LAS VEGAS (AP) — A rare chance to obtain a city license to open a new pawn shop in Las Vegas drew a winning bid of $1.9 million.
Seven bidders took part in a Monday auction at City Hall, where the Las Vegas Review-Journal reports that two quickly emerged as the leaders. Bidding starting at $60,000, climbed quickly and lasted just 94 seconds.
The winning bid by SuperPawn topped offers by Gold and Beyond — ending the city’s first pawnbroker license auction since a new law in February 2020 changed the process from a lottery.
Dave Vale, district manager for SuperPawn owner Cash America, said the new store will likely open in part of the city without another one nearby.
The license is the city’s 25th. The number is limited based on population, the Review-Journal reported.
A 26th license is expected to become available when the city that now has 670,000 residents reaches a population of 700,000, city spokesman Jace Radke said.