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Mona Shield Payne / Special to the Sun
Casino MonteLago at Lake Las Vegas.
Published Tuesday, Feb. 16, 2010 | 12:54 p.m.
Updated Tuesday, Feb. 16, 2010 | 3:12 p.m.
Casino Montelago
Casino MonteLago at Lake Las Vegas will close at midnight March 14, the casino owner announced today.
The closure is a direct result of last week’s announcement that the Ritz-Carlton would be closing on May 2.
The casino is owned by CIRI Lakeside Gaming Investors LLC and is leased through Village Hospitality LLC, which is an arm of Deutsche Bank and owner of the Ritz-Carlton at Lake Las Vegas.
More than 170 people will be out of work as a result of the closure. Employees were informed by management today.
John Tipton, a spokesman for the company, said the casino was in the middle of negotiations with other investors when the announcement of the Ritz-Carlton closure hit, resulting in those investors pulling out of the casino.
“It left the current owners in a situation where they felt they could no longer operate the facility without additional investors,” Tipton said.
Tipton said CIRI Lakeside Gaming was negotiating with additional investors because of difficulties in the Las Vegas gaming market. Three individual owners of Henderson-based PDS Gaming, New York-based fund Plainfield Enterprises LLC and several other individuals have interests in the casino, Tipton said.
After the Ritz-Carlton announcement, Jennifer Morton, marketing and public relations director for Casino MonteLago, predicted last week that business for the casino would remain steady without the luxury hotel.
“We have a strong local base, so it’s just going to be business as normal for us,” Morton told the Sun last week.
Casino MonteLago had shut down its casino pit during recent months from Mondays through Thursdays because of low customer levels.
Gaming Control Board Chairman Dennis Neilander said he wasn’t aware of any other operators interested in taking over Casino MonteLago. Neilander said the property’s gaming license will be surrendered upon closing.
The casino opened in May 2003. It originally was owned by Cook Inlet Region, Inc., a corporation owned by members of an Alaskan American Indian tribe.
The Ritz-Carlton at Lake Las Vegas announced last week it would be closing its doors in May due to a lack of funding from owners Village Hospitality LLC. The closure will leave about 350 employees out of work. The Ritz-Carlton Hotel Company is an independently operated division of Marriott International.
In addition to the hotels, restaurants, shops and casino, the 3,600-acre Lake Las Vegas development, located about 20 miles from the Strip, includes more than 1,700 residential units. Lake Las Vegas is now in bankruptcy, burdened with $728 million in liabilities amid the worst real estate downturn in memory.
Wow..... this is getting very ugly.
Feb 10, 2010 Las Vegas Sun Article:
Jennifer Morton, marketing and public relations director for Casino MonteLago, predicted that business for the casino will remain steady without the luxury hotel.
"We have a strong local base, so it's just going to be business as normal for us," Morton said.
Sounds like there was some management disconnect there or Morton was blowing some smoke.
Without the casino, the Ritz and golf courses, Loews will not survive and without that there is nothing to keep all those Montelago shops open.
once they close, the condos and houses will empty and so will the lake.
They should just put a fence around the entire development and then maybe, just maybe it can reopen in twenty years.
What a shame for the homeowners in the area to have their local resorts close.
No doubt that was part of the initial draw.
Too bad.
One of my friends back in Vegas had guests in town over the weekend and she was going to take them to Lake Las Vegas yesterday. I told her good because with the Ritz closing, who knows what will happen to the casino and the shops. She had NO IDEA that the Ritz was closing! She is one of those that doesn't read the paper or watch the news. I love her dearly but I always tell her to pay attention on what is going on in the city she lives in because it DOES effect her!! She's been in denial for over a year on how bad things are in Vegas. I think that stems from the fact that she has a secure job and it has been mentioned that those who still have jobs tend to ignore what is going on around them. Kind of "Bury your head in the sand" and it will all go away.
Can anybody say... Ghost town????
Here's a question for all those well-informed: what would be the odds if another hotel company buys the Ritz, the casino will be purchased by someone? I ask because of the economics of Vegas right now. Will Harrah's do it?
What do you think will happen to both properties?
And yes, I can see the shops all closing now, too.
PS I hope in the future, something positive happens with the area. It is just beautiful there, but unfortunately, it may take years for anything to happen.
Good place for a nuke power plant, cooling water, gated security and close to power grid.
Why do the "bourgeoisie" rich people need a lake??? Let's invite North Korean Troops to run the place, they could run a work camp out there and serve gruel and kimchi to the chumps who bought out there.
Personally there are some things that are good. Yeah condos are not selling and overpriced LLV is slowly dying, but it is about time that Las Vegas return to its roots of being a decent priced place where you can come and enjoy yourself. Somewhere along the way, everyone started to think that we were some Freinch Riviera where we could have outlandish priced restaurants, $400 a night rooms and everyone had the ability to pay $300 for a show.
I for one have started to see and enjoy seeing the moderate priced Vegas starting to re-emerge from this mess.
If one good thing can come out of this, it is Vegas becoming Vegas again.
Lake Las Vegas is absolutely beautiful but I knew from the first day I went there a year and a half ago that it was doomed to failure. The place was an absolute ghost town. Walking around we felt like we were in an episode of the Twilight Zone. We went back one time after that, and it was the same thing. We felt like we were the only ones there.
This is yet another Las Vegas project that will be looked back on as what happens when you mix unaduldterated greed, arrogance, and hubris with the deep pockets of equally greedy and out-of-touch investors. Lake Las Vegas will now go down as one of the epic disasters of the Vegas boom years. RIP. It was nice while it lasted.
And the hits just keep on coming..
Oh yeah there's one last possiblity, Harrah's will step in and buy the Ritz and the casino for pennies on the dollar. If you think it can't or won't happen, think again.
"This is yet another Las Vegas project that will be looked back on as what happens when you mix unaduldterated greed, arrogance, and hubris with the deep pockets of equally greedy and out-of-touch investors."
-------------------------------
I agree.
the reason Vegas always weathered ressessions well in the past was because it knew its place and its purpose.
Somewhere between 2003 and 2008, that purpose got lost in investors causing eyes to glaze over with greed and made everyone think that Vegas was something else.
