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Casino MonteLago, closing next month for lack of business and liquidating its assets, is the rare exception to that rule. The recession and the failures of Lake Las Vegas golf courses and hotels that surround MonteLago hurt the casino, of course. But it was a long shot from the beginning for a more basic reason. The casino, located 17 miles from the Strip and seven miles from downtown Henderson, failed to meet a prerequisite for a vegas casino: Most casinos operate at a decent vegas before making payments of interest and principal on the mortgages and other loans to develop them.
Even overleveraged casinos have moved into the black once mortgage debts are reduced or eliminated in totally free online casino. The ones that file for bankruptcy typically stay open and transfer to casink owners who can operate them profitably.
Many observers attribute that problem to the fact that Lake Las Vegas, a 3,acre master-planned community that once had three golf courses, an open-air retail vegas and three upscale hotels, has built only 1, residences, far short of original plans for more than vegae, homes. Fewer than homes surrounded the acre, man-made lake by the time the casino opened in According to real estate research firm Claritas, about 3, homes are within a minute drive of Casino MonteLago.
The casino gegas a smaller number of homes nearby than any other casino in the Las Vegas Valley, including the relatively remote Aliante Station in North Las Vegas, which has about 64, homes within a mile drive and the M Resort in southwest Henderson, surrounded by about 35, homes. Green Valley Ranch, located in a more established neighborhood, has about 70, homes in that vicinity to draw from.
The three casinos, like most others, are hurting in the recession. Early critics of Casino MonteLago said it also lacked a sufficient number of restaurants and other attractions to draw customers from more populated areas, which offer bigger casinos with more amenities. Early warning signs emerged for the casino and attached Ritz-Carlton hotel.
The room hotel, another victim of the reporting illegal gambling in ohio, will close in May. The original monhe, Cook Inlet Region Inc. Cook Inlet sold Lakeside Gaming in September Inthe tribal company sold its stake in the Hyatt and Ritz-Carlton hotels, along with a third resort, the Westin Kierland Resort in Scottsdale, Ariz.
In a group of investors bought Lakeside Gaming, retaining the original name. Yet he held out hope that the casino could thrive, claiming at a Gaming Control Board hearing in that his group had brought the money-losing casino into the black, improving operating profit by more than 80 percent within a few months of taking over through a combination of cost-cutting and aggressive marketing targeting locals. The planned closure of the Ritz-Carlton, announced in February, was the last straw, Tipton said.
Although most casino customers are residents rather than hotel casion, the Ritz-Carlton, which helped market the casino, drew decent traffic to MonteLago, he said. Under both old casino monte new casino ownership, managers mailed a slew of offers to Henderson residents and held events typical of suburban casinos.
Built to resemble a 15th-century Tuscan winery, MonteLago developed a following among Henderson residents who appreciated gambling discounts montecasino banquet hall offered by low-rent casibo in an upscale resort atmosphere. They had to drive for miles, past downtown Henderson, past older casinos, past dilapidated buildings, a trailer park and a wide swath of desert to get there, however.
Knowing locals are reluctant to travel more than a few miles to neighborhood casinos, bosses advertised slot machines that paid back a greater percentage of wagers than most Las Vegas casinos. Now, casino owners see no point in continuing to gamble on growth that may be a long time in coming. Check this out for a full explanation of our conversion lago las the LiveFyre commenting system and instructions on how to sign up for an account.
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Lake Las Vegas ad fromPhone, Suggest a phone number · Address, Suggest an address Casino Monte Lago At Lake Las Vegas, Las Vegas, Nevada. 7 likes · 56 were here. casino-bestcube.xyz Right next to Ravella sits the Casino MonteLago with more of your favorite slots, plus. People browse the streets of MonteLago Village during the grand reopening of Casino MonteLago at Lake Las Vegas on Thursday, May