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CBRE Tapped to Market 35-Acre Vegas Parcel

LAS VEGAS—Crown Resorts had acquired the parcel in 2014 with plans to develop an 1,100-key property on the site of the former New Frontier casino hotel.

Rendering of casino resort A rendering of the Alon Las Vegas as it was to be developed on the 35-acre site.

LAS VEGAS—Australia-based Crown Resorts Ltd. has tapped CBRE to market a 35-acre parcel along the Strip, formerly the site of the New Frontier casino hotel. Crown announced this past December that it would not proceed with a redevelopment of the parcel, which had traded to El-Ad Capital Group for $1.2 billion in 2007. Crown subsequently acquired the parcel in partnership with Oaktree Capital Management via a 2014 foreclosure auction, with plans to build the 1,100-key Alon Las Vegas on the site.

CBRE did not disclose an asking price. However, published reports say Crown is seeking $400 million for the parcel. The Las Vegas Review-Journal reported that while the parcel’s new owners could still pursue the Alon project, they wouldn’t be obligated to do so.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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