las Vegas Valley Location Map

12 Assessor Parcel Map No liability is assumed for the accuracy of the data deliniated herein No liability is assumed for the accuracy of the data deliniated herein. 65 Information on roads and other non-assessed parcels may be obtained PARCEL BOUNDARY CONDOMINIUM UNIT ROAD PARCEL NUMBER Information on roads and other non-assessed parcels may be obtained PARCEL BOUNDARY CONDOMINIUM UNIT SUB BOUNDARY 00 ROAD PARCEL NUMBER from the Road Document Listing in the Assessor's Office. SUB BOUNDARY AIR SPACE PCL 00 PARCEL NUMER 5 5 from the Road Document Listing in the Assessor's Office. PM/LD BOUNDARY AIR SPACE PCL 00 PARCEL NUMER PM/LD BOUNDARY RIGHT OF WAY PCL.00 ACREAGE ROAD EASEMENT RIGHT OF WAY PCL.00 ACREAGE This map is compiled from official records, including surveys and deeds, ROAD EASEMENT MATCH / LEADER LINE PARCEL SUB/SEQ NUMBER75 SUB-SURFACE PCL This map is compiled from official records, including surveys and deeds, but only contains the information required for assessment. See the MATCH / LEADER LINE SUB-SURFACE PCL 0 PARCEL SUB/SEQ NUMBER but only contains the information required for assessment. See the HISTORIC LOT LINE PB 4- PLAT RECORDING NUMBER recorded more detailed legal information. HISTORIC LOT LINE PB 4- PLAT RECORDING NUMBER HISTORIC SUB BOUNDARY BLOCK NUMBER recorded documents 9 H for more detailed legal information HISTORIC SUB BOUNDARY BLOCK 64 A SALVESTRIN POINT AVE A III - PHASE 5 NUMBER USE THIS SCALE(FEET) WHEN MAP REDUCED FROM X7 ORIGINAL HISTORIC PM/LD BOUNDARY PB A 5 LOT NUMBERSALVESTRIN POINT AVE A WINERIDGE III - PHASE USE THIS SCALE(FEET) WHEN MAP REDUCED FROM X7 ORIGINAL HISTORIC PM/LD BOUNDARY PB 0-64 SECTION LINE 5 LOT NUMBER Scale: " = 00' 9/5/ SECTION LINE GL5 GOV. LOT NUMBER Rev: 5 Scale: " = 00' 9/5/ GL5 GOV. LOT NUMBER Rev: F E C C 6 C D PB WINERIDGE VILLAGE PHASE B B C C D D B 008 B > E A A PM -95 G I PM -95 F E I B E B WESTCHESTER HILLS -- UNIT I BLUE & I MARMO AVE PB -5 6 BLUE DIAMOND & DURANGO F F E E D D PB 7-06 PB 7-06 C 04C POSITANO POSITANO PEAK PEAK CT 86 CT J 05J POSITANO 764 POSITANO II II PT D G J G CONTRADA CT 06 CONTRADA CT H H 009 K 00 K H 04 7 H I PB I PB WHATLEY ST 48 WHATLEY ST NOTES This map is for assessment use only and does NOT represent a survey. This map is for assessment use only and does NOT represent a survey. EL CAPITAN WAY EL CAPITAN WAY JULIANO RD JULIANO RD 0 0 MAP LEGEND MAP LEGEND GIARDINO VILLA ST GIARDINO VILLA ST ASSESSOR'S ASSESSOR'S PARCELS PARCELS - CLARK - CLARK CO., CO., NV. NV. Michele Michele W. W. Shafe Shafe - Assessor - Assessor AGATE AVE AGATE AVE BRINDISI PARK AVE BRINDISI PARK AVE BLUE DIAMOND RD BLUE DIAMOND RD BOOK 4 TS TS R60E R60E 0 0 S S NE 4NE BOOK LE AGAVI CT DOMINA ROYAL ST DOMINA ROYAL ST 4 LE AGAVI CT DOMINA ROYAL ST DOMINA ROYAL ST SEC SEC SCARLETT RIDGE UNIT TARA HILL AVE MAP SCARLETT RIDGE UNIT TARA HILL AVE MAP RHETT BUTLER CT RHETT BUTLER CT R=5 R= DURANGO DR R=5 > R= DURANGO DR > DURANGO R=0 5.5 R=0 R= PT R=0 0 PT 5.5 R=0 R= F 8 F 8 I PT PT I I I A A ARLINGTON RANCH 00 PB 4-64 A 60.5 PB 4-64 A TWILIGHT AUSTIN RIDGE AVE 96. NORTH TWILIGHT AT ARLINGTON AUSTIN RIDGE RANCH 09 AVE B NORTH AT ARLINGTON RANCH B PT PB PT PB C C X X 0 46 X V X 46 V > > DEEP RIDGE CT DEEP RIDGE CT DUNCAN BARREL AVE DUNCAN DALLAS RIDGE AVE D RIDGE ST 7 DALLAS RIDGE AVE OOD RIDGE ST LAKEFRONT COLOR ST X X LAKEFRONT COLOR ST ARLINGTON RANCH PINENEEDLE RIDGE ST PINENEEDLE RIDGE ST BARREL AVE L FIRST 5 LIGHT AT ARLINGTON RANCH TAX DIST 8 L 67 FIRST LIGHT AT ARLINGTON RANCH LEAPING DEER PL LEAPING DEE CHURCH BONNET ST CHURCH BONNET ST ROPING RODEO AVE ROPING RODEO AVE RUBY ARROW CT RUBY ARROW CT INDIAN CORN CT 0.7 INDIAN CORN CT R=54 50 R=54 50 > R= > R= TAX DIST 65 "B" "B"

