EXCLUSIVE LISTING: ±62.58 ACRES NWC OF DEAN MARTIN DRIVE AND HACIENDA AVENUE LAS VEGAS, NEVADA The property is extremely well located with tremendously high visibility and proximity from the Las Vegas Strip corridor and Interstate 15. The site is located at the northwest corner of Dean Martin Drive and Hacienda Avenue which subsequently connects to Mandalay Bay Way. The southwest portion of the property is bordered by Russell Road and Polaris Drive. Site is easily accessed off Interstate 15 via north and south exit ramps at Russell Road and Hacienda Avenue. The site is also located approximately 2,000 feet from the world famous Las Vegas Strip. This is an extremely rare opportunity to find a site this large with such spectacular proximity to the Las Vegas Strip corridor. Location: NWC of Dean Martin Drive and Hacienda Avenue, Las Vegas, Nevada Parcel numbers: 162-29-302-001,003,004 and 162-39-401-017 Acreage: 62.58 acres Zoning: H-1/CT zoning allows for a variety of using including hotel, gaming establishment, apartments, commercial, etc. Planned Land Usage: CT (Commercial Tourist) McCarran International Airport: Located less than 5 minutes from the property, McCarran International Airport is the 6th busiest airport in the United States and the 19th busiest airport in the world serving almost 40 million passengers annually. Rick Hildreth/RHildreth@landadvisors.com 702.262.9199 410 South Rampart, Suite 390, Las Vegas, NV 89145 www.landadvisors.com The information contained herein is from sources deemed reliable. It is the responsibility of the interested parties reviewing this information to independently verify it or as determined during a site analysis. This package is subject to change, prior sale or complete withdrawal. NVCK05449-100176/8-15-13
PROPERTY PHOTOS
REGIONAL MAP
PROPERTY OBLIQUE MAP
PROPERTY AERIAL
PROPERTY DETAIL MAP
LAS VEGAS TOURISM 2013: HOTEL INDUSTRY STATISTICS Have you Visited Las Vegas Lately? march 28, 2013 By HOTEL MANAGERS GROUP Las Vegas, Nevada is unlike any other city in America. If it has been more than a few years since you last visited, you may be surprised by the number of new hotels and attractions that have been added to this ever-evolving, always exciting travel destination. There are very few people around today who can remember when Las Vegas was just a small desert town with a few hotels and saloons that served the workers who built the Hoover Dam. From its humble beginnings, Las Vegas hotels started to sprout up in greater numbers as the now famous Strip was developed. Hotels, controlled by Mob interests, prospered in the 1950s and 1960s during the heyday of Elvis Presley, Frank Sinatra and Dean Martin.In the early 1970s, corporate America got in on the action and replaced privately owned properties with mammoth new hotels and casinos. Themed hotels and casinos such as Circus-Circus and Caesar s Palace were built and they were followed by newer hotels like the Mirage and the Venetian. Older hotels like the Dunes and the Sands were demolished to make room for the new properties.today, the skyline looks quite different than it did just twenty years ago, but one thing remains constant. Millions and millions of people travel to Las Vegas every year from all around the United States and the rest of the world. Las Vegas survives and thrives on tourism. What does Las Vegas look like today and what will it look like in the future? Statistics Reveal Slight Year-Over-Year Growth Each year, the Las Vegas Convention and Visitors Authority (LVCVA) gathers a variety of data that is used to measure the health and growth of the economic engine that drives the Las Vegas economy. Figures are compared and analyzed in a number of categories that relate to the travel, tourism and hospitality industries. Listed below are some key statistics comparing the performance for the year ending December 31, 2012 to the year ending December 31, 2011. Visitor Volume People travel to Las Vegas for business and pleasure. They travel by car and by plane. They come from California and they come from China. No matter where they come from or how they get to Vegas, there are always a lot of people in this very unique metropolis. A total of 39,727,022 people came to Las Vegas in 2012, representing an increase of 2.1 percent over the number of visitors in 2011. Total Number of Hotel Rooms in 2012 There were 150,481 rooms available for guests visiting Las Vegas, a slight increase of 0.2 percent over the number of rooms available in 2011. Hotel Occupancy Rates Overall, the citywide occupancy rate for 