In the end, thank goodness, they will leave our desert town and we can get back to doing what we did well....provide good fun at a good price.
That's OK people, Harry Greed will come along and get financing like he did for Citicenter and save 41,000 jobs. Harry is our savior.
LLV done, stick a fork, etc.
Obama is dancing for joy.
Gone is another place in the Vegas valley where citizens can no longer blow their cash in.
You go, Mr. President!!!
You are on a roll!!!!!
Hey ! Boyd could buy it and turn it into another Sam's Town!!
SgtRock ..... You still don't get it. You are on big id**t!!
We may have offers and cheap prices now but the casinos are watching for any sort of uptick, awaiting any possibility to raise prices back up. They ain't dropping prices to be nice. Locals offers? They will disappear like a Lance Burton act, as soon as the economy picks up and the economy will pick up faster for the well to do than it will for the working stiff. Don't get too used to cheap prices and offers. I have already witnessed a few gone by the wayside.
but i thought vegas was "recession proof"?
that should be tattooed on the forehead of every person that uttered that stupid and arrogant statement.
Whoever paid $400,000 for a 1500 square foot condo at V at Lake Las Vegas back in October is probably kicking themselves in the pants right now.
Yes, Las Vegas is going belly up.
vegas is done.
you can no longer sit back and say "oh, that's just negative talk".
there's just too many people out of work in this country and the ones that have jobs don't want to blow $2000 for a 3 day weekend. those days are long gone.
SgtCrock...you must see Obama behind everything if you can connect him and this casino closing. Your paranoia is breathtaking.
It's the 'ol supply and demand notion again! There are way too many casinos, hotel rooms and restaurants for the demand. Over time the majority will be forced to close. Look at the commercial real estate market here too...there is an over-abundance of vacant stores and office buildings too.
Obama is dancing for joy.
Gone is another place in the Vegas valley where citizens can no longer blow their cash in.
You go, Mr. President!!!
You are on a roll!!!!!
Sgt. Rock - you are an idiot. This place has been going down for awhile now, as others have indicated. My guess is the President doesn't even know that much about Lake Las Vegas, and if he knows anything about it is that it is an overpriced area that started to fall apart BEFORE he was President. You seem to forget - many people in other parts of the country know nothing more than the Vegas Strip and could care less about this nouveau rich place closing. And that includes U.S. Presidents - present and past.
Your idiocy knows no bounds.
Man, this is scary. I loved this place so much, and was plannning to attend one of those Fri/Sat evening performance by some bands on the grass lawn, sipping beer. Its one of the best places to relax in Vegas, esp in Summer. I am sad. With the casino, I believe everything else there will be closed..very depressing.
sad...
very very sad...
It was Obama who planned and built this fine resort. I guess he and Reid were part of the real estate group that forced over priced housing down the throats of those who could not afford to even rent an apartment. I just love how people just bleed ignorance, they have no clue to what they say or how they think. Just look at them shake your head and walk away. Their kind dont even need to be recognized as thoughtful people.
p
Sgt. Rock is one of the many posters here who can make Sarah Palin look intelligent......ol' Rcok probably would fail 2nd grade, no wonder he only made the rank of Sgt. !!!
Keep up the idiocy Sgt. !!! Carry on !
Obomination apologists just stop right now! BOT PARTIES SHARE THE BLAME OF THE COLLAPSED US ECONOMY!! Reid, Pelosi, Dodd, Frank, were all in as well so just stop it right now..
Where are the clowns that say they are moving here in 5 to7 years??? But look at the weather we have here, we can tan in the unemployment line waiting for our turn.. the future is BRIGHT, can't all you people see??
you clowns are actually trying to blame obama for this...
hee hee hee...
hoo hoo hoo...
haa haa haa...
good god you losers...
want to know why america is broken...
take a good look in the mirror tonight when you get home...
l-o-s-e-r-s!!!
No loss! Overpriced, food was mediocre at best, and poor marketing to locals. The "M" had better take notice! You need to take a few lessons from Sam's, Fortune, Jerry's, and Mystic! They know how to bring local people in.
I remember when I signed up at M! My gift was a free BREAKFAST buffet good for 1 week! Are U kidding me? Never been back and never will!
You want local support - then you need to wake up and remember WIIFM (What's In It For Me!).
1. Casinos need to loosen up their slots -make your money from volume.
2. Need to offer food/slot specials - buy a $10.00 special meal (and I don't mean crap food) and put $10.00 of free slot play on card.
3. If you advertise a "special/free giveaway" then keep your promise and if no limit is mentioned offer "rain checks".
4. Lower the minimums at the tables to reflect economy
5. Comp rooms automatically if over a certain amount is spent each day at tables and/or food
6. Comp buffet (automatically) if over a certain amount is spent each day.
7. Price shows realistically. $150 for Garth (someone is drinking Kool aid) OK throw in a free dinner!
I could go on, but I guess the easiest way is go BACK to the way it was 20 - 25 years ago.
That would include yourself as well Birdiedreamin...
Where are all those illegals going to work?I guess it all comes back to you.I remember when workers in Vagas could aford to patronize the local places,But with the help of slave wages and tax payers paying for the education of illegals heathcare welfare food stamps and paying for their hospital stay to have babies.All for the sake of cheap labor ok you got it.Their is no one left with jobs that pays.Who could have seen that comming?LOL
Hopefully whoever takes it over will do more things to draw people there like a poker room and hold poker tournements ect. The current casino operators were a bit flat. New blood is always good.
My guess is that Deutche Bank wanted everyone out so they could sell the entire property, including the hotel and casino to the new owners. The hotel and the casino are too beautiful to let go to waste.
I'm about ready for some good and positive news about things.
What are they going to do? Put up a fence around it to prevent damage and looting? I never understood the concept of LLV....
This is to the people that dont like to see the truth.Barck Hussain Obama is the man in charge and his people yes or no?If Obama and his people would have made the right choices this would not have happened yes or no?If Bush would have been the man in charge of our economy it would have been his fault and his people.Do you get it? You falt the man in charge.I never thought I would be defending Bush see what you made me do?
