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Economy:

Another golf course to close at struggling Lake Las Vegas

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Steve Marcus / File photo

Spectators look on during an annual Three-Tour Challenge at the Reflection Bay Golf Club at Lake Las Vegas in Henderson in 2004. The golf course at Lake Las Vegas is scheduled to close June 30 and its employees will be laid off.

Updated Tuesday, Aug. 25, 2009 | 12:56 p.m.

The Reflection Bay golf course at Lake Las Vegas is scheduled to close June 30 and its employees will be laid off, Lake Las Vegas revealed in a recent court filing.

With the earlier closure of the Falls golf course, this will leave just one operating course at the struggling high-end development in Henderson. That's the private SouthShore course.

Reflection Bay is an 18-hole Jack Nicklaus-designed course that in years past hosted the national Wendy's Three-Tour challenge.

Lake at Las Vegas Joint Venture, which filed for bankruptcy protection last year, said in a court filing last week that even though it operates Reflection Bay, it has determined it has no equity interest in the course and that the property is not necessary for its financial reorganization.

Lake at Las Vegas said it will close the course in advance of a foreclosure sale set for July 9 by the holder of the course's mortgage, Carmel Land & Cattle Co.

About 45 employees will be laid off, a spokeswoman said.

The planned closure caused the three hotels at Lake Las Vegas to make arrangements to send guests to golf courses in Henderson, Las Vegas and Boulder City.

A spokeswoman for the Lake Las Vegas Destination Marketing Council said the Ritz-Carlton has partnered with Cascata in Boulder City; Rio Secco, Anthem (Revere at Anthem-Concord Course and Revere at Anthem–Lexington Course) and Tuscany in Henderson.

The Loews Lake Las Vegas Resort has partnered with the Tuscany, Cascata, Legacy, Revere and Royal Links courses.

MonteLago Village Resort has partnered with Tuscany.

Given the distressed state of the economy, it's unclear if anyone would buy the Reflection Bay course. Carmel Land earlier foreclosed on the Falls course.

And while that course remains closed, it's being maintained, said Sandra Sternberg, spokeswoman for Lake at Las Vegas.

In court papers, Lake at Las Vegas said Carmel Land holds a claim related to Reflection Bay of $28.382 million.

"In view of the continued deterioration of the economy and the scarcity of available financing for golf courses, the debtors believe that Reflection Bay is worth significantly less than Carmel's secured claims," Lake at Las Vegas Senior Vice President James Coyne said in court papers.

The bankruptcy court set a June 29 hearing on the plan to close the course and to allow Carmel Land to proceed with the foreclosure sale.

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