Barbary Coast sets sights on vacant lot

Oct 1, 2002 7:53 AM

A 2½-acre parcel just east of the Barbary Coast is for sale, and Coast Casinos is interested.

The land is on the block because its owner, Nevada Power Co., needs a quick cash infusion. The parcel, which fronts Flamingo Road, is currently being used for Barbary Coast employee parking.

"We’re interested,’’ Coast President Harlan Braaten told GamingToday.

The property’s appraised value could be as high as $20 million, largely because it’s already zoned for gaming and could support a seven- or eight-story hotel ”” which would give the four-story Barbary Coast room to grow.

The casino has been leasing the lot at a favorable, undisclosed rate for the past 20 years.

Sources say preliminary negotiations are getting under way, but caution that Coast does not necessarily have the inside track. Park Place Entertainment has long coveted the northeast corner of the Strip and Flamingo, which separates its Bally’s and Flamingo resorts.

Insiders add, however, that Michael Gaughan’s Coast, at this point, appears to be the most likely buyer.