The properties back up to McCarran International Airport at 5191Las Vegas Blvd. S., which is directly across from the famous"Welcome to Fabulous Las Vegas" sign. For 45 years, thesouthernmost parcel was home to the Klondike Hotel & Casino,which was demolished earlier this year. Royal Palm Las Vegas, asubsidiary of RPC, acquired the parcels in 2005 for a combined$65.75 million and proceeded to obtain the entitlements forParamount Las Vegas, a luxury hotel and resort that includes1,800-plus hotel rooms, 120,000 sf of convention and meeting space,an 80,000-sf casino, six to eight restaurants, 20,000 sf ofspecialty retail and a 1,200-seat theater.

"We had the whole thing ready to go; we had Taylor Constructionlined up and were working with Credit Suisse when the marketturned," Kodsi says. "We are still talking to people about apossible JV but we had to put our plans on hold and take a parallelpath by listing the property with Colliers International. We can'tkeep carrying the land, we still have debt on it."

Earlier this year, a company by the name of Epic Corp. that istraded on www.pinksheets.com announced that it had submitted aletter of intent to acquire a "major real estate development" onthe Las Vegas Strip. Its principal, Mick Bazuly, later toldGlobeSt.com that the development in question was the entitledproperty owned by RPC.