CBRE has informed the world that it has been retained by Crown Resorts to peddle 35 Strip acres that were meant to be the site of Alon, the resort that now represents James Packer‘s latest failure in 
his serial attempts to become a Las Vegas gaming mogul. The project, which literally never got off the drawing board, always seemed too hoity-toity for its own good. The operative question is not whether Packer could have brought it off but who, if anyone, will spring for the acreage and at what price? They’re so strategically located that Steve Wynn or Eric Trump could use them for expansion. Heck, Wynn could leave his eponymous golf course intact and build Wynn Paradise Park on the Alon site.
When it went on the market in 2007, the land brought $34 million per acre — a coup Phil Ruffin has been dining out on ever since. (Update: Crown hopes to realize $11 million an acre.) In today’s more chastened market, where the Stardust site went for $4 million an acre, Crown isn’t likely to see a big payday. CBRE veep Michael Parks, charged with peddling the land, offered some unsolicited advice to casino developers: “As visitation to Las Vegas continues to grow exponentially, topping 42 million in 2016, this is an ideal time for the right buyer to execute on a big vision.” (Barring Galaxy Entertainment and Lawrence Ho, is there anybody out there with a “big vision” for Las Vegas? It seems we must look to the Pacific Rim for new ideas.) CBRE’s John Knott added: “This is one of the most exciting properties to become available in Las Vegas in a long time. Situated adjacent to one of the Strip’s iconic and largest retail destinations, Fashion Show [Mall], and located directly across from two of the city’s premier resorts – Wynn and Encore – this property is truly prime Las Vegas real estate.”
Maybe so. But with Genting Group moving slowly on Resorts World Las Vegas and SLS Las Vegas having missed the target, caution appears to still be the watchword where the north Las Vegas Strip is concerned.
* Eight Florida counties that voted to approve racinos got slapped down hard by the state Supreme Court. It ruled that the counties must first obtain permission either via a statewide constitutional referendum or a vote of the legislature. With the Lede unable to agree on an expansion of gaming, this would seem to preserve the status quo for a while to come.
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