It’s a real downer for Asian’s in Las Vegas. The vision of Andrew Lai for over seven years was to build an Asian-themed hotel-casino in Las Vegas.
The hopes of having two towers with a combined 3,400 rooms, a 70,000-square-foot casino, 500,000 square feet of retail space, and employ 6,000 to 8,000 workers, are now dashed on the rocks- literally.
Lai and a group of investors planned to build the 28-story Dragon City hotel/resort on 22 acres near Spring Mountain and Wynn Roads in Las Vegas.
Instead they’re being forced to auction off the dirt just to try to pay the bills.
The gaming zoned site that is arguably the largest singe asset ever sold at an open outcry real estate auction, is being placed on the block at MGM Grand on May 16 by Spring Mountain Wynn Investments LLC, with an opening bid of $27.5 million, or $1.25 million per acre. Bidders will need a $1 million deposit before bidding.
The property is appraised for $174 million, or $7.9 million per acre, but a high sale price seems unlikely given the sour real estate market and continuing credit crunch.