Preferred bidder out

Tuesday, Sept. 11, 2001 | 9:48 a.m.

The Los Angeles real estate company that had been the prefered bidder for the bankrupt Regent Las Vegas hotel-casino has withdrawn its $80 million offer, while a Canadian investment firm has apparently taken its place with a similar offer.

Maritz Wolff & Co. withdrew its offer because it was unable to agree on certain procedural details with the creditors of the Summerlin resort, said Lanis O'Steen, chief executive of the Regent Las Vegas.

"It had to do with the procedure more than the economics," said O'Steen, who decline to elaborate on the details.

Vancouver, British Columbia-based Larco Investments Ltd. has emerged as the preferred bidder, having submitted also an $80 million offer for the casino in the Summerlin area of Las Vegas.

O'Steen said the creditors had been talking with Larco for several weeks.

Bankruptcy Judge Clive Jones was expected to decide today on whether Larco will formally become the preferred bidder, but O'Steen said the hearing may be delayed because out-of-town creditors may not be able to arrive at the hearing because of airline disruptions caused by apparent terrorist attacks.

Larco Investments owns resort properties and shopping malls.

Final bids for the Regent Las Vegas are due by Sept. 18, with an auction scheduled for those that overbid the preferred bidder on Sept. 25.

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