Las Vegas Sun

March 29, 2024

WEEK IN REVIEW: CLARK COUNTY

Anyone who is rich and owns casinos in Macau will tell you: Hangars for all your private jets are at a premium these days.

So what's a billionaire to do?

Well, when you see a "Land for Lease" advertisement in the classifieds for 15 acres at the county-owned McCarran International Airport, you jump all over it.

The land is the last available at McCarran for a private hangar and will be auctioned during Tuesday's commission meeting.

Given this town's propensity for the extravagant, the prime piece of airport real estate is expected to fetch a pretty penny.

"It's the last piece of land available at the airport that we control," said Randy Walker, Clark County's aviation director. "I would imagine based on the law of supply and demand that we would see people proposing amounts higher than the appraisal."

The auction also could turn into the next chapter of the long-running rivalry between two of Southern Nevada's richest men, Steve Wynn and Sheldon Adelson. Both are interested in the land to support their private fleets and neither wants the other to get it, according to one county official. MGM Mirage also is interested, said Alan Feldman, the company's spokesman. The state's largest gaming company has expanded its private aviation department to approximately six aircraft, used primarily to fly high rollers into town, Feldman said.

Feldman and Walker also said they expect Adelson and Wynn to be interested.

Which casino mogul has the biggest jet at McCarran?

That honor goes to Adelson, who has a Boeing 747 jumbo jet, Walker said. No wonder he's interested in the space.

By the way, a 747 starts at about $228 million, according to a price list on Boeing's Web site. Adelson also has a 767 (starting price: $124.5 million) and several other jets, Walker said.

The bidding for the lease must start at $615,771 a year. From there, bids must go up in $5,000 increments.

Needless to say, a bidding war would make for some interesting theater at Tuesday's commission meeting, especially if it evolves into a head-to-head contest between Adelson and Wynn, who have a long history of feuding.

Adelson once told the Sun that Wynn has a big ego and both men have publicly called the other a liar. They currently are fighting over how much parking Adelson should be required to build as part of a proposed new convention center.

Walker said he wouldn't mind a little healthy competition.

"The best thing that could happen is that we could get a little bit more money for it," he said.

Does the county conduct public auctions often?

Yes, though the airport auction is unusual because it involves a lease, not a sale.

But typically the county auctions surplus vacant land. The county gets two appraisals and bidding begins at the higher appraisal's price. A state law has required the county to handle the sale of excess land that way since 2005.

Since then, there have been 10 auctions and five sales, said Krynn Williams, property acquisition administrator.

In addition to the airport hangar lease auction, there are three land auction sales on this week's commission agenda.

Are any of them expected to be interesting?

One is of strong interest to residents of the Cactus Ridge Mobile Home Community, who are mostly senior citizens on fixed incomes.

The park's owner, Ray Koroghli, upped rents at the park by as much as $200 beginning this month. That's more than a 45 percent increase.

Some residents suspect Koroghli is trying to force them out with high rents so he can build a more profitable development on the land. The issue has the attention of county commissioners because the county moved some residents to the park after taking their former park by eminent domain. The county later sold the land to a private owner, who in turn sold it to Koroghli's company.

Now residents say Koroghli is interested in a neighboring piece of land on Las Vegas Boulevard between Richmar and Serene avenues. The 8.11 acres will be auctioned at Tuesday's commission meeting, starting at $24.7 million.

Koroghli could not be reached for comment Friday.

Anne Vilches, president of the park's homeowners association, said residents fear that Koroghli's interest in the land next door is another indication he wants to develop the park.

In the meantime, Commissioner Bruce Woodbury is expected to meet with Koroghli this week to discuss the possibility of reducing the rents.

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