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Chartwell Group Auctions Casino Site Near Chinatown

Casino developers are planning to sell twenty two acres of land near Chinatown, the location of a proposed Asian-themed casino facility at a bankruptcy auction on May 16th, 2009. The location of the proposed Dragon City Hotel and Resort is connected to the Valley View Boulevard, Spring Mountain Road, Wynn Road and Desert Inn Road.

The location took around 7 years to plan and is zoned for a twenty eight story, 2,200 hotel room with five hundred thousand square feet of gambling, restaurant, entertainment and meeting area, according to the statement released by the Chartwell Group, which is handling the auction.

The executive vice president and principal of Chartwell Group's Accelerated Marketing Division Michael E. Berland said that the sale, which is subjected to the approval of the bankruptcy court judge, is a strategic opportunity for buyers to buy a fully entitled casino site in a good location. The bidding will begin at $27.5 million. The Dragon City resort is one of the multiple gaming proposals for Asian-themed casinos in the Las Vegas Strip that have not been fulfilled.

Even before the global financial crisis, financing for off-strip casino facility by gaming industry newcomers was very difficult. Businessman Andrew Lai said on an interview that his proposed casino resort had the chance to attract Asian tourists from the Las Vegas Strip and would be a place where Asian players would feel comfortable.

04/05/2009 19:54 PM

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