For Sale 3227 Civic Center Drive, North Las Vegas, Nevada 89030 for Sale 3227 Civic Center Drive, North Las Vegas, Nevada 89030
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FOR SALE 3227 CIVIC CENTER DRIVE, NORTH LAS VEGAS, NEVADA 89030 FOR SALE 3227 CIVIC CENTER DRIVE, NORTH LAS VEGAS, NEVADA 89030 OFFERING SUMMARY PRICE $13,000,000 2018 EBITA* $2,165,844 (*TTM as of 8/31) CAP RATE 16.7% HOTEL ROOMS 85 CASINO SIZE 16,480 SF SLOTS 239 (204 owned) ACREAGE 5.42 Acres CONFIDENTIALITY AGREEMENT © 2018 Colliers International This Confidential Offering Memorandum (the “Memorandum”) is being delivered exclusively by Colliers International (the “Agent”) to a party who may be interested in the acquisition of the Lucky Club Hotel Casino, 3227 Civic Center Drive, North Las Vegas, Nevada 89030 (the “Property”), described in this Memorandum. This is a private offering, made only by delivery of a copy of the Memorandum to the recipient (the “Recipient”). By accepting this Memorandum, the Recipient agrees to comply strictly with the terms and conditions of the Confidentiality Agreement previously executed and delivered to the Agent by the Recipient with respect to this Memorandum and all information contained herein, and to use this Memorandum only for the purpose of evaluating the offering made hereby. The material contained in this Memorandum is provided solely to assist the Recipient in determining whether it is interested in making an investigation or evaluation concerning a potential purchase of the Property. Neither the Agent nor any affiliates or client of the Agent which term includes related entities, the owners of any equity interest in the Property, (“Owner”), the manager of the Property (“Manager”), and any officers, employees and agents of any such parties make any representations or warranties with regard to the accuracy or completeness of the information contained herein. This Memorandum may include statements and estimates provided by the Agent, the Owner, or the Manager with respect to the anticipated future performance of the Property. Nothing contained in this Memorandum should be construed as a representation as to the future performance of the Property, and the Recipient acknowledges and agrees that any statements or estimates relating to future performance reflect various assumptions concerning the Property’s anticipated results, which may or may not prove to be correct. No representations are made as to the accuracy of such statements and estimates, and none of the Agent, the Owner, the Manager, or any related entities shall have any liability with respect to or arising from any inaccuracy in such statements or estimates. Statements made in this Memorandum as to the content of any contract or other document referred to, are not complete or definitive descriptions, but summaries or portions thereof. Each such statement is qualified by its reference to the full text of the contract or document, copies of which will be made available by the Agent to Recipient upon request. In addition, not all contracts or other documents, which may be relevant, have been summarized or referenced in this Memorandum. This Memorandum is being delivered by the Agent to a prospective purchaser with the understanding that it will independently investigate those matters which it deems appropriate in evaluating the Property and will rely solely on its own investigation in determining whether to purchase the Property. This Memorandum does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in the Property in any jurisdiction in which, or to any person for which, such offer, sale, or solicitation would be unlawful. Except where otherwise indicated, the information contained in this Memorandum has been prepared as and no obligation is assumed to supplement or modify the information to reflect subsequent events or conditions. Nothing contained in this Memorandum may be construed to constitute legal or tax advice to a Recipient concerning the Property or purchase of the Property. More detailed information regarding the expected terms, conditions, and timing of the offering of the Property will be provided in due course by separate communication with each Recipient. The Agent, the Owner and the Manager reserve the right to engage in discussions or negotiations with one or more recipients or other prospective investors at any time without notification to, or other obligation to, any other Recipient or prospective investor. The offering made hereby is subject to a change in terms or termination without notice. The Owner and the Manager will remain free to operate the Property in their sole and absolute discretion during the evaluation and offering process, including the taking of such actions, whether within or outside of the ordinary course of business, which the Owner or the Manager shall deem necessary, prudent or desirable. OFFERING SUMMARY The Agent reserves the right to require the return of this Memorandum and any other material provided to the Recipient at any time. Acceptance of this Memorandum by the Recipient constitutes acceptance of the terms and conditions outlined above. Mike