±112 Gross Acres on the World-Famous Las Vegas Boulevard EXCLUSIVE LISTING | Las Vegas, Nevada

±112 Gross Acres on the World-Famous Las Vegas Boulevard EXCLUSIVE LISTING | las vegas, nevada

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Blue Decatur S Diamond & Westwind Rick Hildreth | [email protected] While Land Advisors Organization® makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. © Land Advisors Organization® 410 South Rampart, Suite 390, Las Vegas, NV 89145 ph. 702.262.9199 | www.landadvisors.com The information contained herein is from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the reponsibility of the person reviewing this information to independently verify it. This package is subject to change, prior sale or complete withdrawal. NVCK03192-123001-10.17.14 ±112 acres property overview

This property is an extremely high-profile property located on the world-famous Las Vegas Boulevard. This property represents a very rare opportunity to purchase a large piece of land directly on the Las Vegas Strip. Not only does the property front Las Vegas Boulevard, it also boasts frontage on Interstate 15 which allows for an irreplaceable marketing window. The property is bordered on the south by Robindale Road and on the north by Eldorado Lane. This property is located directly across from the Las Vegas Outlet Center. This is a truly remarkable opportunity. APNS 177-08-601-001, 177-08-601-006, 177-08-701-008, 177-08-601-002, 177- ZONING H1/CT zoning allows for a variety of uses including hotel & casino, apartments, convention 08-601-008, 177-01-601-003, 177-08-701-011, 177-08-701-010, 177-08-601- space, commercial, etc. 004, 177-08-701-012, 177-08-701-014, 177-08-701-001, 177-08-701-002, 177- 08-701-003, 177-08-701-004, 177-08-601-005 PROXIMITY Located less than 5 minutes from the property, McCarran International Airport is the 6th busiest airport in the United States and 19th busiest airport in the world serving over 40 million ACREAGE ±112 gross acres passengers annually. ±112 acres regional overview clark county Clark County is located in Southern Nevada. As of the 2010 census, the population North Las Vegas Finished Lot Inventory As of July 2014, there are a total of 1,583 finished lots was 1,951,269, with an estimated population of 2,000,759 in 2012. It is the most populous county in in North Las Vegas. The public and private builders control 675 finished lots. P rivate investors control the state of Nevada, accounting for nearly three-quarters of its residents. Las Vegas, Nevada’s most the remaining finished lot inventory in North Las Vegas totaling 908 finished lots. This is a very tight populous city, has been the county seat since the county was created. supply of finished lots. It is also important to note that 327 of the lots held by builders are deed restricted for Active Adult. ECONOMIC DEVELOPMENT The Las Vegas economy continues to show signs of improvement. The unemployment rate is down to 8.9% which is the lowest Las Vegas has seen since 2009. Nevada Public Controlled Finished Lots: 675 has seen 37 consecutive months of positive year over year job growth and this trend is expected Privately Controlled Finished Lots: 908 to continue. Visitor volume remains consistent at about 40 million 2013, but many think this will gradually increase and the Las Vegas Convention Authority strong feels so as last year they announced a $2.5 billion expansion to provide space for anticipated future growth. Population growth has increased to nearly 2.1 million people living in the Las Vegas Metropolitan area and this trend is anticipated to continue as Las Vegas has once again became an affordable option.

EMPLOYMENT GENERATORS Southern Nevada is very attractive for future business growth due to the ease of “Doing Business” and its favorable tax structure. Many new projects are on the horizon including two new hotels and casinos, one of which is planned to open at the end of 2014. We are also seeing continued interest in bringing renewable energy production to Southern Nevada. In addition to this growth, the construction industry is beginning to rebound which will lead to an increase in employment as the economy continues to improve. Southern Nevada is also starting to attract businesses from California due to an unfavorable business climate in the state of California.

