Las Vegas Sun

September 22, 2018

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Real Estate:

25-acre site once occupied by Castaways and Showboat is on the market for $6 million

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L.E. Baskow

This property at 2800 Fremont Street, just south of Charleston Boulevard, was recently listed for $6.6 million. It is shown Aug. 3, 2016.

Fremont Street Property Sale

Significant piece of property which just got put on the market about 2800 Fremont Street on Wednesday, August 3, 2016. Launch slideshow »

Castaways Casino

The Castaways and its marquee Thursday, June 26, 2003. Launch slideshow »

More than a decade after buying the shuttered Castaways resort and imploding it, Station Casinos is trying to sell the property at a steep discount to what it paid.

Brokerage firm CBRE Group sent out marketing materials Wednesday showing the vacant 25.5-acre site, on Fremont Street just south of Charleston Boulevard, is for sale.

The asking price is $6.6 million.

It’s at least the second big, empty property in the valley that Las Vegas-based Station is trying to sell, although the price tags vary greatly.

CBRE brokers also are trying to unload Station’s 56.6-acre site at Las Vegas Boulevard and Cactus Avenue, some 6 miles south of the Strip, for $40 million, or roughly $706,000 per acre. By comparison, the Castaways site is listed for around $259,000 per acre.

Station spokeswoman Lori Nelson declined to comment Wednesday, and efforts to speak with the brokers for the Castaways site were unsuccessful.

The 447-room Castaways, which opened in the 1950s as the Showboat, had an 80,000-square-foot casino and a 106-lane bowling center. It went bankrupt in mid-2003 and was seized through foreclosure in early 2004, a few days after it was forced to close, according to Las Vegas Sun reports.

A group of local casino owners discussed plans to buy it and make it a Hispanics-focused property, but Station bought the defunct resort in fall 2004 for $33.75 million.

At the time, however, Station executives did not say what they planned to do with it.

“It’s clear that the existing facility is not competitive in its current state, so we are currently evaluating the property,” then-chief financial officer Glenn Christenson said in a securities filing. “Until we finish our evaluation, it is premature to discuss our plans for the sight (sic).”

The company started demolishing the Castaways in summer 2005 and imploded its 19-story hotel tower in early 2006.

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