By Clyde Mooney
Top Kings Cross gaming venue the Vegas Hotel is up for grabs in an auction expected to attract top bidders.
Situated in the heart of the 'Golden Mile' the Vegas lives up to its namesake's reputation, appearing consistently in the OLGR list of Top NSW Gaming Venues.
The hotel boasts the only three-hour gaming room shutdown in the area, and pulls $1.3 million in gaming turnover per week through 30 EGMs and a new TAB.
Speaking to TheShout, selling agents Jones Lang LaSalle (JLL) said that unless settled beforehand an auction is expected to generate the best result for the vendors, who have received continuous offers to sell the venue.
"It's known as having 'the best hotel licence in Kings Cross' and with new legislation, that's now even more unlikely to ever change," said John Musca, national director – pub investment sales.
The venue transacted in 2010 after shedding a large chunk of the $47 million it was valued at pre-GFC due to licensing restrictions imposed on the venue.
"Last time it was sold it had just suffered a one-off restriction to its trading hours effectively closing the venue at 2am," explained Musca, who also handled the 2010 sale.
"That has now been rectified and the approved 24-hr trading hours reinstated, resulting in 40 per cent higher normalised earnings."
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