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San Francisco real estate bad boy Luke Brugnara has crapped out in Las Vegas, selling his Silver City Casino to Mark Stefan's City Center Retail Trust.
Brugnara sold Silver City for around $31 million to San Francisco-based City Center Retail, which is planning to bull doze the dated casino and build a shopping center. Brugnara made a profit on the 3.5-acre property on the strip, but sold it only after his request for a gaming license was shot down by the Nevada Gaming Commission.
Brugnara has retained six acres on the back of the property, but that parcel doesn't front Las Vegas Boulevard, the city's renowned Strip. Those familiar with the market say Brugnara's options are a small hotel minus gambling or condominiums. The parcel is worth between $12 million and $15 million.
Brugnara had gaming-magnate...