Vegas timeshare firm plans $450 million renovation

Friday, July 19, 2002 | 10:44 a.m.

A Las Vegas-based timeshare resort developer announced today it will renovate its flagship local resort with $450 million in improvements during a 10-year period.

Leisure Industries Corp., which developed the Ramada Vacation Suites properties under its former name, Preferred Equities Corp., will begin the three-phase renovation in January on the 18.5-acre site north of Flamingo Road, just east of the Imperial Palace hotel-casino.

The non-gaming timeshare resort eventually will be expanded from 489 units to 2,000 units. The property took on a new name this week, Leisure Resorts Las Vegas.

Floyd Kephart, chief executive officer of Leisure Industries, announced the project, known as "Las Vegas 2004," at its annual meetings of homeowners' associations.

"Our objective is to provide superior properties to support our goal to be the best vacation solutions provider in the industry," Kephart said in a release announcing the project.

Leisure Industries, which changed its corporate name from Mego Financial Corp. in April to more accurately portray its business, also owns timeshare properties in New Jersey, Colorado, Florida and Hawaii.

The first phase of the project will include upgrading and retrofitting about 300 existing units. The first phase also will include 10 new buildings that will add 800 units, a sales center, a laundry, a restaurant, retail and office space and a parking lot.

The second phase will add 11 buildings with more units, a health club, another restaurant and cafe, a meeting room and a parking garage. The third phase will include another sales center, service and operations buildings and a concierge.

The project architect will be Hellmuth, Obata + Kassabaum, St. Louis, which designed the National Air and Space Museum in Washington, D.C., and Oriole Park at Camden Yards in Baltimore. Plaza Construction Corp., New York, will manage construction services for the master plan.