13 Area Demographics ( Mile Radius) Summary Census Population 5, 0,074,987 Households 5,509 6,900 7,88 Families,6 4,57 5,89 Average Household Size Owner Occupied Housing Units 4,0 4,808 5,566 Renter Occupied Housing Units,496,09,7 Median Age Trends: 07-0 Annual Rate Area State National Population.75%.5% 0.8% Households.58%.% 0.79% Families.57%.6% 0.7% Owner HHs.97%.9% 0.7% Median Household Income.47%.%.% 07 0 Households by Income Number Percent Number Percent <$5, % % $5,000 - $4, % 9 4.% $5,000 - $4, % % $5,000 - $49, % 956.% $50,000 - $74,999,78 0.0%, 6.7% $75,000 - $99,999,50 8.%, 8.5% $00,000 - $49,999,0 7.7%, % $50,000 - $99, % 56 7.% $00, % % Median Household Income $67,75 $76,04 Average Household Income $8,086 $9,4 Per Capita Income $8,7 $,04 Census Population by Age Number Percent Number Percent Number Percent 0-4,44 9.4%, %, % 5-9,7 7.%,70 8.5%, % %,4 7.0%,94 8.% % %,74 6.0% % % 98 4.% 5-4 4,0 6.8%, %,64 5.8% 5-44,65 7.% 4,8.8% 5,4.5% - 54,67 0.9%,47.7%,78.% 55-64,08 7.%,656 8.%,57 6.8% % 9 4.6%,0 4.4% % 8.4% 4.5% % 59 0.% 59 0.% Census Race and Ethnicity Number Percent Number Percent Number Percent White Alone 8,64 56.% 0,0 50.8% 0, % Black Alone,09 7.%,67 8.%, % American Indian Alone % % % Asian Alone,8.7% 4, % 6,98 7.4% Pacific Islander Alone % 9.0% 5.0% Some Other Race Alone,09 6.7%,50 7.5%,909 8.% Two or More Races,0 6.7%, %,85 8.0% Trends 07-0 Annual Rate (in percent) Population Households Families Owner HHs Median HH Income Population by Age Percent Household Income $50K - $74K 0.0% $75K - $99K 8.% $5K - $49K 4.0% $5K - $4K 8.8% $00K - $49K 7.7% $5K - $4K 4.4% <$5K 7.% $00K+.9% $50K - $99K 5.7% Area State USA Population by Race White Black Am. Ind. Asian Pacific Other Two+ Percent 07 Percent Hispanic Origin: 8.7% Hispanic Origin (Any Race), %, % 4,6 0.% Source: U.S. Census Bureau, Census 00 Summary File. Esri forecasts for 07 and 0. July 07, Esri Page of 6

