When it comes to local real estate, it's hard to find anything more impressive than Lake Las Vegas. But as of Thursday night, the financial waters are anything but calm for the master-planned community. The developer of Lake Las Vegas has filed for Chapter Eleven Bankruptcy Protection.
Located 17 miles east of the Strip, Lake Las Vegas is an oasis of calm - one that may be drowning in a sea of debt. The hotels, houses, and golf courses still have their loyal fans, but in a very challenging real estate market, the Las Vegas-based ownership group that controls the man-made Lake is scrambling to re-structure its debt so employees and contractors can continue to be paid.
This is not the first time that Lake Las Vegas has been in hot financial water. Last year, the previous owners defaulted on a nearly half-billion dollars worth of loans. While some shops and restaurants along the Lake are virtually empty, some business owners say with more events at the Lake, things are improving.
Certain projects may have been delayed or cancelled at Lake Las Vegas, but the developers say by no means is this community about to dry up and disappear.
I saw more construction going on in the Strip area this past trip than I've ever seen there before, and a lot of it is residential towers. I took this photo of the massive City Center project on our last day in Vegas. It's located right on the Strip between the Monte Carlo and Bellagio.
I wonder how many of those projects will survive to completion, and if they'll be able to find the people to buy their units?
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