2012 was a stellar 84.4 percent. When broken down into figures for hotels versus motels, hotels fared much better. Hotels enjoyed an 87.4 percent occupancy rate, while motels registered a 58 percent rate. The disparity can be explained because the majority of visitors to Las Vegas stay in Strip hotels, where the action is, and not on the outskirts of town, where there are more motels. Hotel occupancy rates remained basically unchanged over 2011 figures while motels gained 2.0 percent. Occupancy is also quite different when you compare weekend stays to weekday stays. Many people from California, Arizona and areas within a few hundred miles of Las Vegas plan short weekend excursions for a little gambling and a lot of fun. The surge starts on Friday and ends as guests check out on Sunday. In 2012, the weekend occupancy rate was 90.8 percent compared to the mid-week rate of 81.6 percent. Las Vegas room rates are very price elastic. They go up on the weekend and down during mid-week based on occupancy rates. Average Daily Room Rates (ADR) Up 2.8 percent from 2011, the ADR for 2012 was $108.08. Conventions In 2012, there were 4,994,014 people who attended 21,615 conventions and meetings held in Las Vegas. Attendance was up a small 1.6 percent over 2011, but there were 13.6 percent more conventions and meetings actually held in 2012. A quick analysis suggests that while there were many more conventions and meetings held in 2012, the average attendance of the individual events was lower than that Gaming Revenue Clark County, which includes Las Vegas, Boulder and a number of other cities where there are casinos, reported $9,399,882, 000 (9.39 billion) in casino gaming revenue, with most of that revenue coming from casinos on the several mile long Strip area of town. The Las Vegas Strip accounted for $6,207,229,000 (6.2 billion) while the down town (Fremont Street) area added $509,144,409 (509 million) to the total. The remaining casino gaming revenue came from Boulder casinos and other gaming venues within Clark County. Year-over-year, casino gaming revenue was up by a little more than two percent. continued
LAS VEGAS TOURISM 2013: HOTEL INDUSTRY STATISTICS Have you Visited Las Vegas Lately? Major Construction and Renovation Projects Since the local economy bottomed out in 2009, Las Vegas has been showing strength not only in the increase of people coming to the city, but also, the number and size of new construction, construction recently completed and projects planned for the near future. Major Hotel Activity Completed in 2012 Caesars Palace opened the new Octavious tower rooms, adding 668 new rooms to its total inventory. The cost of the project was $400 million. The Bellagio spent $70 million remodeling its rooms. The Flamingo spent $10 million remodeling its rooms MGM invested $160 million on revamping and renovating its casino, concession stands and guest rooms. The Four Seasons completed a complete remodel at a cost of $30 million. Other Major Projects in 2012 McCarran International Airport incurred a $2.4 billion expense building the new 14-gate Terminal 3. Las Vegas welcomed a brand new cultural facility with the opening of the Smith Performing Arts Center. The Center cost $470 million and will host Broadway performances, ballet, dance and a host of other culturally enriching events. A new attraction that is devoted to a very important part of Las Vegas s history was completed. The Mob Museum cost $42 million to complete. The Neon Museum house a collection of some of the most beautiful and historical neon signs that lit up Las Vegas. The project cost $3 million to complete. There are quite a few hotel projects, new attractions and more retail space planned to open in 2013 and 2014. Renovations are in the works for the Tropicana, Hooters, Mandalay Bay, the Palms and several other properties. The Cosmopolitan is scheduled to add 65,000 square feet of convention space by the fall of 2013. Two water parks, Cowabunga Bay Las Vegas and Wet n Wild should be ready by May of 2013 and a new Zipline attraction will be up and running on Fremont Street. New retail space will be added when the SkyVue Las Vegas Super Wheel opens by Mandalay Bay in the fall of 2013 and The Ling is another attraction that will bring retail and dining to the area around Harrah s. Las Vegas has some of the most beautiful hotels in the world. It is a place that never stays the same. You will always have plenty to do when you visit this vibrant city. The only way to see what you have missing is to make your plans and come for a visit.