SOUTHERN NEVADA HOUSING MARKET TRENDS The recovery in Nevada’s residential market continues to show signs of stabilization as more traditional home sales emerge. The number of homes available for sale is increasing, residential construction is starting up again, and fewer homeowners are relinquishing their homes to foreclosure. Metrostudy’s 1Q14 survey of the Las Vegas housing market shows that the spectacular growth of 2013 is tapering into this year. The annual closing pace slowed slightly, as did the quarterly start pace. 1,287 new home starts were counted during the 1st quarter of 2014. Through 1Q14 annual single family new home closings were 6,576, up 18% from 1Q13, with the annual start pace increasing 5% YOY. All of these numbers indicate a very tight lot supply.

In April 2014, there were 596 new home permits pulled by homebuilders. Bringing the 2014 total to 1,981. It is still believed by Home Builders Research, Inc. that by the end 2014 home builders will pull around 7,000 permits. Total finished lot supply has fallen considerably over the past year and lot deliveries have remained slow. Months of supply has decreased to 13.5 and supply has decreased 22% since 1Q13. The overall supply of finished SFD lots is declining and development opportunities for delivery in the next 4 years must be considered today. ±112 acres property photos ±112 acres oblique aerial LAS VEGAS BOULEVARD 112 RICK HILDRETH METRO MAP 702.262.9199 | WWW.LANDADVISORS.COM

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While Land Advisors Organization® makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. © Land Advisors Organization®

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By RICHARD N. VELOTTA Southern Nevada’s economy will continue to strengthen through 2014 as tourism, gaming, construction Brown also said vacancy rates in retail, office and industrial real estate have begun to fall with retail and the housing industries plod toward pre-recession levels. and industrial space at just over 11 percent and office vacancies at 22.7 percent.

Current trends indicate the region is continuing its fourth year of recovery from the economic downturn Housing prices are on the rise with Las Vegas prices up 44.8 percent since hitting bottom in early 2012. that hurt Nevada worse than any other state, said Stephen Brown, director of the Center for Business and A lack of single-family housing supply is pushing up housing prices. Economic Research at the University of Nevada, Las Vegas. Nevada still has the highest percentage of homeowners that are underwater on their mortgages, Brown delivered UNLV’s midyear economic outlook seminar Tuesday at The Venetian. but the number is slowly declining. In 2014’s first quarter, 29.4 percent of Nevada homeowners had negative equity, an improvement from the 45.4 percent in the first quarter of 2013. “The good news,” Brown said, “is that the Southern Nevada economy is improving and at an accelerating rate. But the great news is that the growth is widespread across Southern Nevada’s industries.” Nevada’s unemployment roller-coaster ride is continuing and currently is on an upswing.

Brown said the U.S. economy is on the cusp of acceleration and Nevada is returning to its long-term From January 1990 to December 2007, Nevada led the nation in job growth. But in 2008, 43 states trends, which generally have been healthier than the rest of the nation. lost jobs and Nevada suffered the worst decline. In 2009, 49 states had job losses and, again, Nevada led. In 2010, 47 states added jobs — but Nevada was one of three states that saw a decline, the worst Visitor volume and gaming revenue are climbing at rates of less than 3 percent with Strip resorts in the nation. supporting the bulk of the growth. In 2011, an upswing began with Nevada 35th among 49 states that saw job growth. In 2012, 48 states In 2013, Southern Nevada visitation fell less than a half percent from 2012’s record level. This year, added jobs and Nevada ranked 13th in growth. In 2013, 49 states added jobs and Nevada trailed only volume is on a record pace and is expected to eclipse 40 million people for the first time. March, Brown North Dakota with its growth rate. noted, was Southern Nevada’s best-ever tourism month. Brown said Nevada is off to a good start in 2014, adding 19,800 jobs in the first four months of the Brown is forecasting a 0.9 percent increase in visitor volume in 2014 and 2 percent more in 2015. year, a 5.1 percent increase.

Gaming numbers also are slowly picking up.

Still well below the $1.1 billion in average monthly gross gaming revenue levels of late 2007, amounts have slowly climbed from a low point in 2010 to a more than $900 million monthly average in 2014.

