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Casino MonteLago in Lake Las Vegas real estate had financial difficulties and the Nevada gaming regulators last week had to act quickly to keep the Las Vegas casino in business.

There was an emergency session between the Nevada Gaming Commission and the Gaming Control Board of Nevada and they agreed to let PDS Gaming of Las Vegas, Nevada run the casino.

If this emergency session didn’t happen there would have been a layoff of 180 employees and the Casino MonteLago closed.

Since the 2003 opening of the Henderson real estate casino it has acquired a total $50 million in losses. The casino in located in the resort of Lake Las Vegas within Henderson, Nevada, real estate where high priced golf courses and Las Vegas luxury homes are the standard.

PDS Gaming decision is to buy out the current management contract for $1.6 million. They will purchase the gaming equipment and lease back Casino MonteLago in Henderson to the casino.

The new casino management will cover 50 percent of the losses.

Lake Las Vegas, the casino’s landlord, will only charge $1 a month for rent until PDS is licensed, possibly until September, to purchase the property.

Casino MonteLago operation change will go from CIRI Lakeside Gaming Investors LLC, licensed in 2002, to PDS. CIRI is a division of a corporation owned by an Alaskan Indian Tribe.

Casino MonteLago has 635 slot machines, 10 table games and a race and sports book, is next to the MonteLago Village Resort Lake Las Vegas Resort and is accessible to guests at the the Ritz-Carlton Lake Las Vegas and the resort’s luxury condos. It is the only gaming offered in Lake Las Vegas. Loews Lake Las Vegas Resort, previously the Hyatt Regency Lake Las Vegas, had a small casino which closed last December.

It is expected that changing the food and beverage purchasing and canceling the old management contract could save about $5 million a year.

A new marketing strategy for Casino MonteLago could be to market to Ritz Carlton and Loews Hotel customers. Source: LV Review

Call 702-505-6988 for VIP Las Vegas condos buyer or seller representation by a Las Vegas real estate agent.

Casino Montelago in Lake Las Vegas Resort was on the verge of closure.

This entry was posted on Friday, June 15th, 2007 at 8:17 am and is filed under Las Vegas Real Estate, Las Vegas News, Lake Las Vegas, Las Vegas Casinos, Henderson Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.