Winning bid hits $1.9M for pawnbroker license in Las Vegas

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. The Las Vegas Review-Journal reports that seven bidders took part in a Monday auction at City Hall that started at $60,000 and lasted just 94 seconds. SuperPawn was the winner. It was the city’s first pawnbroker license auction since a new law in February 2020 changed the process from a lottery. The license is the city’s 25th. The number is limited based on population. A city spokesman says the next license is expected to become available when the city adds 30,000 more residents and reaches a population of 700,000.