Brown noted that tourism and gaming continues to be driven by the Strip.

“It’s been established that the closer you are to the Las Vegas Strip, the bigger the share you’re getting,” he said. “As you move away from the Strip to other parts of Las Vegas, to other parts of Clark County and all of Nevada, the growth isn’t quite as strong.”

Brown, who attributes slow growth in gaming revenue to increased industry competition nationwide, is forecasting a 3.2 percent increase in revenue in 2014 and 3.7 percent in 2015.

After a collapse in housing construction from 2007 to 2010 and languishing levels through 2012, the rate of new housing permits issued in Clark County is finally starting to rebound. ±112 acres las vegas tourism The next Strip mega-resort is underway - it just doesn’t show yet march 4, 2014 | LAS vegas review journal

By HOWARD STUTZ Genting and people close to the project said much of the final design and planning for the massive LTo the naked eye, not much has changed in the year that passed since Malaysia-based Genting Group resort has taken place out of the public eye. Genting still plans to incorporate much of the Echelon announced plans to build the $2 billion to $7 billion Resorts World Las Vegas on 87 acres on the Strip. buildings into Resorts World.

The concrete-and-steel structure — remnants of the unfinished Echelon development mothballed by Friedman said Genting’s top U.S. official, Senior Vice President of Development Christian Goode, Boyd Gaming Corp. in 2008 — remain standing. A year later, other than a few signs touting the coming recently moved to West Coast from Miami to oversee the development. of the hotel-casino, the site appears unchanged. “By the next anniversary, the site will look much different,” Friedman said. “We really have been flying But Resorts World Las Vegas is alive and well. under the radar.”

Genting representatives and government officials say the development — the Strip’s first new resort Genting isn’t shy about spending money in the United States. complex since 2010 — is on track to start construction this year. The Clark County Commission handed Genting the land entitlements for the site in December.

“I have every confidence that they are moving forward,” Gov. Brian Sandoval said Monday.

Genting executives and architects recently were in Carson City to brief Sandoval on developments related to the planned 3,500-room Asia-themed hotel-casino.

Sandoval said he is comfortable with the project’s progress.

A year ago, the governor, Clark County elected leaders, tourism officials and the business community flocked to a news conference with the leadership of Genting in the Las Vegas offices of architects Steelman Partners.

Senate Majority Leader Harry Reid, D-Nev., dialed in by speaker phone from Washington, D.C., to praise the development.

The over-the-top announcement that Genting had acquired the site from Boyd Gaming for $350 million included large renderings of Resorts World Las Vegas. Developers even teased that the resort would include a live panda exhibit. A year before buying the Echelon site, Genting paid more than $400 million for 30 acres along Miami’s Biscayne Bay for the planned $3.8 billion Resorts World Miami. That project was shelved after Florida The recession left Echelon and other major developments in limbo. Strip construction jobs dried up. lawmakers rejected casino expansion plans, but the company still owns the site and is considering alternatives. Politicians and chamber of commerce types were giddy with excitement that a new megaresort would revive the market. But it has been 12 months since then. Estimates of what the company will spend in Las Vegas have varied. In December, Genting controlling shareholder and Chairman Lim Kok Thay told Bloomberg News his company would spend $4 billion on Project spokesman Stefan Friedman said last week that Resorts World Las Vegas is on schedule. Resorts World Las Vegas’ initial phase.

“It’s been a busy year, and we’re trying to be thoughtful about the development,” he said. Genting’s biggest challenge has been an investigation by Nevada gaming regulators into the company’s suitability to operate a Nevada casino. A suitability finding is one step below licensing, which would ±112 acres las vegas tourism The next Strip mega-resort is underway - it just doesn’t show yet march 4, 2014 | LAS vegas review journal

(continued) have to be granted before the development opens in 2016 or 2017.

Genting, which has market capitalization of more than $40 billion, operates casinos around the world, including Resorts World-branded properties in Singapore, Malaysia and Manila and at the Aqueduct Race Track in New York City. The company has five separate publicly traded entities that operate casinos and other business investments.

