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Site of proposed casino near Chinatown going to auction

LAS VEGAS, Nevada -- Developers are planning to sell 22 acres near Chinatown – the site of a proposed Asian-themed casino – at a bankruptcy auction May 16.

The site of the proposed Dragon City Hotel and Resort is bound by Valley View Boulevard, Spring Mountain Road, Wynn Road and Desert Inn Road.

The land took seven years to assemble and is zoned for a 28-story, 2,200-room hotel with 500,000 square feet of gaming, restaurant, entertainment and meeting space, according to a press release issued by Chartwell Group, which is overseeing the auction.

The sale, subject to approval by a bankruptcy court judge, is a "highly strategic opportunity for buyers to acquire a fully entitled casino site in an unparalleled location," Michael E. Berland, executive vice president and principal of Chartwell Group's Accelerated Marketing Division, said in a statement. Bidding will start at $27.5 million.

The Dragon City resort is one of multiple proposals for Asian-themed casinos in Las Vegas that have not come to fruition. Even before the recession, financing for off-Strip casinos by industry newcomers was difficult at best.

In an interview with In Business Las Vegas in 2006, businessman Andrew Lai said his proposed resort had the potential to draw Asian tourists from the Strip and would be a place where Asians – a growing segment of casino customers – would feel at home.

Copyright © Las Vegas Sun. Inc. Republished with permission.

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