Lake Las Vegas
|Lake Las Vegas|
|Primary outflows||Las Vegas Wash|
|Basin countries||United States|
|Surface area||320 acres (130 ha)|
|Shore length1||10 mi (16 km)|
|Surface elevation||1,400 feet (430 m)|
|Settlements||Lake Las Vegas|
|1 Shore length is not a well-defined measure.|
Lake Las Vegas in Henderson, Nevada, refers to a 320-acre (130 ha) artificial lake and the 3,592-acre (1,454 ha) developed area around the lake. The area is sometimes referred to as the Lake Las Vegas Resort. Lake Las Vegas is being developed by 5 companies including Lake at Las Vegas Joint Venture LLC, which filed for bankruptcy in 2008.
The area includes several hotels and casinos including the Monte Lago Village Resort, the Westin Lake Las Vegas Resort, the Hilton Lake Las Vegas, and Casino MonteLago.
The dam that creates the lake is "an earthen structure 18 stories high, 4,800 ft (1,500 m) in length and 716 ft (218 m) wide at its base. It contains roughly the same amount of dirt as Hoover Dam does concrete," and was completed in 1991. The Las Vegas Wash passes under the lake and dam in pipes that require maintenance every 10 years.
Actor J. Carlton Adair conceived Lake Las Vegas around 1967 for Lake Adair. At the time he purchased the land and water rights. In 1987, Ronald Boeddeker acquired 2,000 acres (810 ha) from the US Government when Adair went bankrupt.
The property was acquired by Transcontinental Properties in 1990. In 1995, Henry Gluck, the former Chairman and Chief Executive Officer of Caesars World, became the co-Chairman of Transcontinental Properties. With Sid Bass and Lee Bass, two billionaires from Fort Worth, Texas, he developed the new community. The project cost US$5 billion.
The lake was built on top of the Las Vegas Wash, which continues to flow under the lake in two 96-inch (2.4 m) diameter pipes. Water diversion to fill the lake began in 1990. The lake was filled with 3 billion US gallons (11,000,000 m3) of water.
Lake Las Vegas emerged from bankruptcy in July 2010 with a plan that took nearly two years to complete. All existing debt was wiped away and the development has $30 million in hand to complete several of the unfinished infrastructure projects. The Lake Las Vegas bankruptcy creditors, not Lake Las Vegas development themselves, have filed a lawsuit against the former insiders. (Bass Brothers, TransContinental, etc.) The creditors' theory is that the $500 million equity loan the former insiders took against the property caused the demise of Lake Las Vegas. The creditors are hoping to recoup money from the former insiders. In a related action, resort property owners are suing lender Credit Suisse as part of a multi-billion dollar lawsuit led by bankrupt Yellowstone Club founder Timothy Blixseth and his son Beau Blixseth who claim the Lake Las Vegas Joint Venture bankruptcy was caused by a "loan to own" scheme between the bank and resort developers.
The golf course was purchased by Nevada South Shore LLC, a Hawaii based corporation for $4.5 million on February 17, 2011.
The Ritz Carlton, Lake Las Vegas, closed after 8 years of operation on May 2, 2010.
International Boutique hotelier Dolce Hotels re-opened the former Ritz Carlton on February 11, 2011 and the casino will have a new operator by April or May 2011. The property was renamed Ravella at Lake Las Vegas. On April 30, 2013, Kam Sang Co. announced that the Ravella would be renamed the Hilton Lake Las Vegas, to gain popularity of the hotel. The Hilton opened June 6, 2013.
Lake Las Vegas is the subject of a lawsuit between investment fund Claymore Holdings and Credit Suisse, which was the agent for a syndicate of entities that loaned $540 million to develop the property. Claymore and others accused Credit Suisse of fraudulently inflating the value of the development in order to generate higher fees for itself. The core of the allegations centered on a new appraisal methodology conceived of by Credit Suisse executive David Miller, who in internal emails is referred to as Credit Suisse’s Dr. Frankenstein. The Swiss bank has repeatedly denied the allegations.
|Address||8 Strada di Villaggio|
|Opening date||May 8, 2003|
|Total gaming space||40,000 sq ft (3,700 m2)|
|Owner||Kam Sang Co.|
|Operating license holder||Intrepid Gaming|
Casino MonteLago was opened on May 8, 2003, having been built by Cook Inlet Region, Inc., an Alaska Native shareholder owned corporation. The casino closed on March 14, 2010 due to the U.S. recession at the time; but on May 26, 2011, after renovation, the casino re-opened to the public. In November 2012, the casino was acquired along with the Ravella hotel for a total of $47 million by Kam Sang Co., a California-based real estate developer. The casino closed again in October 2013, as a result of a lease dispute between Kam Sang and the casino's operators.
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- Knightly, Arnold M. (2008-01-09). "Lake Las Vegas properties change hands". Las Vegas Review-Journal. pp. 1D, 4D. Retrieved 2008-01-13.
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- Julie Tamaki, Viva Luxe Vegas, The Los Angeles Times, August 01, 1999
- "Wash Tour". Las Vegas Wash Project Coordination Team. Archived from the original on 2008-04-11. Retrieved 2008-01-13.
- Palank, Jaqueline (January 5, 2010). "Luxury-Property Owners Sue Credit Suisse for $24 Billion". The Wall Street Journal.
- Takahashi, Paul (Feb 11, 2011). "New hotel banks on Lake Las Vegas bouncing back". Las Vegas Sun. Retrieved 2011-03-11.
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- Segall, Eli (April 30, 2013). "Lake Las Vegas hotel getting new name — again". Vegas Inc.
- "Hilton Hotels & Resorts Makes Lake Las Vegas Debut" (Press release). Hilton Hotels & Resorts. June 6, 2013.
- Checkler, Joseph; Fitzgerald, Patrick. "Emails About Loans Plague Credit Suisse". Wall Street Journal. Retrieved 5 December 2014.
- Celarier, Michelle. "Hedge fund giant claims Suisse’s appraisals full of holes". New York Post. Retrieved 5 December 2014.
- Finnegan, Amanda (April 1, 2011). "License sought to operate shuttered Casino MonteLago". Las Vegas Sun. Retrieved April 14, 2011.
- Finnegan, Amanda (February 16, 2010). "Casino MonteLago at Lake Las Vegas to close next month". Las Vegas Sun. Retrieved September 22, 2010.
- Benson, Liz (May 26, 2011). "Casino MonteLago reopens at Lake Las Vegas". Vegas Inc.
- Wargo, Buck (November 29, 2012). "California company buys Ravella, Casino MonteLago for $46.8 million". Las Vegas Review-Journal. Retrieved 2012-11-29.
- Segall, Eli (October 29, 2013). "Casino MonteLago at Lake Las Vegas closes over lease issues". Vegas Inc. Retrieved 2013-11-02.
- "Lake Las Vegas emerging from bankruptcy protection". Associated Press. July 19, 2010.
- Green, Steve (July 16, 2010). "Lake Las Vegas emerges from bankruptcy". Las Vegas Sun.
- Green, Steve (September 21, 2010). "Company plans to rebrand closed Ritz-Carlton at Lake Las Vegas". Las Vegas Sun.