<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2010-06-07</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001485589</issuerCik>
        <issuerName>Nevada Property 1 LLC</issuerName>
        <issuerTradingSymbol>None</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001493248</rptOwnerCik>
            <rptOwnerName>Nevada Mezz 1 LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>60 WALL STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10005</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Membership Interests</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class B Membership Interests</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <remarks>Nevada Mezz 1 LLC, the sole managing member of Nevada Property 1 LLC, holds 100% of Nevada Property 1 LLC 's Class A Membership Interests and 100% of the Class B Membership Interests. Deutsche Bank AG New York Branch (&quot;Deutsche Bank&quot;), through its wholly-owned subsidiary, Nevada Parent 1 LLC, indirectly holds all the Class A Membership Interests and Class B Membership Interests. Deutsche Bank may be deemed to be the beneficial owner of the Class A Membership Interests and Class B Membership Interests held by Nevada Mezz 1 LLC. The business address of Nevada Mezz 1 LLC is c/o Deutsche Bank AG New York Branch, 60 Wall Street, New York, New York 10005.</remarks>

    <ownerSignature>
        <signatureName>Anthony J. Pearl for Nevada Mezz 1 LLC</signatureName>
        <signatureDate>2010-06-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