Chalk up another failed business to Obama.
My heart goes out to all those families who bought homes in the Lake Las Vegas area with the same hopes and dreams we all have. That is to live in a safe area and have our homes appreciate in value. The owners of businesses who took risks to open them soon will discover the American nightmare of bankruptcy and foreclosure.
To all those who gloat please realize you will be paying for this folly with higher taxes, bank interest rates and less services.
When we as a society succeed we all benefit, yet when we fail, we all suffer.
I suspect the Ritz property and Montelago Village will reopen at some point and make money. In the interum, there will be alot of misery.
I like LLV, been out there many a time with friends.
That being said, the costs of that place were too high for locals, the rents were too high for the store owners, and the location was too far out for most to care about.
If I didn't have friends who had properties in there, then I would have never gone out there. I feel bad for my friends now, because their investment has gone south.
LLV was nice, but overpriced and their biggest obstable with connecting with the community to generate the foot traffic and interest to get the dollars rolling. You can blame marketing, tight slots, high costs, etc. etc. etc. but it was a combination of all these that brought it down in my opinion.
I wish the current residents luck and hope that they're financially able to hold onto their properties for the long-term to hold on for better days about 10 or 15-years from now.
My fiance' and I have had a lot of great memories out in LLV. We currently rent a unit out there and will be sad to leave.. Just wish I could have played The Falls GC for under 350.00 before it closed its doors...It will be a domino effect of disaster. I do feel bad for the homeowners and my friends who live there. Guess Kenny G won't be coming back... :(
HammerMC and tannsummers..Without the stimulus plan, the Strip would have been a ghost town, never mind the remote Monte Largo. The number of failed businesses has been reduced from where it would have been. This problem was a long time in coming. Eight years of Bush wars and deficit spending (please send back your $300 checks now) he bankrupted the economy. Obama is left with the dregs and he is doing as much as possible to reverse this.
This would be a good segment for "Life After People" in a few years
Obama has warned the citizens and said it is unwise to come to Vegas.
He is soooooo happy now.
You go, Mr. President!!!!
notacon. Perhaps some research will help you get rid of those blinders. But probably not.
http://bellalu0.wordpress.com/2008/09/17...
http://gatewaypundit.firstthings.com/200...
http://www.bucksright.com/bush-proposed-...
Someone is going to scoop those up at pennies on the dollar.
LLV was an asinine concept from the start. Miles away from everything not to mention you had to drive through "hooterville" and "tweakertown" to get there!
When one thinks of all the people who've lost so many millions of dollars out there, it makes one shudder.
ok, notacon...show me a FACTUAL link to your statement that supports your statement that the stimulus kept businesses from closing.
that's a complete load of bunk, by the way.
there is NO way to say a job or business was "saved" because you wouldn't know it would have been lost until...it was lost.
i didn't eat a big mac today...did i SAVE 1200 calories?
Whatever bank is holding that debt is looking at a firesale coming up. Good for whoever buys the properties out there at minimal cost and is able to make them profitable in the future.
Poor Bouvier will have to drive a couple of miles now to Lake Mead casino, a low rent truck drivers place. Drive past the abandoned yellow golf course, the closed hotel, the stripped empty hills. Drive down Lake Mead Parkway filled with white trash trailers and stoners, past the Tuscany development, which is built on toxic waste.
Yes, it's great sitting on Bouvier's porch in his K Mart chair. As long as he looks at the water, and nothing else....
Las Vegas was built up by the mob and was operated by gentlemen who understood gambling and gamblers. They knew what people wanted and gave it to them, a good time at a reasonable price. About fifteen years ago the Harvard MBA's came in and their corporations took over the casinos and made them, at least in their eyes, bigger and better. The problem is that the MBA's know little about gambling and less about gamblers. I like to play once in a while but I don't want to pay $250 for a dinner or $300 to see a show. I used to enjoy the $5.95 sirloin at Circus Circus and to get to see a lounge show for the price of a couple of drinks. Those days are gone.
I was interested in seeing a certain rock group who was playing here as part of a tour. The price for a ticket was $125. They played Sacramento about a week later and I learned that the ticket for the same show different city was $65.
I went to City Center over the weekend. What purpose does it serve. It is like any other mall with $1000 purses and $750 shoes. Absurd, it is another big mistake by the MBA's. It is a very cold and sterile place. Not pleasant at all.
If Las Vegas cannot or will not get their prices down to an affordable level it is doomed and the whole place will fail.
All you guys are just sounding off on what I've been saying for months. BRING BACK THE VALUE!!!!
People go to teh desert to gamble. They don't go there to see a lake. If they want water and gambing, they go to Atlantic City, Bahamas or Macau, or Singapore. Vegas, that's desert style gambling, swimming pools, and desert, no artificial lakes. It's about time to get things straight and focus on what the main plan was.
I will go there and take some pictures. Hard to believe they close this facility, as it's very nice indeed. But if there's not enough cash coming in there's nothing the owners can do but close. Sometimes it's cheaper to have no business at all than having some money come in but the expenses to be higher than what's coming in. That's the way it's supposed to be, obviously.
This is VERY SAD ! First of all, its a lovely place to get away to and live on "the strip". Families and all went to live there as a new community. For those of you above, that gloat that the place is now vacant, think twice. It could be your community - your house, your family. We will all pay for this..with the Ritz and now the casino out, thats 500 people with out jobs,,Lowes (if they are next) wil lbe another 400 people. These are lives we are talking about. For all you idiots above that are happy, jumping for joy,, blaming Obama, blaming who-ever, and doing cart wheels, that the economy of Las Vegas is in the Tank, LLV is in the tank - why don't you just move somewhere else? The next economy "mis-step" is commercial real estate and we are starting to see that now with strip malls, etc closing - being vacant and banks taking them back as well. Wth that, I hope each and everyone of you, don't work in a store in a mall, or a casino that goes bust. I hope you are independantly wealthy, cause you'll need it. LLV is a nice place and gave LV a great name that we were something else besides hookers, drug dealers, gamblers and idiots that came here to get rich playing penny slots.
None of this is the Presidnet Bush / Obama fault..blame the banks. Thats why everyone is suing them - Credit Suisse, Deutsche and others.
