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.

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"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."

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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.

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Kodsi tells GlobeSt.com that Epic never actually submitted anLOI. "I was approached by him but they don't have the capability ofbuying this project," he says. "He's just trying to shop adeal."

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The $18 million per-acre asking price for the $10.6-acre site isbelow the $20 million per-acre pricing that has been the going ratefor Strip property. Despite considering a sale, Kodsi thinks theVegas hotel market will turn for the better within 12 months. "Inthe long run, if you build that asset it will have its day," hesays.

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The Klondike opened in 1962 as a Motel 6. It was sold in 1972for $1 million and the new owners added the casino, bars andrestaurant. The Klondike closed its doors in June 2006, nine monthsafter being acquired by RPC. It was demolished last month afterhomeless people took up residence.

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