Lake Las Vegas
| Lake Las Vegas | |
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 Lake Las Vegas
Location in Nevada
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| Location | Henderson, Nevada |
| Coordinates | 36°06′07.2″N 114°55′46.2″W / 36.102000°N 114.929500°W |
| Type | Artificial lake |
| Primary outflows | Las Vegas Wash |
| Catchment area | nil |
| Basin countries | United States |
| Surface area | 320 acres (130 ha) |
| Shore length1 | 10 mi (16 km) |
| Surface elevation | 1,400 ft (430 m) |
| Settlements | Lake Las Vegas |
| References | |
| 1 Shore length is not a well-defined measure. | |
| Casino MonteLago/Lake Las Vegas Event Center | |
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| Location | Henderson, Nevada |
| Address | 8 Strada di Villaggio |
| Opening date | May 8, 2003 |
| Theme | European |
| Total gaming space | 40,000 sq ft (3,700 m2) |
| Casino type | Land-based |
| Owner | Kam Sang Co. |
| Operating license holder | Intrepid Gaming |
| Renovated in | 2011 |
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.
The area includes three resorts including the Aston MonteLago Village Resort, the Westin Lake Las Vegas Resort, and the Hilton Lake Las Vegas.
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 at Las Vegas Joint Venture, LLC filed for Chapter 11 bankruptcy on July 17, 2008. Debts were estimated at between $500 million and $1 billion.
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 multibillion-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.
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Wikipedia