Mr. ShyTown and DavidM64 - I agree with you. My fiance' and I got engaged out there, loved going there for get aways and actually bought a house there to start our new life together - away from the strip. The place is too nice to let go. The #$%^& banks are the ones that are tanking this town.
Great concerts, great memories. All gone. We wil lall pay for this in the long run with reduced budgest, higher taxes, etc. And for those of you that Gloat, jump for joy and more, when your tax bill comes, and you all start bitchin', it will be I that will jam it to you every day in this column.
Well said Vegasobserver and Vegasresident..Vegas will right itself eventually.. this is just part of the process..
Retired Youngster.. great post. I'm new to reading and commenting here, but I'm just in awe at how some people have their cheerleading outfits on.. pom-poms and all.. about wanting things in Nevada to fail. Not just about issues that happen in Lake Las Vegas but everywhere. I don't know how these people sleep at night or how things will ever be better with everyone tearing each other down.
From what I understand, the weekend concerts will still happen beginning in the spring and there are still events occuring out there all the time. Hopefully that won't change. I enjoy going out there too for the music, views and entertainment. I didn't go there for the Ritz or the casino. I wanted to be outside!
On another post about the Ritz, Cynicalobserver did a nice outline about Lake Las Vegas emerging from Bankruptcy in April. The plan looks good for future development. In reading past articles and posts, it looks like on all of these projects in Nevada, everyone is in it for themselves and not for the good of the project.(sounds like govt too)
It would be great if a Las Vegas local like Steve Wynn grabbed up the hotel/casino and golf courses to create "The Wynn Resort and Golf -Lake Las Vegas". (with a shuttle to the Wynn on the strip) The Ritz certainly is of the calibre of his resorts. A casino owned by the same hotel is probably a better arrangement than the current situation.
It is unfortunate that Duetche pulled the funding on this, like they did the Fountainblue. But, a new owner, with new blood and the emerging from bankruptcy will be a fresh start out there.
I have lived at Lake Las Vegas in a condo in the Village since 2003. I moved from Laguna Beach, CA. I prefer the Village. The casino NEVER drew anyone here. It was the shops and entertainment, and they aren't going anywhere. There may be no golf, no Ritz, no gambling, but I can assure you, because i know, the budgets for both the village association, which funds entertainment, and the condo hotels Viera and Luna are exceptionally well capitalized due to savvy entreprenuerial management of condo homeowners and not the pipe dreams of developers.
We condo owners have seen the writing on the wall for some time. But the casino and Ritz closings are lagging indicators. We hit bottom well over a year ago. Real estate prices collapsed as they did elsewhere, but ask your local realtor, you may be shocked to learn real estate values are going UP for condos here.
I have never seen so many people this early in the spring as there were for Valentines Day Weekend festivities, which included a chili cook off with chefs from around the region. The hotels were at 80% occupancy. There were 1,500 visitors.
The Ritz and the casino will be missed, but they were not the draw. Where else can locals go to take their kids and friends for an enjoyable relaxing weekend around a peaceful and beautiful lake. I encourage all of you to come and take a walk, heck, you can stroll along the lakeshore golf courses, they are closed. You will come away relaxed and amazed at this unique ecosystem in your back yard. While you're here, have a beer, a lunch and dinner, stay the night. Lake Las Vegas is a crown jewel.
I'll be moving out to Las Vegas soon. Put my NJ condo up for sale (1 bedroom, 725 sq. ft.). Realtor put it up for 275,000, said should be no problem getting it based on recent sales. After the sale, hopefully I'll have more than enough to pay cash for a nice place in Vegas with a pool. I can sit back and wait for jobs situation to get better and maybe take a job at Home Depot or some other mindless job for minimum pay until things get better. I'll live in a lot nicer and bigger place in Vegas than I ever could here in NJ for the money. Plus, no mortgage. I've grown tired of the cold, the snow, the crappy weather here.
I'm hoping to land a 2 bedroom home with a pool in 175-200k range. Real estate prices in Northern NJ are still ridiculously overpriced. I'm hoping to take advantage.
Sorry about LLV, I did like the place on my many visits.
I think there are a lot of people on the sidelines just waiting to pounce on a deal. Not only within the residential market (retirees, investors, families, etc) but also the commercial market. I'm sure there are many wealthy investors who have always dreamed of owning a casino and will jump at the opportunity once things hit rock bottom (give or take a year from now).
Thank the former Fed chairman Greenspan and the filthy greedy scummy friends of his from wallstreet--- for everything.
uhh...hmmm...i'd re-think your job strategy if you think "mindless" jobs are everywhere in vegas right now.
people that used to make $20 per hour are now making $15 per hour.
people that made $15 per hour are now making $10 per hour.
I wonder if the owners of the psychic bookstore adjacent to the casino knew this was coming? I have a friend who went there for a reading, but the lady said he was too drunk to have his hand read.
I would imagine most of the stores will be closing soon. I like the Irish restaurant, and hope it stays in business. Very sad.
$10 bucks an hour is fine. I'll take it until a rebound occurs. Having a bachelors degree and 15 years as a construction professional...I'm sure I can find some employer looking for an energetic, personable professional to help them out. I'll work the car wash until I can land something more in-tune with my experience.
Looking forward to it
Sorry TomD1228, this ain't the place to look for a construction job. I was a contracts manager for 30 years, traveled the country, and I've never seen any economy as bad as Nevada right now. You need to get on the 'Hound, and head East, maybe to TX and La. Only the few well connected Union guys will be working here next year.
It's only going to get worse. Best of luck.
Most people get it--that this overpriced community is well on its way downward. Golf course belly up, casino and hotel belly up, homes wwaaaayyy upside down. And then you see someone like tester who is totally clueless to what is happening all around them. I assure you the "value" of your condos are not going up--unless you talk to the sales people trying to sell you another one--which is where you are obviously getting your information. Your not alone--I work with many people who are still clueless about the property deflation that is happening all over the country. Ask someone in japan what happens years later after a property bust---down 17 freaken years later! You people can dream on your property is going up (hahaha-too funny) but the reality is falling property values for many, many years---and these sorts of places--llv--will drop more and stay down longer than regular places. This place is the poster child of a total disaster property bubble development! I still can't believe anyone thinks their property is going up--hahahaha--must be a realtor!
