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StumbleAfter foreclosure, Greek Isles casino has new owner
Steve Marcus / file photo
The 202-room Greek Isles hotel-casino on Convention Center Drive near Las Vegas Boulevard.
Tuesday, Aug. 18, 2009 | 11:17 a.m.
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Greek Isles Casino
The Greek Isles hotel-casino in Las Vegas has a new owner now that it has been foreclosed on.
Clark County records show Canpartners Realty Holding Co. IV LLC became the owner of the property last week, buying it with a credit bid of $47 million during foreclosure proceedings -- far less than the $67.3 million owed to Canpartners by the former owner, bankrupt GIH-SPE II LLC.
A spokeswoman for Canpartners had no immediate comment Tuesday on the lender's plans for the property, located on Convention Center Drive between Las Vegas Boulevard and Paradise Road.
Canpartners is an affiliate of Los Angeles investment company Canyon Capital Realty Advisors, which typically sells properties it has foreclosed upon.
Canpartners earlier this summer sought and received permission from a Delaware bankruptcy judge to sell the Greek Isles at auction, saying GIH-SPE had no hope of catching up on delinquent mortgage payments as the property has been losing more than $86,000 per month.
Greek Isles, with 202 hotel rooms and a small gaming operation, was forced into bankruptcy by creditors April 6. A receiver appointed at the request of Canpartners has been running the property.
Canpartners granted a $56 million loan against the property in 2007 -- just before the Las Vegas economy soured as the national recession reduced visitation to Las Vegas.
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This place was always doomed even when it was the paddlewheel or that debbie reynolds.. it doesnt stand a chance.
At those debt levels and a stale product in a challenged location? Times are going to remain tough over there.
I miss the Debbie Reynolds theme. Hope they give it a facelift. No pune to the Greeks but it's exterior is repulsive.
I'd have to agree with talkwjohn....I walked into once when it was in it's Debbie Reynolds phase & was shocked as there was NOBODY in the casino in the middle of the day!
The value is only in the land. The improvements are a liability. It's a tear down. It could be considered a good location given it's access to the convention center.
If you are between Wynn and the Convention Center, that is a good thing.
What remains to be seen is how much of their investment they can keep.
The only time that property did good was when Michael Gaughan and Frank Toti operated it as the Royal Inn Casino. This was prior to the opening of the Barbary Coast.
The property was sold to Horn and Hardart (New York City Automat operators turned franchise kingpins) in the late 1970's and sold again and again. The property has never been a viable money maker.
You would think that something so close to the convention center would be able to survive on rooms alone. The casino would be a plus... I think if it upgraded by a few million, it would work....
I agree dave202, but it needs something other than slots, a restaurant and some rooms. I believe they have operated a small showroom in the past, but how do you make a buck when it's physically and functionally obsolete?
There's no real there, there.
Just nothing to really be a draw.
i noticed there was a rainbow flag fying over the hotel.does that have any significance.
The only way you can make that place viable,is let Steve Wynn make that whole block into Wynn City Center.
Hey idiots-
put in 98% slots, single-zero roulette, 10X craps, full-pay VP, single deck BJ (NOT 6-5) and some eye popping food specials and the place will be packed.
What do you have to lose?
It would make a good Rush Limpbaugh themed casino, fat, ugly, fake phassade