“The group is undergoing regulatory investigations by the Nevada gaming board, which is one of the strictest you can get,” Thay told Bloomberg News. “I’m quite confident we’ll obtain this license, and only with that we’ll commence the construction.”

Friedman said Genting would announce a construction start as soon as it is found suitable.

“(Genting) will deliver a project that complements Las Vegas and particularly the growing north end of the Strip,” Friedman said.

Gaming Control Board Chairman A.G. Burnett said the goal is to place Genting’s suitability hearing “on the soonest possible agenda,” which is likely to be in May or June.

“This may be the largest company we have ever investigated,” Burnett said. “Genting involves multiple industry segments with multiple publicly traded companies. Our agents are overseas, still conducting follow-up work.”

Like all potential licensees, Genting is paying for the investigation.

Clark County Commissioner Chris Giunchigliani, who represents the north end of the Strip and attended the announcement last year, said the commission is reviewing the fencing for the site and signs the company plans to use during construction.

Genting agreed to use union labor in construction, she said. Coupled with the planned Labor Day weekend opening of the $415 million SLS Las Vegas, Resorts World will spur a revitalization of the Strip’s north end.

“My main concern is how many rooms they actually plan to open,” Giunchigliani said. “I just don’t want to see them flood the market.” ±112 acres las vegas tourism Have you Visited Las Vegas Lately? march 28, 2013

By HOTEL MANAGERS GROUP Las Vegas stay in “Strip” hotels, where the action is, and not on the outskirts of town, where there are Las Vegas, Nevada is unlike any other city in America. If it has been more than a few years since you last more motels. Hotel occupancy rates remained basically unchanged over 2011 figures while motels visited, you may be surprised by the number of new hotels and attractions that have been added to this gained 2.0 percent. ever-evolving, always exciting travel destination. Occupancy is also quite different when you compare weekend stays to weekday stays. Many people There are very few people around today who can remember when Las Vegas was just a small desert from California, Arizona and areas within a few hundred miles of Las Vegas plan short weekend town with a few hotels and saloons that served the workers who built the Hoover Dam. From its humble excursions for a little gambling and a lot of fun. The surge starts on Friday and ends as guests check beginnings, Las Vegas hotels started to sprout up in greater numbers as the now famous “Strip” was out on Sunday. In 2012, the weekend occupancy rate was 90.8 percent compared to the mid-week developed. Hotels, controlled by Mob interests, prospered in the 1950s and 1960s during the heyday of rate of 81.6 percent. 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 Las Vegas room rates are very price elastic. They go up on the weekend and down during mid-week casinos such as Circus-Circus and Caesar’s Palace were built and they were followed by newer hotels like based on occupancy rates. 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 Average Daily Room Rates (ADR) thing remains constant. Millions and millions of people travel to Las Vegas every year from all around the Up 2.8 percent from 2011, the ADR for 2012 was $108.08. 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? Conventions In 2012, there were 4,994,014 people who attended 21,615 conventions and meetings held in Statistics Reveal Slight Year-Over-Year Growth Las Vegas. Attendance was up a small 1.6 percent over 2011, but there were 13.6 percent more Each year, the Las Vegas Convention and Visitors Authority (LVCVA) gathers a variety of data that is used conventions and meetings actually held in 2012. A quick analysis suggests that while there were to measure the health and growth of the economic engine that drives the Las Vegas economy. Figures many more conventions and meetings held in 2012, the average attendance of the individual events are compared and analyzed in a number of categories that relate to the travel, tourism and hospitality was lower than that industries. Listed below are some key statistics comparing the performance for the year ending December 31, 2012 to the year ending December 31, 2011. Gaming Revenue Clark County, which includes Las Vegas, Boulder and a number of other cities where there are casinos, Visitor Volume reported $9,399,882, 000 (9.39 billion) in casino gaming revenue, with most of that revenue coming People travel to Las Vegas for business and pleasure. They travel by car and by plane. They come from from casinos on the several mile long “Strip” area of town. 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. 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 A total of 39,727,022 people came to Las Vegas in 2012, representing an increase of 2.1 percent over the Boulder casinos and other gaming venues within Clark County. Year-over-year, casino gaming revenue number of visitors in 2011. was up by a little more than two percent.