Open Lake Las Vegas to the public and charge a usage fee for the upkeep and maintenance of the Lake. Lake Mead is charging an entrance fee and I would not mind paying the same amount. As I have said, Lake Las Vegas even without Ritz Carlton and Monte Lago has better amenities than Lake Mead. Open it to the public so there will be a flow of people in and out of the area. Lake Las Vegas is ideal for people into jet skiing and kayaking. Lake Las Vegas is a nicer alternative to Lake Mead.
City Center will be next to gain traction in the economic downfall of this valley
Mark my Word
peace out
yes im privy to a little insider info,due to my neighbour that works in the personnel dept
Tester,
my fiance and I bought as well..great place. We bought the community - not the hotel or casino lifestyle. In fact we bought at LLV because there was no casino, etc. and loved Loews with no casino. If we wanted that we would have stayed on the strip. We are from R.S.Margarita. It will come back in time.
Tester, you once again took my words. My condo is fabu! There is a fantastic pool and of course my view. (PS my lounge chair is a Tropitone and it's great for relaxing and reading a book overlooking the lake) The HOA is VERY strong and my vacation get-away is awesome. Retiredyoungster, a great post as well. I paid rock bottom price and all is well. I can ride this speed bump out. ( I don't gamble or play golf either)
I have family in Summerlin in a great neighborhood. Their values have dropped over 50% to what they paid for it 10 years ago. Shopping centers are being foreclosed on and/or not being completed. Green Valley is having issues too. This stuff is everywhere, not just in Lake Las Vegas. The LV Sun is also full of news stories about many casinos in financial trouble.
Friends who went to LLV last weekend told me the village was packed for Valentines Day and the chili cookoff. Including the casino. Tester mentioned 80% occupancy. My condo was rented last weekend and this coming weekend. People are still going there and enjoying LLV.
I'm certain that Deutche bank will sell the hotel and casino for a low price for a new company to come in. The property is too nice for someone not to take it over. (Just like Fountainblue) I agree with one of the other posters that a hotel that owns the casino would be more streamlined.
The bankruptcy should be done in April, which looks positive. Credit Suisse will be infusing many millions of dollars into the infrastructure of LLV. The golf courses will be separated/spun off so the owner can then re-open or sell them without the prior bankruptcy issues. (including the dreaded pumphouse that Credit Suisse will also pay to improve and give back to the City) This information is all public records in the LLV bankruptcy website.
Once the weather warms up, the courses will turn green again. They were not over-seeded this year. The cooler temps turns it brown. The courses are still being watered and maintained.
Are things perfect at LLV, of course not. Tell me any place that is right now? Everything is/was over mortgaged and with the bankruptcies, those debts are being wiped out. The infrastructure is and will be there for the future development of LLV.
So, go out to LLV, get married, have a great meal, listen to the summer concerts, rent a boat and take a walk at the most beautiful place in Nevada. (and hopefully golf at a top 10 course soon too)
NedNougat, your psychic nudge make me chuckle.
Bouvier, I wish you the best. Really. Hope your expectations come true.
I really feel bad for the employees at the Ritz and Monte Lago. They are totally decent people, lotta' cuties, too, stuck in a lousy economy. Know so many of them. Very sad. There's no jobs out there, and they will suffer.
Sorry for picking on you for so long.
Go sit on your KMart chair on the patio.
I couldn't resist it. But I do hope LLV recovers. Honestly...
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The Plungers & the Peacocks: 170 Years on Wall Street (Legends of Commerce)
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Best history of Wall Street. Absolutely fascinating. -- Mark Skousen, author of The Making of Modern Economics
Description
The Plungers and the Peacocks is an entertaining portrait of the personalities and corporate battles of Wall Street, the most famous financial district in the world. Using interviews with "old-timers" who lived through the events of the Street from the 1920s to the 40s and memoirs, and letters, the author has produced a sweeping narrative of "the games people played" in establishing America's financial center. Dana L. Thomas recounts a roller-coaster ride of excitement and intrigue, from the slave auctions of Captain Kidd to the battle by Robert Young to gain control of the New York Central Railroad.
The Author
Dana L. Thomas was an Associate Editor of Barron's National Business and Financial Weekly. He attended Harvard where he concentrated on history and economics. During the Second World War he served as a news editor and military historian attached to the Third Army of General George S. Patton
http://www.amazon.com/gp/offer-listing/1...
another sad chapter...just hope harrah's does not acquire LLV
Good bye Lake Las Vegas :(
vegas resident, your right on, rich and lazy is not the crowd that will save vegas. overpriced crap, my wife and i while visiting don't spend more than 6 hours in a hotel room, and alot of visitors are like us or were like us. we live in rural upstate ny, yet there are 3 casinos within 1 1/2 hours drive, another 5 within a 4 hour drive. majority of us former frequent visitors are not going to waste $400-500 on airfare and then get ripped off by high rates for everything. i love vegas, just don't love the corporate idiots who've left me and a bunch of others out in the cold.
i see a rock out my back window, sarge are you there
The key to the gaming business is to get the gambler to say to himself "I have a good time even though I lost". The corporate business model tries to extract the maximum amount of money in the shortest time. The old way kept the gambler coming back. The new way sheers the sheep and kills the animal for mutton.
"I can sit back and wait for jobs situation to get better and maybe take a job at Home Depot or some other mindless job for minimum pay until things get better".
LOLOLOLOL Good luck finding a "mindless job" in Vegas, hon! Be prepared to take a number because there aren't even enough of those!!!
:...sure I can find some employer looking for an energetic, personable professional to help them out. I'll work the car wash until I can land something more in-tune with my experience."
LOLOLOL Sorry. I Admire your dreams, but again - Take A Number!!! Plenty of "energetic, personable professionals" unemployed in Vegas right now looking for jobs!!! Even the jobs that are paying $8-10 an hour. Go read some of the job boards here. See what you're up against. And even those "mindless jobs" there are 50 applicants for every position. Vegas doesn't have the second highest unemployment rate in the country because of an abundance of jobs - "mindless" or otherwise.
