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November 10, 2009

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Bankrupt Vegas hotel-casino considering new funding

Tuesday, Aug. 21, 2001 | 10:43 a.m.

The bankrupt Vacation Village hotel-casino on the Las Vegas Strip said it's considering a $42 million loan offer from a mystery lender after a $35 million bailout loan fell through.

Tim Heers, one of Vacation Village's major shareholders, declined to identify the new potential lender.

San Francisco-based Bank of Canton of California, which made a loan commitment on June 19 to provide the small 315-room Vacation Village with a 10-year refinancing loan of $35 million, said at a court hearing Monday the commitment wouldn't be extended after its Monday expiration.

The bailout plan was stalled in part by accusations from three Californian brokers that Vacation Village reneged on a Jan. 26 agreement to pay them a 9.75 percent commission -- $3.413 million -- after they allegedly introduced the hotel-casino to the bank. Vacation Village's offer on July 30 to settle for $480,000 was spurned by the brokers.

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