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Business Wire is reporting that the owners of Lake Las Vegas Resort have filed to reorganize under Chapter 11 of the Bankruptcy Code. The Business Wire writes, "Citing a combination of poor liquidity, substantial debt service, extremely challenging real estate market conditions and other legal and financial issues, Lake at Las Vegas Joint Venture, LLC, the master developer of the Lake Las Vegas Resort (“LLV”), and several of its interdependent subsidiaries today filed to reorganize under Chapter 11 of the Bankruptcy Code." The filing occurred in U.S. Bankruptcy Court for the District of Nevada in Las Vegas," the Business Wire writes.
Full Story Here.
Not surprising. I'm sure they won't be the only one. However, the silver lining in the cloud is that there are some spectacular deals out there.
They should lower the rates at the golf courses to drum up more business!!!!!!!!!!!
These business's always increase on the customer first for their own bad decisions and when it doesn't work they file for protection the bankruptcy courts should hold them accountable for bad practices how will it change for the better who is in charge this time how many cuts have been made and where, these are things i would have to know before granting protection.
Sell to the hightest bidder for cash and you will have a worthy management team for the project.
Casinokid - you've got no spelling or punctuation skills, and yet you profess to know how to solve all of the many problems of a multibillion dollar real estate project? Yeah right.
Lake Las Vegas needs to start marketing to the locals.
Will home prices drop now that they filed for BK in this region?
Chapter 11 means they are staying in business and getting protection from their lenders.
The lenders may get a piece of ownership in exchange for reducing interest rates and extending the life of the loans.
They are already marketing to locals. Perhaps, you have been throwing away the marketing letters and postcards that they send to you.
Most likely housing prices have bottom out and will start to climb a little.