As stevem stated = rethink your strategy here. Or just be prepared to sit around the pool for another few years waiting for that employer to hire you.
PS to TomD: If you are over a certain age - good luck!!! If you are in your 20's or 30's - you probably have a good chance of findin a job someday. Over 40 and impeccable credentials - maybe. Anything older - stay in NJ!!
Lake Las Vegas...an ill-conceived idea reaching its natural conclusion.
Sad news, but good to see a few kernels of positivity among the posts.
Yeah, things have been bad for a while, but ever since the city was founded, people have lined up to p*ss on Vegas' grave. Never mattered, since the city always rises up like Jason Vorhees. This is the case because people love coming here, loving having fun here, and the city (when adjusted for more rational pricing) offers visitors excellent value. People that live here forget that fact rather quickly. Take a business trip to any dull Midwestern city and you'll find when all the costs are added up, those trips are not a whole lot cheaper than Vegas.
And excellent value in Vegas is starting to extend to real estate as well now. People with capital will make a killing here by purchasing distressed assets like they always do after steep downturns. That's why they're wealthy and we all have to work for them. This cycle has rinsed and repeated since the man's first days of commerce.
The obvious>>
LLV Too far from the strip to EVER attract the tourist crowd. If peeps are going to pay/stay in 4 star lodging - they will likely chose a strip hotel/casino.
The only hope for LLV is locals, retirees and maybe a few snowbirds. LLV must create something unique and different from the boilerplate casino and bed. The luxury concept must give way to a Holiday Inn and short-stay RV park ( no park models) and a flea market -- Sorry to those holding a $700K mortgage on a condo out there - but this is the reality of building a MIRAGE too far from town.
In other words - the draw has to be the price...there is no option. Henderson can offer tax incentives for buyers/owners and commercial lease holders.
environprotector... I love it! Sams Town Lake Las Vegas!
I hope someone revives the area, it is beautiful.
TomD1228, welcome, my former Garden State neighbor! You should be able to find a 3-4 bedroom home with a pool in a decent area for that price range. Perfect timing for you to relocate. Enjoy paying all your household bills (including property tax) with the same amount you probably paid in Northern NJ for property tax alone!
Question: If these trends continue, what do you think Las Vegas will look like in 5 more years?
too many dreamers still holding on at llv--this will take many years to hit bottom. I used to live near a gated golf course community like this that went belly up many years ago---the golf course got cheaper and less maintained and little things like security at the entrance was let go, and then finally the gate was taken down and anyone could just drive in. The common areas were let go more and more for many, many years---until the property in the area recovered and then 20 years later it started to rebound and it became nice again. This whole fiasco is at the beginning stages, still in the declining stage and no where near bottom yet--a couple years from now we will be at bottom. I wonder how many option arms, and 5/1 arms are resetting the next 18 months in llv--I'll bet the number is HUGE!
Since I am so sick of looking at snow - believe me if I could afford it, I'd be buying a condo at LLV...or anywhere in Vegas right now!!! I also have the added bonus of knowing where to live and where not to live!!! I know that the exact same house (on the same block) my ex is underwater with is selling for LESS than he owes on the mortgage!! Now THAT would be the perfect "get even" scenario!! Nice area, too. Or it used to be!!
But alas.....I'm sure that snow shovel isn't ready to be put away yet!
Thanks to Obama always making statements about people not to blow money in Vegas. Well, that's ashamed we end up with this socialist president who basically likes to beat a dead horse to death. Doesn't he have a clue about the ramifications of his comments. Maybe he should heed his own words and not blow OUR nation's budget to a trillion dollar deficit. Sure, just put it on the credit card Obama.
mrlucky--Very good points. There will be more gradual decline.....then those with the best potential will eventually be built up again.
I know many people say Las Vegas is over, but it's probably just going through various cycles.
I often wonder how much money it takes at a minimum to keep up the big luxury properties like the Venitian and Wynn, etc....If our economic downturn continues, can they maintain the quality of these resorts.....is there enough money to go around?
Like I said before, last one out of lake lost wages turn out the lights,next story: Property values drop drastically on lots around the lake,ghost town tours of old lake las vegas.
As Realtors say "Location, Location, Location". The average tourist wants to be where the "action" is. LLV may be a very nice place, but the hotel has much more competition across town. Most people I know going to LV go to the strip and maybe downtown. Whenever I try to tell them about a good restaurant in town, unless it's in a casino on the strip, they're not interested. We travel all over LV when we visit, but we're the exception to the rule. (most of our favorite places to eat are not in the casinos, a few are).
Tourists will mostly stay within sight of I-15 and locals don't have any need for a high end hotel.
Good luck to the people who own houses there, It's still a very nice place, hope it stays that way.
I can't see Harrahs buying it, it's not in the Strip/Flamingo road area where they operate.
I could see Boyd, or whoever ends up with Stations eventually buying in and re-opening.
But coming to the desert is not always about going to the strip and gambling. It's about beautiful scenery, great weather, no humidity, golfing and relaxing. Phoenix and Scottsdale are a good example of that. The nice thing about LLV is that you can have the AZ experience, yet zip to the strip for dinner and a show and then back to LLV for quiet.
From what I can tell in reading the public record bankruptcy docs, LLV is designed to be more than just a hotel/tourist & seasonal resident village. The majority of the homes are to be permanent residences, a blending of both. The Village was built to support 12,000 residences, it's own "strip mall" so to speak. LLV phase 2 looks like homes will have views of LLV and Lake Mead in the distance. I would love to live there away from the hustle and bustle with awesome views like that. It would be like being on vacation every day.
Not every residential neighborhood has a casino. Does LLV need one in the future? Who knows? A poker room is definitely needed when it re-opens. Who's to say if the Ritz will become condos or a interval ownership set up? Things may just go a different direction. As in life we all have to adapt and shift to the changing times.
I've had dinner out in LLV several times and the food is great! Black Pepper Grill just opened their 2nd location in the former Como's spot.