14 Area Demographics ( Mile Radius) Summary Census Population 6,467 88,76 0,80 Households,77,485 6,64 Families 4,89 0,689 4,049 Average Household Size Owner Occupied Housing Units 5,67 0,96 4,5 Renter Occupied Housing Units 7,055 0,549,0 Median Age Trends: 07-0 Annual Rate Area State National Population.7%.5% 0.8% Households.08%.% 0.79% Families.06%.6% 0.7% Owner HHs.%.9% 0.7% Median Household Income.06%.%.% 07 0 Households by Income Number Percent Number Percent <$5,000,5 7.8%,94 8.0% $5,000 - $4,999, 4.5%,56 4.% $5,000 - $4,999,86 7.6%, % $5,000 - $49,999 4,48 4.% 4,48.% $50,000 - $74,999 5,7 8.% 5,59 5.% $75,000 - $99,999 5, % 6,56 7.9% $00,000 - $49,999 6,06 9.% 7,89.5% $50,000 - $99,999,9 6.%,7 7.4% $00,000+,69 5.%,4 6.6% Median Household Income $7,009 $78,67 Average Household Income $85,569 $97,7 Per Capita Income $0,50 $4,6 Census Population by Age Number Percent Number Percent Number Percent 0-4 5,7 8.7% 7,6 8.% 8,5 8.% 5-9 4,7 6.9% 7,77 8.% 8,67 8.% 0-4,67 6.0% 6, 6.9% 8, 7.9% 5-9,07 4.9% 4,66 4.9% 5, % 0-4,94 6.4% 4,5 4.9% 4,70 4.5% 5-4 4,9 4.% 6, % 7,807 7.% ,75 7.5% 8, %,5.7% ,08.6% 0,65.%,474.0% , 8.4% 7, % 7, % 65-74,00.7% 4,558 5.% 5,08 4.9% %,4.6%,77.7% % 5 0.4% 8 0.4% Census Race and Ethnicity Number Percent Number Percent Number Percent White Alone 4,8 55.7% 44,75 50.% 47,57.8% Black Alone 4,7 6.9% 6, % 8, 8.0% American Indian Alone 8 0.5% % 5 0.5% Asian Alone 4,670.9%,64 6.7% 0, % Pacific Islander Alone % % 9 0.9% Some Other Race Alone,76 6.% 6, 7.0% 8, % Two or More Races,78 6.% 6,75 7.% 7,90 7.6% Trends 07-0 Annual Rate (in percent) Population Households Families Owner HHs Median HH Income Population by Age Percent Household Income $50K - $74K 8.% $75K - $99K 7.4% $5K - $49K 4.% $5K - $4K 7.6% $5K - $4K 4.5% $00K - $49K 9.% <$5K 7.8% $00K+ 5.% $50K - $99K 6.% Area State USA Population by Race White Black Am. Ind. Asian Pacific Other Two+ Percent 07 Percent Hispanic Origin: 8.% Hispanic Origin (Any Race) 9,99 6.% 6,8 8.% 0, % Source: U.S. Census Bureau, Census 00 Summary File. Esri forecasts for 07 and 0. July 07, Esri Page 4 of 6

15 Area Demographics (5 Mile Radius) Summary Census Population, 74,88 0,5 Households 47,89 6,880 70,90 Families,6,88 46,78 Average Household Size Owner Occupied Housing Units 0,56 7,9 4,855 Renter Occupied Housing Units 7,57,967 7,046 Median Age Trends: 07-0 Annual Rate Area State National Population.94%.5% 0.8% Households.76%.% 0.79% Families.7%.6% 0.7% Owner HHs.95%.9% 0.7% Median Household Income.4%.%.% 07 0 Households by Income Number Percent Number Percent <$5,000 4,09 6.6% 4,86 6.8% $5,000 - $4,999,6 5.4%,668 5.% $5,000 - $4,999 5,47 8.8% 5, % $5,000 - $49,999 8,705 4.% 8,754.% $50,000 - $74,999,97 9.%, % $75,000 - $99,999 0,566 7.%,57 7.7% $00,000 - $49,999,08 7.8% 4,95 0.% $50,000 - $99,999,757 6.% 5,6 7.4% $00,000+, % 4,48 6.% Median Household Income $67,84 $76,494 Average Household Income $8,7 $95,0 Per Capita Income $9,650 $,78 Census Population by Age Number Percent Number Percent Number Percent 0-4 0,70 8.%,9 7.7% 5,99 7.9% 5-9 9,7 7.0%,08 7.6% 5,79 7.8% 0-4 8,4 6.4%,7 6.7% 4, % 5-9 7,0 5.5% 9,67 5.%,55 5.7% 0-4 8,80 6.7% 9, % 0, 5.% 5-4 9,869.7%,59 9.0% 6,880 8.% 5-44,90 7.4%,69 9.% 4,070 0.% ,70.0%,6.4% 4,8.0% 55-64,4 8.5% 5, % 5, % ,6.9% 9,57 5.5% 0,59 5.% 75-84,74.%,086.8%,9.9% % % % Census Race and Ethnicity Number Percent Number Percent Number Percent White Alone 7, % 87, % 9,55.6% Black Alone 0, % 5,56 8.8% 8,704 9.% American Indian Alone % %,06 0.5% Asian Alone 9,798.7% 44,4 5.4% 56,90 7.9% Pacific Islander Alone,4 0.9%,57 0.9%, % Some Other Race Alone 8,5 6.5%, % 6,9 8.% Two or More Races 8, 6.%,86 7.% 5, 7.6% Trends 07-0 Annual Rate (in percent) Population Households Families Owner HHs Median HH Income Population by Age Percent 07 Household Income $50K - $74K 9.% $75K - $99K 7.% $5K - $49K 4.% $5K - $4K 8.8% $00K - $49K 7.8% $5K - $4K 5.4% <$5K 6.6% $00K+ 4.9% $50K - $99K 6.% 07 Population by Race Percent Area State USA White Black Am. Ind. Asian Pacific Other Two+ 07 Percent Hispanic Origin: 9.0% Hispanic Origin (Any Race),9 7.0%,04 9.0% 4,5 0.5% Source: U.S. Census Bureau, Census 00 Summary File. Esri forecasts for 07 and 0. July 07, Esri Page 6 of 6

