Lake Las Vegas casino delays opening

The lone and historically troubled casino at Lake Las Vegas is not opening any time soon.

On Tuesday, Newage Lake Las Vegas, which owns Hilton Lake Las Vegas Hotel and Spa, received a three-year extension on its conditional-use permit for nonrestricted gaming from the Henderson City Council to find an operator for the casino, formerly known as Casino MonteLago. Newage is owned by California-based Kam Sang Co., which is majority controlled by real estate investor Man Ho Lam.

Plans to open the casino Oct. 1 were pulled after Lam was denied a gaming license in May when the Nevada Gaming Control Board found he “failed to satisfy their burden of proving their qualification to be licensed” under state law.

The state Gaming Commission upheld that finding later that month.

Phil Wolfgramm, a senior vice president at Kam Sang, said Wednesday that the company is working to find a casino operator and plans to have the casino open before the three-year deadline. While the denial of Lam by gaming regulators means he cannot reapply for a year, Wolfgramm said that the businessman will not try to get licensed again.

“It’s not our core business,” Wolfgramm said. “It was an effort to consolidate the ownership with the hotel and the casino.”

Lam and his creditors had wanted to open the casino in October to coincide with the planned reopening of the refurbished Reflection Bay Golf Course and Galleria Parkway, which will provide direct access to Lake Las Vegas from the Galleria Mall area off U.S. Highway 95 in Henderson.

While Lam asked for three years, Wolfgramm said the plan is to find an operator soon and open the casino long before that deadline. All possibilities are being looked at in finding a casino operator, Wolfgramm said, including a lease of the casino for a flat rent or selling the casino outright.

“We’re going to look for an operator that can come in and has some experience with (gaming regulators) and gaming,” Wolfgramm said. “We’ve already taken bids and are in discussion with many potential operators. I doubt seriously that will take three years.”

Lam first applied for a gaming license in August, with plans to have then operator Intrepid Gaming continue overseeing the casino during the licensing process, Lam’s attorney Brian Hardy told the Control Board May 7. However, Intrepid suddenly pulled out of its agreement to operate the casino in November, forcing the casino’s closure. The casino had previously closed in March 2010.

Intrepid operated the casino under an agreement with Deutsche Bank since May 2011, but Newage was unable to renew that deal, Wolfgramm said.

Newage acquired the 349-room Ravella at Lake Las Vegas and Casino MonteLago on Nov. 21, 2012, for $46.8 million from creditors led by Deutsche Bank. The creditors had held the property, which had opened as the Ritz-Carlton, since 2009. The property was rebranded Hilton Lake Las Vegas in June 2013.

The continued closure of the casino comes as apparent progress is being made in revitalizing Lake Las Vegas, including the Hilton. Lam told gaming regulators that the hotel has been able to turn a small profit the past six months without a casino.

Raintree Investment Corp., an investment firm for New York hedge fund manager John Paulson, has been refurbishing Reflection Bay, regreening the community open space and securing entitlements to build more houses on approximately 565 acres of undeveloped land. Raintree acquired its holdings from creditors for $31 million.

Pacific Capital Investments, owner of the three-acre MonteLago Village, recently hired a new real estate management firm to increase occupancy and lure new tenants to the shopping and dining area.

Contact reporter Arnold M. Knightly at or 702-477-3882. Follow him on Twitter: @KnightlyGrind.

Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
News Headlines
Add Event
Home Front Page Footer Listing
You May Like

You May Like