Time-share owner Consolidated Resorts to file for bankruptcy

Consolidated Resorts, owners of the time share Tahiti Village Resort on Las Vegas Boulevard South, is filing for bankruptcy protection, the company confirmed late Tuesday.

The company shut down its sales and marketing offices in Las Vegas, Orlando, Fla., and Hawaii on Tuesday.

It is not known how many jobs in Las Vegas were lost.

The company blamed the "dramatic changes in the economy and the shrinking time-share environment" for the decision.

"The scarcity of lenders in the time-share industry has made it impossible to continue the company," a statement said.

The company will continue to operate its 14 resorts in Las Vegas, Hawaii and Florida during the restructuring.

"The resorts will continue to operate uninterrupted so owners that have reservations do not need to worry," the statement said.

Locally, the company owns the property on Las Vegas Boulevard and Warm Springs Road, and Tahiti and Club de Soleil on Tropicana Avenue.

Tahiti Village Resort shut down information booths Tuesday around town, including those in Strip resorts and along Las Vegas Boulevard.

The bankruptcy filing could be a blow to small-show operators along the Strip.

David Saxe, who operates the V Theater at the Miracle Mile Shops at Planet Hollywood Resort, said he received the call that Consolidated was filing for bankruptcy when his plane landed in Burbank, Calif., for a business trip.

Consolidated owes Saxe $100,000 for show tickets the time-share company used to lure customers. When someone takes a tour or sits through a pitch, Saxe explains, they bring the voucher to the box office.

Saxe then adds up the voucher and bills them. He estimates time shares account for 20 percent of total show tickets bought in Las Vegas.

"I rely on the time shares. For shows like mine, it can be as much as 50 percent of our business," he says. "It's no cash outlay like advertising."

Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.