More than a decade after purchasing the shuttered Castaways Hotel And Casino in Las Vegas and then demolishing the property, American casino operator Station Casinos is attempting to sell the vacant 25.5-acre site for $6.6 million.
According to a report from VegasInc.com (Las Vegas Sun), the Las Vegas-based casino operator has engaged real estate firm CBRE Group in an attempt to offload the plot for around $259,000 per acre. Station Casinos, which operates over 20 casinos throughout the United States including the Red Rock Casino Resort Spa in Las Vegas and Michigan’s Gun Lake Casino, started demolishing Castaways Hotel And Casino in the summer of 2005 before imploding its 19-story hotel tower the next year.
CBRE Group is additionally trying to sell the 56.6-acre site Station Casinos owns some six miles south of the Las Vegas Strip at the intersection of Las Vegas Boulevard and Cactus Avenue for approximately $40 million, which equates to roughly $706,000 per acre.
Opened in 1954 as The Showboat before being re-named in 2000, the 447-room Castaways Hotel And Casino featured an 80,000 sq ft casino and a 106-lane bowling center. The property filed for bankruptcy protections in mid-2003 before being seized through foreclosure proceedings early the next year.
The Las Vegas Sun reported that a group of local casino owners subsequently discussed plans to buy the property and transform it into a Hispanic-focused entertainments center. But, this enterprise was beaten to the punch by Station Casinos after it paid $33.75 million for the defunct resort in the autumn of 2004 without revealing any future development plans.
“It’s clear that the existing facility is not competitive in its current state so we are currently evaluating the property,” read a statement released at the time by Glenn Christenson, then-Chief Financial Officer for Station Casinos. “Until we finish our evaluation, it is premature to discuss our plans for the site.”
Editor’s note: The World Casino Directory recently updated its list of casinos for sale.