[LLVResident]

The Las Vegas Review Journal reported yesterday that the Lake Las Vegas Development will exit bankruptcy on June 21/22 with 24 million dollars in hand.

This was announced at a Lake Las Vegas Town Hall meeting at the Loews on Thursday April 8th hosted by the Henderson Mayor.

The 670 page Chapter 11 exit plan will untangle all of the messes created by the original developer. This should be the turning point for LLV.

While the Mayor could not provide the specifics, he did say that there are interested parties in the Ritz and Casino and the sale and re-branding will be in short order.

I also read that the Belle Fiore neighborhood in LLV has beautiful homes starting at $299k. Their HOA dues are around $250.00 per month.

[Jhiker10]

@LLV
Is the owner of the Palms Resort interested in one of the resorts at Lake Las Vegas?

[LLVResident]

Hey there Jhiker. I have heard a rumor that Maloof who owns the Palms may be interested in the Ritz/Casino property. The Ritz/Casino is owned by Duetsche Bank and would be the only hotel/resort property that would be available. The Loews is doing fine. The Montelago Village Hotel-Condos Viera and Luna are privately owned by individuals and well capitalized. Intrawest manages the hospitality portion of Montelago Village.

I've also heard talk that Harrahs and Wynn have been poking around the Ritz/Casino properties as well. But, the make or break for them would be if they are able to buy up the Falls and Reflection Golf courses. I doubt the sale of the courses will be known until June, when the development exits bankruptcy. As I mentioned before, while the golf courses are no longer owned by LLV as they were foreclosed on by the lender Carmel Land and Cattle, there are still some purse strings attached to LLV Bankruptcy that need to be cut before the courses are free to be conveyed to new owners. Who would buy any property until all mechanic liens, pump house and irrigation issues are resolved.

Steve Wynn loves lakes, waterfalls and golf courses. The Ritz property sits on the lake, has a quite nice water fall and golf courses feet away. He can buy it for pennies on the dollar and the properties are mostly turn key. He also just pulled out of the Philly Casino deal and said he has no interest in Atlantic City.

Stay tuned!!!

[joyvegas]

I always appreciate your detailed updates on LLV. I am one of LLV resident and really love here.

[Jhiker10]

Originally Posted by LLVResident

Hey there Jhiker. I have heard a rumor that Maloof who owns the Palms may be interested in the Ritz/Casino property. The Ritz/Casino is owned by Duetsche Bank and would be the only hotel/resort property that would be available. The Loews is doing fine. The Montelago Village Hotel-Condos Viera and Luna are privately owned by individuals and well capitalized. Intrawest manages the hospitality portion of Montelago Village.

I've also heard talk that Harrahs and Wynn have been poking around the Ritz/Casino properties as well. But, the make or break for them would be if they are able to buy up the Falls and Reflection Golf courses. I doubt the sale of the courses will be known until June, when the development exits bankruptcy. As I mentioned before, while the golf courses are no longer owned by LLV as they were foreclosed on by the lender Carmel Land and Cattle, there are still some purse strings attached to LLV Bankruptcy that need to be cut before the courses are free to be conveyed to new owners. Who would buy any property until all mechanic liens, pump house and irrigation issues are resolved.

Steve Wynn loves lakes, waterfalls and golf courses. The Ritz property sits on the lake, has a quite nice water fall and golf courses feet away. He can buy it for pennies on the dollar and the properties are mostly turn key. He also just pulled out of the Philly Casino deal and said he has no interest in Atlantic City.

Stay tuned!!!

It would be better if the interested parties go for the mid market instead of the exclusive upper market which did not work for LLV.

[007 license to sell]

Some people may have forgotten that the Loews Lake Las Vegas hotel fell into foreclosure. Then the Ritz-Carlton, which had earlier filed for bankruptcy, announced its shutdown and spooked potential investors in the struggling Casino MonteLago.

Read more: http://dailyme.com/story/2010031300003465/las-vegas-launched-decades-ago-ghost.html#ixzz0kqAKA7jM

[LLVResident]

007, As reported in the LVSun the foreclosure issue at the Loews Hotel was with the owner of the building itself and not Loews themselves. The Loews only managed the property. The building owner failed to make the payment. However, the Loews continued to manage the property. The Loews is current doing great. Occupancy ahead of last year. I stopped in over Easter weekend and the hotel was fully booked. The Loews has really figured out how to bring customers in and captured that niche. This was something that the Ritz didn't do.. adjust to the current economy.

Lenders seek control of Lake Las Vegas hotel - Thursday, June 4, 2009 | 2:05 a.m. - Las Vegas Sun

[007 license to sell]

That's good to know, marketing has to be different the the strip that's for sure. The biggest complaint I ever here is the rates are to high out at Lake Las Vegas and since it's so far from anything that is something maybe Loews has figuired out.