Here’s why Las Vegas drew no bids in its Cashman Center auction
Cashman Center received no bidders during its online auction.
The auction was open Nov. 12-19, with bidding starting at $33.95 million. Despite receiving “significant interest from numerous parties,” according to city officials, the site received no bids.
During feedback, all bidders said they wanted a 90-to 120-day period included in the contract for the highest bidder to seek land entitlements. Under that clause, the bidder would be released from the purchase if those entitlements could not be acquired.
The Las Vegas City Council will review the feedback at its Dec. 4 meeting, which will feature two new members, and decide whether to support the entitlement clause. If approved, the site would most likely go back to the auction block in January.
In October, the council approved the sale of Cashman Center via online auction on EnergyNet.com. The auction encompassed all 50 acres of the site, including the ballpark, warehouse showrooms, the theater, storage and parking lots.
The city took control of the complex from the Las Vegas Convention and Visitors Authority in 2016 and closed the complex in 2017. Since then, the city has been unsuccessful in redeveloping the space — even offering the land to the Oakland A’s for their new stadium. That offer was turned down.
Contact Emerson Drewes at edrewes@reviewjournal.com. Follow @EmersonDrewes on X.