It is such a beautiful place. From what I've been reading the HOA's for the condos are still strong and the village still buzzing.
hahaha...tom...
there's people that have lived in vegas for 10, 20 years that have worked in construction that can't find jobs, moron.
these properties are in a horrible location for anyone to spend any money to buy them, 30 minutes from the real action near dumpy old trailer park east henderson. this is going to get someone like cresent gaming or some other obscure low ball operator-unless boyd can snap it up for a penny in bankruptcy--like stardust, jokers wild, eldorado, main street...etc, etc....they do a great job getting these properties for nothing and grinding all the money out of them. Of course they pay the employees $hit and give next to nothing to the average player--maybe a free coffee mug or a hat. These will NEVER be high end properties again.
hey JLouise, you ever see that show on the history channel called "life after people"? i shouldn't joke about it lest...
TomD1228, real simple, Summerlin, Seven Hills, or Anthem are the first that come to mind - you can find what you're looking for.
trulia.com and zillow.com are very helpful resources.
We live in Jersey near AC,go to LV once yearly.
Enjoyed going to LLV as a change of pace for lunch,could see it was quiet.AC is having a lot of the same problems as LV,layoffs,crime especially.Companies are pulling out of proposed expansion projects,the economy and fierce competition from PA and NY are big factors.Also the usual complaints,tight slots,high table limits,overpriced food,tighter comps etc. dont help.Good luck to all seeking work,I hear PA casinos are hiring.Will be in LV end of April.
why not convert LLV to a brothel???
maybe llv should have gotten a pay day loan to keep the doors open.
INDIANS-(1)
LAS VEGAS (0)
ALL ACROSS THE UNITED STATES
bam1969- Good response! I know, it's funny in a way, yet not, especially for the people who live in Vegas. Even if you have a secure job, there is always the crime factor to worry about. I read the Las Vegas hotel reviews on places like tripadvisor.com and the tourists write about a lot of crime in the hotel rooms, with the hotel staff not sympathetic or accomodating in any way. Difficult situation all around.
What an absolute shame! But it seemed once the golf course went down hill, then the hotel and now casino, the shops will be next....and then the few people that live there will be out too. Mind you I don't know who will buy one of those 400K condos.
I've always loved checking out Nevada real estate- and Lake Las Vegas has been a favourite for years....it's such a shame, looked like a little piece of heaven...but in reality nothing more than a mirage...
Just because the Ritz and The Casino are closing doesn't mean the lake is doomed. There is way more to the Lake than just a casino. If anyone one knows about the lake it's plunged 4 times, Loews went under last year, Ritz went under last year, Montelago went under last year too. It's news now but it will never go under, just new management.
If you haven't been out there check it out $60 boat rentals is better than lake mead.
I wonder if Obama will highlight this as being part one of the positive effects of his stimulus plan.
@824
The size of Lake Las Vegas is NOT big enough for boats although I have seen ads for dinner/cruise on the lake using one of their yacht. The lake is more appropriate for smaller watercrafts like jet skis, kayaks, canoes, small sail boat....I for one own a kayak and would rather pay a usage fee at Lake Las Vegas than pay at Lake Mead simply because there are places to go at the village. I know there are kayak rentals out at Lake Las Vegas but not the same as bringing your own.
As I have said here, exclusivity did not work for the area so authorities should try a different approach for the benefit of the businesses left in the area and of Lake Las Vegas itself as a whole.
To the last one to leave - make sure you turn the lights off.
It appears that the housing aspect is what is the real draw to LLV. A nice place to live, just needs to survive the downturn.
Hotel will no doubt re-open someday, since the facility isn't going away, may be a lower priced place than Ritz.
If I lived in the LV area, I wouldn't mind having a house in LLV.
Prices will no doubt be coming down.
gbexk, go back to your idiot talk radio and tv show. if obama is a socialist, glen beck is a patriot. don't you realize we're all being played as stupid by both parties. socialists, conservatives, bulldung- it's all corportists. look at evan bye bayh, his wife sits on 5 corporate boards, his greatest contributors to his war chest come from those companies she sits on. don't be fed the rich mans kool aid. think that rich crowd gives a darn if anyone has health care or a job.
Convert LLV to a medical marijuana healing center!
One of the reasons for many of the problems in the real estate market today, not just here in Nevada but around the world, was that most of the investment model and projections software used by a variety of bankers and investors to help them make financial decisions did not account for the potential down turn in the economy in the period of 2008-2010.
The programmers who wrote the software and the users of it, investors who were financial optimists, especially with borrowed money, saw the world economy continuing expansion through their rose colored Dolce and Gabanna sunglasses.
"...that most of the investment model and projections software used by a variety of bankers and investors to help them make financial decisions did not account for the potential down turn in the economy in the period of 2008-2010."
The Casino "suits" must have been using the same software.
Folks..all of you who think that area is "exclusive" need to think and look again..You want exclusive? Looks at Canyon Gate or others. Its not exclusive..you can go and attend free concerts and all that go on..you can buy there if you want desert living - away from the strip. LLV is for people who WANT to live away from the hustle and bustle of the strip and probably DON'T want a casino in their backyard. We didn't - thats why we bought. The views, the lake and being away from it all. I lived in Vegas in 91 for a year, out at Pecole Ranch before anything west of that was built and YES, you had to drive through some pretty crappy areas to get there at that time. But that got fixed, just like they are redoing the area on the way out to LLV. It takes time, money and business committment. Go to anywhere in the country and you have the same thing, until redevelopment comes, certain areas wil ltake time, but it is HUGELY worth it, driving out and living at LLV.
Not everyone wants to live on Tropicana and the strip and talk about "area"? Go east of the strip and those homes and all are nice areas you think? NOT !!!
That all being said, is that regardless where you live - LLV, Summerlin, SunCity or anywhere in LV, if you don't have a job and Government doesn't change things, it doesn't matter where you live, cause you won't be paying your mortgage even IF you had a bunch in the bank..you won't go out and eat, or buy the new car - nothing without a job. Construction for infrastructure at $10 an hour? How can a town be supported by the people who live there making $10 an hour? Nope, won't happen, so taxes will be raised and Gov't doesn't get it that if no one is buying anything, raising taxes won't help either.