LAS VEGAS REVIEW JOURNAL Las Vegas Convention Center set for $2.5 billion upgrade February 26, 2013 By LAURA CARROLL A $2.5 billion project to re-create the Las Vegas Convention Center and the surrounding area was given the green light Tuesday. The first phase of the Las Vegas Global Business District, under way through 2014, is estimated to cost $150 million, or all bond revenue the Las Vegas Convention and Visitors Authority has available. The remainder of the project cost isn t funded. The project previously called the Las Vegas Convention Center District Improvement Plan calls for aesthetic improvements, technological enhancements, a World Trade Center and overall Las Vegas branding in the areas leading up to and including the Las Vegas Convention Center at 3150 Paradise Road. Rossi Ralenkotter, president and CEO of the authority, called Tuesday s authority board meeting a defining moment as he presented his vision in front of a standing-room-only crowd. We are at a crossroads, Ralenkotter told the board. It s not just about expanding and renovating this building. Ralenkotter called a simple renovation yesterday s discussion and explained that the competitiveness of today s tourism and convention industry demands the need for largescale change. In response to the plans, board member and Las Vegas City Councilman Steve Ross said, Rossi, this is go big or go home, I see. Not one to back down, Ralenkotter responded, Well, I m not going home. The authority s main agenda is to, as Ralenkotter put it, fill rooms and put heads in beds, but with the stakes as high as they are tourism is expected to have a $41 billion economic impact on the local economy in 2013 a certain level of sophistication is needed. The tourism authority s quest is to increase Las Vegas international visitation to 30 percent by 2022 from its current share of 16 percent or its newest goal of hitting 40.1 million visitors by the end of this year. Ralenkotter said phase one, still in planning, could include land acquisitions and contractor bids for actual construction. The project could take a decade to complete as contractors must work around existing conventions and meetings. The board last attempted an expansion in 2005 but shelved it when the recession hit. Economic recovery, though slow, has brought the project back to life. For the first half of 2013, operating revenues are up 1.8 percent over last year, to $120.8 million. Ralenkotter said a private entity may build the World Trade Center and lease it to the convention authority. If so, construction could start in 24 months. Board members Ross and Henderson Mayor Andy Hafen, among others, urged Ralenkotter to use local construction workers, and representatives of the Black Business Council asked Ralenkotter to ensure there s minority participation. Darren Enns, secretary and treasurer of the Southern Nevada Building and Construction Trades Council, said, This is the type of project that could turn us around completely. If finished as envisioned, the new convention center will be fully updated so that visitors can seamlessly connect their wireless devices. Full-service restaurants will be interspersed with quick-service eateries, while green space outside, shops and a wellness center will offer recreation. The Joe W. Brown Drive entrance will be made to match the front entrance; iconic Las Vegas signs will be featured inside and outside the main building; and a transportation hub will offer easy access by taxis, limos, buses and maybe someday a high-speed train. Ralenkotter said he envisions a bustling Convention Center Drive lined with shops and restaurants leading up to the convention hall. I think this makes a lot of sense and what a legacy to leave behind, said Clark County Commissioner Lawrence Weekly. I m definitely in full support of it. After the meeting, Ralenkotter continued his positive message. I feel very excited because this is going to take Las Vegas to the next level. It really is the bold statement that we need to make about where we want to be in 2025 and 2030, he said. From here, the convention authority plans to look at short-term remodel options, conduct land assessments and compile an outlook on future financing. Each step in the process must be approved by the 14-member authority board. We want to make this as transparent as possible, Ralenkotter said.