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Lake Las Vegas Files for Chapter Eleven Bankruptcy ProtectionJuly 21, 2008 By: Kirk Cassels
Lake Las Vegas' developer filed for Chapter Eleven Bankruptcy Protection, KVBC News in Las Vegas
reports. The ownership group that controls the lake is working around
the clock to restructure its debt so that it may comfortably continue
to pay employees and contractors, but also insists the man-made
attraction will not disappear. The most imminent threat brought on by
the debt will be the cancellation or delay of particular, unnamed
projects at the resort area.
Lake Las Vegas continues to have a steady stream of loyal visitors, primarily tourists who seek peace and quiet far enough away from the Las Vegas Strip that is also close enough for an easy visit. In addition, local business owners, according to the KVBC News report say that the Independence Day celebrations this year were more successful and popular than last year's events.
Those worried about the future of Lake Las Vegas should note that this is not the first time the region has been in financial trouble. In fact, the previous owners defaulted on close to $500 million worth of loans last year.