Mixer, Dharmesh Patel Executive Managing Director Executive Managing Director , Hotels, USA +1 702 836 3777 +1 408 497 1222 [email protected] [email protected] HIGHLIGHTS Colliers International has been exclusively retained to offer for sale the fee simple interest in the Lucky Club Hotel & Casino. Unencumbered by brand and management affiliations, as well as any long term leases, the property is ideally suited for a gaming entrepreneur to put their unique stamp on it. The offering represents a unique opportunity to acquire a full-fledged gaming property at a price point rarely seen in Las Vegas. This asset is offered to investors at a basis well below replacement cost, located in the high-barrier to entry Las Vegas gaming market. This is a grandfathered, non-restricted casino. In order for a new competitor to enter the North Las Vegas market, they must develop a minimum of 200 hotel rooms along with substantial amenities. The Lucky Club is a full service hotel casino with 85 renovated guest rooms located on Interstate 15 and Cheyenne Avenue in North Las Vegas. The property offers a solid infrastructure, a loyal customer base, and an excellent Interstate location. The property benefits by a growing local’s market and from the Interstate attracting visitors and truckers looking for a clean hotel room, ample parking, great food and entertainment. COLLIERS INTERNATIONAL – INVESTMENT OFFERING The property provides an excellent opportunity to grow, representing a significant EBITDA growth story. Historically, current ownership has lacked the capital investment necessary to elevate the potential of the property. A NEW OWNER CAN TAKE ADVANTAGE OF THE EXCELLENT EXISTING FOOTPRINT AND IMPROVE UPON THE FOLLOWING: • ROOM UPSIDE – Room count and size remain competitive, but adding a potential brand- flag to the property can generate more significant revenue upside. • FOOD & BEVERAGE – The property boasts an excellent restaurant space to accommodate the needs of a growing property. A repositioning of the operation or the addition of a known brand may drive more revenue. • EVENTS – There is demand in this trade area for special events and celebrations. The property facilities could be repositioned to take advantage of this demand. • ACTIVE MANAGEMENT – The property does not currently have a full-time management team. With an attentive management and marketing team, the full potential of this property could be achieved. The property does well despite being under-valued and under-marketed. LOYAL CUSTOMER BASE EXCELLENT LOCATION 85 RENOVATED ROOMS 5 LOCATION OVERVIEW LAS VEGAS STRIP LASVEGAS STRIP COLLIERS INTERNATIONAL – INVESTMENT OFFERING The Lucky Club is a full service hotel casino with 85 renovated guest rooms located on Interstate 15 and Cheyenne Avenue in North Las Vegas. Close proximity to Downtown Las Vegas, the property enjoys incredible freeway exposure and visibility. NORTH LAS VEGAS IS ONE OF NEVADA’S FASTEST GROWING CITIES. 7 FOR SALE 3227 CIVIC CENTER DRIVE, NORTH LAS VEGAS, NEVADA 89030 BELOW REPLACEMENT COST CIVIC CENTER DRIVE CHEYENNE AVENUE HOTEL OVERVIEW 85 ROOMS LOCATED ALONG THE WEST WING OF THE PROPERTY 400 SF GUEST ROOMS FEATURE NEW FURNITURE, BEDDING, MATTRESSES, DRAPES, CARPET AND OTHER DESIGNER AMENITIES. AMENITIES HOTEL OFFERS A DOG PARK, SWIMMING POOL AND NEARLY 6 ACRES OF PARKING, MAKING THE LUCKY CLUB PET-FRIENDLY, FAMILY-FRIENDLY AND TRUCKER-FRIENDLY. • Dedicated Porte-cochère entrance • One elevator servicing 3 floors • Recent $5 million property refresh and separate front desk lobby of interior corridor rooms connected to the casino • Laundry services in house COLLIERS INTERNATIONAL – INVESTMENT OFFERING 11 Players have numerous options with My Points Las Vegas Club rewards for repeat play and loyalty. A FULL COMPLEMENT OF CASINO GAMES MAKE THE LUCKY CLUB AN ATTRACTION FOR ALL TYPES OF GAMING CUSTOMERS. COLLIERS INTERNATIONAL – INVESTMENT OFFERING GAMING OVERVIEW 16,480 SF DEDICATED GAMING AREA FOUR BLACKJACK TABLES - Stage area and bar for special events, live music, etc. (ROOM FOR ADDITIONAL TABLE GAMES) - 24 hour cage - Full service race and sportsbook 239 SLOTS SLOT MACHINES GALORE (204 OWNED/35 PARTICIPATION) 13 FOOD & BEVERAGE OVERVIEW LUCY’S BAR & GRILL OFFERS IT PATRONS AN EXCELLENT DINING EXPERIENCE FOR BREAKFAST, LUNCH AND DINNER. ITS MENU IS WELL RECEIVED BY LOCALS AND VISITORS ALIKE. THE RESTAURANT INCLUDES A BAR FOR WATCHING SPORTS AND PLAYING SLOTS/KENO. • 24-hour room service to hotel TOP PERFORMING • Banquet facilities for special events LODGING MARKET A city-wide occupancy level of just under 90%, the ENTERTAINMENT AND NIGHTLIFE OVERVIEW highest of all major metros in North America. THE PROPERTY OFFERS ITS GUESTS AND VISITORS A WIDE SELECTION OF ENTERTAINMENT PROGRAMMING. • There are two F & B outlets in the property • Event space has hosted live boxing and wrestling cards. • Home of FMF soccer and home to Raider Nation Raiders fans • Existing event staging provides for events like: Latin Karaoke Night, live bands, and DJ’s. • With banquet food options, the property regularly hosts dinner parties, holiday celebrations, viewing parties and contests.