Total Number of Hotel Rooms in 2012 Major Construction and Renovation Projects There were 150,481 rooms available for guests visiting Las Vegas, a slight increase of 0.2 percent over the Since the local economy bottomed out in 2009, Las Vegas has been showing strength not only in the number of rooms available in 2011. 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. Hotel Occupancy Rates Overall, the citywide occupancy rate for 2012 was a stellar 84.4 percent. When broken down into figures Major Hotel Activity Completed in 2012 for hotels versus motels, hotels fared much better. Hotels enjoyed an 87.4 percent occupancy rate, while Caesars Palace opened the new Octavious tower rooms, adding 668 new rooms to its total inventory. motels registered a 58 percent rate. The disparity can be explained because the majority of visitors to The cost of the project was $400 million. ±112 acres las vegas tourism Have you Visited Las Vegas Lately? march 28, 2013

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• 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. ±112 acres las vegas tourism Las Vegas Convention Center set for $2.5 billion upgrade February 26, 2013 | Las vegas review journal

By LAURA CARROLL “We want to make this as transparent as possible,” Ralenkotter said. A $2.5 billion project to re-create the Las Vegas Convention Center and the surrounding area was given the green light Tuesday. The board last attempted an expansion in 2005 but shelved it when the recession hit.

The first phase of the Las Vegas Global Business District, under way through 2014, is estimated to cost Economic recovery, though slow, has brought the project back to life. For the first half of 2013, $150 million, or all bond revenue the Las Vegas Convention and Visitors Authority has available. operating revenues are up 1.8 percent over last year, to $120.8 million.

The remainder of the project cost isn’t funded. 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. 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 Board members Ross and Henderson Mayor Andy Hafen, among others, urged Ralenkotter to use local branding in the areas leading up to and including the Las Vegas Convention Center at 3150 Paradise construction workers, and representatives of the Black Business Council asked Ralenkotter to ensure Road. there’s minority participation.

Rossi Ralenkotter, president and CEO of the authority, called Tuesday’s authority board meeting a Darren Enns, secretary and treasurer of the Southern Nevada Building and Construction Trades Council, defining moment as he presented his vision in front of a standing-room-only crowd. said, “This is the type of project that could turn us around completely.”

“We are at a crossroads,” Ralenkotter told the board. “It’s not just about expanding and renovating this If finished as envisioned, the new convention center will be fully updated so that visitors can building.” seamlessly connect their wireless devices.

Ralenkotter called a simple renovation “yesterday’s discussion” and explained that the competitiveness Full-service restaurants will be interspersed with quick-service eateries, while green space outside, of today’s tourism and convention industry demands the need for large-scale change. shops and a wellness center will offer recreation.

In response to the plans, board member and Las Vegas City Councilman Steve Ross said, “Rossi, this is The Joe W. Brown Drive entrance will be made to match the front entrance; iconic Las Vegas signs will ‘go big or go home,’ I see.” 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. Not one to back down, Ralenkotter responded, “Well, I’m not going home.” Ralenkotter said he envisions a bustling Convention Center Drive lined with shops and restaurants The authority’s main agenda is to, as Ralenkotter put it, “fill rooms and put heads in beds,” but with the leading up to the convention hall. 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. “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.” 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 After the meeting, Ralenkotter continued his positive message. this year. “I feel very excited because this is going to take Las Vegas to the next level. It really is the bold Ralenkotter said phase one, still in planning, could include land acquisitions and contractor bids for statement that we need to make about where we want to be in 2025 and 2030,” he said. actual construction. The project could take a decade to complete as contractors must work around existing conventions and meetings. 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.