16 Las Vegas Market Overview - Newest Las Vegas Developments Las Vegas Raiders Stadium UNLV School of Medicine After a - approval vote to move to Las Vegas, the Oakland Raiders recently closed on a 6-acre parcel adjacent to the Las Vegas Strip that will house the new $.9 billion stadium set to open in 00. The project was unanimously recommended to the legislature by an -member committee that included executives from six casino businesses that make money from legal sports gambling Caesars Entertainment, Boyd Gaming, MGM Resorts International, Wynn Resorts, Las Vegas Sands Corp. and Station Casinos. A state-backed economic impact report shows a total economic output of $60 million, as well as $5 million new tax dollars each year. "Create a world-class center of excellence and innovation for medical education, patient care, and research that prepares Nevada s physicians with the most advanced knowledge, treatments, and technologies while serving the health care needs of our diverse urban community." The UNLV School of Medicine will be a full-scale, four-year medical school with a mission to improve access to high -quality health care in Southern Nevada. The accompanying academic health center will serve as the core infrastructure for the entire medical community.

17 Las Vegas Market Overview - Recently Completed Major Developments T-MOBILE ARENA THE PARK LAS VEGAS T-Mobile Arena is a $75 million 650,000-square-foot, state-of-the-art stadium that opened in April 06. This multi-purpose arena was a joint venture between MGM Resorts International and the Anschutz Entertainment Group (AEG). Located just west of the Las Vegas Strip between New York-New York and Monte Carlo, this 0,000-seat T-Mobile Arena will host exciting, world-class events with something for everyone from UFC, boxing, hockey, basketball and bull riding to high-profile awards shows, major headline entertainment, concerts, family shows and special events. With a 00-foot-wide video mesh wall and telescopic seats to customize sightlines, the T-Mobile Arena incorporates some groundbreaking technology. The venue will have numerous VIP experiences, highlighted by Hyde Lounge, an exclusive nightclub with unrivaled views of all the sports and entertainment action below. LUCKY DRAGON HOTEL & CASINO MGM Resorts International s new $00 million outdoor dining and entertainment district named The Park Las Vegas is located between New York-New York and Monte Carlo resorts in front of the brand-new 0,000 seat T-Mobile Arena opened in April 06. The Park boasts a range of restaurants and bars, including the Shake Shack, California Pizza Kitchen, Beerhaus, the Japanese restaurant Sake Rok and the waffle restaurant Bruxie. Other highlights of the park include two 00-foot long water walls at the entry of The Park and other water features, trees with wide-reaching branches and natural landscaping utilizing native and desert-adaptive plants, towering shade structures, patio-style seating, seating alcoves, a -foot-tall sculpture of a dancing woman named Bliss Dance, and more. TOP GOLF Las Vegas newest gaming property, the Asian-themed Lucky Dragon Hotel & Casino, celebrated its grand opening on the North end of the Las Vegas Strip in December 06. The new boutique hotel will offer a 0-story hotel tower housing 0 rooms, a 7,500 square foot casino with 478 slot machines, and a 446-space parking garage. Other amenities include Asian-inspired restaurants, a spa, an indoor tea garden, and a pool for hotel guests. The Lucky Dragon is the first all-new hotel to open on the Las Vegas Strip recently. Most of the signage due to reside at the property will be in Chinese as a reflection of the true Asian cultural and gaming experience. Lucky Dragon s opening comes just in time for the start of non-stop flights from Beijing to Las Vegas. Sitting on eight acres just behind MGM Grand Hotel & Casino, Topgolf is the only entertainment venue of its kind, opening its doors to the public in May 06. Top Golf boasts 08 climate-controlled hitting bays, two pools, cabanas, a concert venue, VIP suites, five bars, special event spaces, a comfort food-inspired menu with creative beverage offerings, a Callaway Fitting Studio, a Topgolf retail shop, and more. Spanning four levels and 05,000 square feet, the Topgolf flagship location in Las Vegas stands as the biggest Topgolf venue to date. The venue is expected to serve upward of one million guests in its first year of operation and has already created more than 850 full- and part-time positions.