Bakersfield - you are RIGHT ON !
824 / jbkayaker12 -- Totally agree !!
DavidM: So true..my finace and I had our first dinner at Como's
I got engaged to the love of my life.. at Lake Las Vegas. So sad to see what its becoming.
For all of you Lake Las Vegas-haters who think this is only affecting this isolated location, chew on this:
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"There isn't a Ritz-Carlton in the United States that's meeting its interest payments."
Source (3:30-3:50):
http://www.foxbusiness.com/search-result...
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It is a very sad state of affairs for the Ritz-Carlton brand, but obviously there will be many more Ritz-Carlton casualties than just Lake Las Vegas.
Ritz-Carlton is in desperate need of some big changes to its business model to be able to adapt. Those brands which can be most flexible right now will emerge from the recession stronger than before. Hopefully, a brand that recognizes this will fill the space at Lake Las Vegas where the Ritz-Carlton is now.
Thanks BlondeGV for that link. Everyone needs to remember that Douchebank is the one that pulled the plug on the property. The Ritz's press release made it very clear they wanted to remain. Douchebank foreclosured on the Cosmopolitian and pulled funding from the Fountainblue. They are wreaking havoc all over the metro area.
Retiredyoungter, as always, a good post. LLV is hardly exclusive. How about Spanish Trails for exclusive?!? How about Desert Shore for wasted water/laked?
What is so interesting is the continued negativity from posters and the press. I think it has been mentioned several times but everybody glosses past it.. so I will repeat it again:
!!!!!!!!LAKE LAS VEGAS IS EXITING BANKRUPTCY IN APRIL 2010!!!!!!!!! CYNICALOBSERVER DID A BREAKDOWN ON THIS IN THE RITZ ARTICLE AND THE PLAN LOOKS POSITIVE FOR THE COMMUNITY. CREDIT SUISSE WILL INFUSE MILLIONS OF DOLLARS INTO THE INFRASTRUCTURE AND WILL ALSO PAY THE MASTER ASSOC DUES FOR ALL OF THE UNDEVELOPED LOTS.(THIS PAYS FOR MAINTENANCE OF THE LAKE)
FOR THOSE OF YOU COMPLAINING ABOUT THE UGLY ROAD TO LLV, THE CITY OF HENDERSON IS WIDENING AND LANDSCAPING THE ROAD ALL THE WAY OUT. THIS WILL MAKE A BEAUTIFUL GATEWAY TO LLV. THIS WILL BE DONE IN LATE 2010.
Lastly, who ever keeps saying the last one out turn off the lights, is that really the best you can do? That saying belongs BACK in the 1960s. It's old, tired and cliched.
wow, dipstick, your screen name says it all.
I agree with BlondeinGV! The name does say it all!
Do you think DavidM64 is trying to say that Lake Las Vegas is exiting bankruptcy in April. :)
This is a great article about the Loews at Lake Las Vegas written last week. This is a hotel with creative and forward thinking in this economy. Way to go Loews!!!
http://www.elitemeetings.com/forums/blog...
LLV isn't for the rich anymore. I bought back in April '09 and paid less than half the asking builders price and got a beautiful house. LLV properties are being bought up fast by middle income professionals. I have watched the change in the last year of the community. There are less vacation homes that are only occupied for part of the year and more occupied full time homes with families.
LLV is a great place to live especially when you get a good deal on a home.
Reflection Bay and the Falls golf course just came out of escrow and are now under new ownership. So you better bet they will be opening back up again.
As far as access to LLV goes, there is a new road (Pabco) being worked on right now that will connect to LLV at the fire station and go all the way to Galleria via the back side of Tuscanny. Part of the road is now visible on Google maps.
LLV LOCAL.. I'm the famous Bouvier from LLV with the balcony I'm sure you've read about. Like you, I bought a fantastic place at a great price!
How did you hear about the golf courses and coming out of escrow? That is FANTASTIC NEWS! Do we know who bought them and the re-open date?
I saw that road too on a recent map.
Thanks for the information.
llvlocal -
Your note about the golf courses is very intriguing. Please cite your source.
If that is the case, I would imagine the new owner would want to re-open within about a month for prime golf season. The Bermuda turf should be emerging from dormancy within about that time frame, so only the greens would need new seed.
jbkayacker12; Yes I absolutely agree, But with the way the lakes set up there is no room for you to throttle up without creating wake. But they have electric boats out there they don't go fast but you can see the lake in roughly an hour. As a kayacker myself I perfer to kayack out there than lake mead it is very peaceful.
What Lake Las Vegas needs is some regular known corporate names! Take out the pointless shops that self rocks and dolls for $500 a pop. Put in a Whole Foods, Albertson's etc. Then you have LOCAL LLV Property Owner Spending. 2. Get name brand stuff when is the last time you heared an Out Back Steakhouse, Macoroni Grill etc. close down? All the restraunts out there are over priced tv dinners. 3. Fishing passes, open to the public or exclusive passes permitting fishing for a day.
It can survive, it will just take the right minded individual to grab the horns.
LLVLocal... don't leave us in suspense! New owners of the Reflection Bay and Falls Courses is BIG and POSITIVE news! This would definitely mean re-opening in the near future.
FOR THOSE OF YOU COMPLAINING ABOUT THE UGLY ROAD TO LLV, THE CITY OF HENDERSON IS WIDENING AND LANDSCAPING THE ROAD ALL THE WAY OUT. THIS WILL MAKE A BEAUTIFUL GATEWAY TO LLV. THIS WILL BE DONE IN LATE 2010.
We used to take regular Lake Mead Blvd to LLV. Yeah, you had to drive thru parts of NLV but it wasn't too bad once you hit Sunrise Mtn. Then it was just a very beautiful drive going thru the national park area.
I know this is way after the fact, but I just ran across Plainfield Enterprises 4th quarter 2009 report and thought it was relevant
http://www.faqs.org/sec-filings/091215/P...
In note 4 of this report, CIRI Gaming had to vacate (and close their business)the Montelago Casino building on/before September 8 2010 or before with notice.
Makes you wonder if this is really why the casino left? Deutsche evicted them?