WASHINGTON—Democratic presidential candidates including Michael Bloomberg are preparing to square off in Las Vegas as the former New York City mayor marks his first debate appearance just three days before Nevada’s first-in-the-West caucuses.

Mr. Bloomberg, who is not competing in Nevada’s caucuses, will take the stage alongside Sens. Bernie Sanders, Elizabeth Warren and Amy Klobuchar, former South Bend, Ind., Mayor Pete Buttigieg and former Vice President Joe Biden at a critical juncture in the race for the Democratic presidential…

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