18 Las Vegas Market Overview - Planned Developments LV GLOBAL BUSINESS DISTRICT Las Vegas Convention Center will be renovated and expanded into a $. billion Las Vegas Global Business District. Planned in four phases, new facilities will replace the 6-acre Riviera Hotel (closed in 05 and demolished in 06), adding an additional.8 million square-foot of exhibit and meeting space. The next phases will completely revamp the inside and outside of the facility, add new transportation hubs, green spaces, and a street of retail and entertainment outlets. THE LAS VEGAS MONORAIL The Las Vegas Monorail, located on the Strip, is a.9-mile, 7-station transit system whose track begins at the SLS and ends at the MGM Grand. Other stops include The Westgate, Las Vegas Convention Center, Harrah s & The LINQ, Flamingo & Caesars Palace, and Bally s & Paris. This travel system is one of the best options to connect guests to the great hotels, casinos, restaurants, and shopping along the Vegas Strip. The Monorail also offers elevated Strip views and eliminates the hassle of traffic congestion. Clark County commissioners recently approved a -mile extension to the Monorail that would add Mandalay Bay onto the transit-stop map. This expansion is rumored to begin in the second quarter of 07. MONTE CARLO One of the newest transformations occurring in Las Vegas is the conversion of the Monte Carlo into two hotels:,700-room luxury resort Park MGM and 9-room hotel NoMad Las Vegas. This $0 million makeover is projected to be completed by the end of 08. The new resort will feature two hotels (NoMad Hotel & Park MGM), redesigned rooms, an Italian market Eataly with cafes, walk-up counters and dine-in restaurants. The properties will have amenities such as dining and casinos as well as a 5,00-seat theater at the Park MGM. Fronting this project is MGM Resorts and New York-based Sydell Group, the group who introduced the NoMad in New York, The Line in Los Angeles, Freehand in Miami and Chicago, and Saguaro in Scottsdale and Palm Springs, California. The transformation of the Monte Carlo comes from a plan to reenergize the west side Strip area between the Bellagio and New York-New York.

19 Las Vegas Market Overview - Planned Developments RESORT WORLD LAS VEGAS Resorts World Las Vegas is a $4 billion Strip resort project with a heavy Asian theme planned for the North Strip. Resorts World broke ground on the project on May 5, 05 and will begin full-scale construction towards the end of 06. Resorts World, a Chinese themed resort developed by the Genting Group, is being built at the former site of the Stardust and Echelon. Genting, which bought the site from Boyd in 0 for $50 million, will be using the partially constructed Echelon structures for this property. With a projected opening set for early 09, the initial phase will have,00 rooms, a 00,000-squarefoot casino, shops and restaurants spread across its 88-acre site. Plans for a 4,000 seat showroom, an observation deck, and panda habitat are on hold for the initial construction phase. WYNN PARADISE PARK Wynn Resorts Ltd. is building its third hotel behind its two Las Vegas casinos, an ambitious lake and fantasy island project called Wynn Paradise. The $.6 billion resort will take the place of the golf course and feature,000 rooms around a 8-acre lagoon and 50,000 square feet of meeting space. The lake will have a white sandy beach, a boardwalk, water skiing and paddle boating, islands accessible by zip lines or a gondola, a nightly fireworks display, and an 8-story King Kong climbing a mountain in the lake. There will be a small casino, restaurants and nightclubs. Construction should start next year with a 00 debut.

20 Las Vegas Market Overview - Planned Developments HYPERLOOP Hyperloop One has moved into the Las Vegas Valley as swiftly as it travels. The 05,000 square foot manufacturing plant is being constructed at a 50-acre site near Apex Industrial Park in North Las Vegas, with goals of being the testing facility for Hyperloop Technologies, Inc. The principle of this fifth mode of transportation involves transporting levitated capsules through tubes at speeds up to 750. At such speeds, a Las Vegas-Los Angeles trip could take under a half hour. The company expects to be commercially ready by 0, and hopes to identify three initial routes by 07.