An anonymous director reports

38-ACRE-PROPERTY ON THE ICONIC LAS VEGAS STRIP GOES TO BANKRUPTCY AUCTION

Attorney Kavita Gupta has been appointed to serve as the Chapter 11 trustee overseeing the bankruptcy sale of 38.56 acres of privately owned real property on the world-famous Las Vegas strip, and Colliers International Group Inc. and Keen-Summit Capital Partners LLC are engaged as exclusive real estate agents for the offering. The bankruptcy court has approved bid procedures setting a bid deadline of April 30, 2020, and May 19, 2020, auction for qualified bidders.

The 38.56-acre development site includes 750 feet of frontage on Las Vegas Boulevard directly across from Mandalay Bay and is within walking distance from the new Las Vegas Raiders stadium. This once-in-a-lifetime development opportunity is in a qualified opportunity zone and zoned for gaming, hotels, retail, restaurants, entertainment, resort uses and parking, among other uses.

"The auction process is intended to bring about an efficient, transparent and final sale of this property. The 12 parcels can be purchased individually or in the aggregate, with offers reviewed and considered in advance of the bid deadline," said Ms. Gupta, the Chapter 11 trustee.

"There is nothing like this available for development on the strip. The heart of the strip between the Wynn property and Mandalay Bay is fully developed. This opportunity is the last true development opportunity in the heart of the strip," says Matthew Bordwin, principal at Keen-Summit, one of the exclusive real estate advisers for this offering. "With a trustee appointed and bid procedures approved by the bankruptcy court, there will be a sale transaction."

Michael Stuart, broker at Colliers International, one of the exclusive real estate advisers for this offering, commented further that: "The southern part of the strip is becoming a strong growth area due to the opening of the new Raiders stadium later this year. There is limited opportunity for developers to take advantage of a site of this size and capitalize on the more than 42 million annual visitors."

On April 30, 2018, Desert Land LLC (case No. 18-12454), Desert Oasis Apartments LLC (case No. 18-12456) and Desert Oasis Investments LLC (case No. 18-12457) filed Chapter 11 bankruptcy petitions in the District of Nevada. As the court appointed Chapter 11 trustee, Ms. Gupta is vested with the exclusive right to oversee the sale process and to manage the debtors' property and business activities. In December, 2019, Keen-Summit and Colliers International were engaged by the trustee as exclusive real estate agents for this offering.

About Colliers International Group Inc.

Colliers International is a leading global real estate services and investment management company. With operations in 68 countries, its 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors.