The Hooters hotel-casino in Las Vegas will we sold at auction under a deal disclosed in U.S. Bankruptcy Court on Tuesday. The 696-room property on Tropicana Avenue, just east of the Las Vegas Strip, filed for Chapter 11 bankruptcy reorganization and protection on Aug. 1. The bankruptcy was filed to block a foreclosure threatened by Canpartners Realty Holding Company IV, holder of $178 million of Hooters’ $181 million face value in debt. Canpartners is part of the $20 billion investment company Canyon Capital Realty Advisors of Los Angeles.
Las Vegas-area home prices fell again in September to a new low during the current recession, Standard & Poor’s reported Tuesday. Stung by elevated unemployment and high levels of foreclosures and underwater mortgages, Las Vegas saw housing prices fall 1.4 percent from August and 7.3 percent from September 2010.
Two subcontractors have joined the general contractor in fighting plans by MGM Resorts International to implode the unused Harmon Tower at CityCenter on the Las Vegas Strip. The CityCenter casino-resort complex, half owned and managed by MGM Resorts International, says the 26-story hotel structure is unsafe because of construction defects and needs to come down.
Boyd Gaming Corp. of Las Vegas today said its deal announced in May to sell its Dania Jai-Alai operation in Florida for $80 million has been called off.
England’s Cavern Club, known as the birthplace of the Beatles, hit the international Hard Rock chain with a lawsuit Sunday in Las Vegas alleging trademark infringement.
A day after former Las Vegas nightclub and restaurant developer Scott DeGraff was found dead in an apparent suicide, court records painted a picture of a man who recently had been fighting hard to overcome deep financial problems.
In yet another wake-up call for Nevada policymakers, the state ranks in the bottom half of a new Forbes magazine list of the best states for business. However, the state ranked high in another Forbes list projecting employment growth.
Childhood friend, business partner Michael Morton calls DeGraff dynamic, creative
Thursday, Nov. 24, 2011
Scott DeGraff, formerly a high-profile Las Vegas nightclub executive who co-founded the N9NE Group with restaurateur Michael Morton, was found dead Thursday in what Aspen, Colo., police preliminarily said appeared to be a suicide.
One of the Makino sushi and seafood buffets in Las Vegas has filed for bankruptcy after a creditor repossessed some of its equipment, an attorney said.
Even as creditors try to seize its assets for nonpayment of debts, Righthaven LLC showed Tuesday it was alive and kicking. The Las-Vegas based company made its presence known by filing its first briefs it two rulings it has appealed to the 9th U.S. Circuit Court of Appeals in San Francisco.
The Las Vegas Hilton may soon have a new name: “LVH” or “LVH Las Vegas Hotel & Casino.” The property’s owner has filed federal trademark applications to exclusively use one or both of those names.
A big timeshare resort on the Las Vegas Strip has a new owner, under a restructuring announced Tuesday. Resort Finance America LLC said it acquired a controlling interest in PH Towers Westgate at Planet Hollywood.
While a lawsuit over the pooling of casino dealers’ tips winds its way through Nevada’s court system, another casino tip lawsuit has emerged in California. A state judge this month ruled Wynn Resorts Ltd. can’t include managers in the dealers’ tip pools at its Wynn and Encore resorts.
With potentially $700 million in damages at stake, it was little surprise when 23 attorneys packed into a Las Vegas courtroom Monday to argue about whether a fraud lawsuit could continue over the failed $2.9 billion Fontainebleau Las Vegas casino resort.
The Las Vegas Monorail confirmed Monday it would work on a new plan of reorganization to emerge from bankruptcy following the rejection last week of its latest proposal.
Pressure mounted Friday on Righthaven LLC CEO Steven Gibson to explain how the firm can continue to operate while at the same time failing to pay off more than $216,000 owed to creditors.
Bankruptcy Judge Bruce Markell in Las Vegas on Friday rejected the Las Vegas Monorail’s latest plan to emerge from bankruptcy, saying its own numbers show it would be encumbered with twice as much debt as the Monorail is worth.
Las Vegas-area new homes continued to sell at a slow pace and at lower prices in October, and local analyst Dennis Smith said the market was many months away from a turnaround.
In a report on its diversity initiatives, MGM Resorts International honored former chairman and CEO Terry Lanni and outlined progress the company has made under the programs he established.
The two title officers indicted in the Las Vegas foreclosure document robo-signing scam this week have been identified as employees of Lender Processing Services Inc., which banks use for loan servicing and foreclosure work.
Station Casinos LLC’s 16-day-old contract to manage Aliante Station in North Las Vegas has been terminated for undisclosed reasons, but Station, nevertheless, expects to remain as the manager indefinitely.
With Las Vegas hotel and casino jobs hard to come by during the recession, employment seekers have some hope with Caesars Palace planning to hire 450 people in advance of the Jan. 2 opening of Octavius Tower.
The office of the Nevada attorney general announced today that the Clark County grand jury has indicted two title officers on charges of running an alleged robo-signing scheme that resulted in the filing of tens of thousands of fraudulent foreclosure documents.
A newly released video of a deposition of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson shows him politely and firmly refusing to answer some questions posed to him by a legal foe.
A Tennessee company plans to buy two Las Vegas psychiatric hospitals. Strategic Behavioral Health LLC of Memphis would purchase Montevista Hospital and Red Rock Behavioral Health Hospital for an undisclosed amount under an arrangement disclosed by the Federal Trade Commission last week.
An investor in distressed real estate has purchased the struggling Village Square shopping and office complex in western Las Vegas and is promising to revitalize it.
The Federal Trade Commission has won a $29.8 million judgment in a lawsuit charging several Nevada companies and individuals deceived consumers nationwide with bogus online offers for dietary supplements and assistance in obtaining credit and government grants.
A seller of sightseeing tours on the Las Vegas Strip is denying lawsuit allegations that it wrongly hired a competitor’s former workers and stole its trade secrets. One Stop Ticket and Tour Shop Inc. filed suit last month in Clark County District Court against Adventures International LLC.
The Las Vegas Monorail was developed at a cost of $650 million — but based on its meager ridership and revenue levels it’s now worth just $16 million to $20 million.
The owner of the Cosmopolitan resort on the Las Vegas Strip reported a third quarter loss Monday as heavy promotional spending for the new property continued to affect its results.
Attorneys fighting Las Vegas copyright company Righthaven LLC asked for a court order Monday to have Righthaven’s assets auctioned off — notably including the very copyrights Righthaven sues over.
Las Vegas bank owner Western Liberty Bancorp last week posted a hefty third-quarter loss because of the continued inability of many borrowers to make their loan payments.
A Las Vegas lawyer for copyright company Righthaven LLC complained Friday that opposing attorneys are engaged in “scorched-earth, anti-Righthaven litigation tactics.”
There’s no work planned on casino megaresorts anytime soon, but a steady stream of smaller building jobs may help the Las Vegas construction industry emerge from its deep recession. That’s according to the Associated General Contractors of Las Vegas.
The U.S. Marshals Service has made some progress in seizing the assets of copyright company Righthaven LLC, disclosing Thursday it has served a writ of execution on a Las Vegas bank branch.
Steve Wynn’s revolutionary policy of requiring hundreds of card dealers to share tips with supervisors does not comply with Nevada law, a state judge has ruled. An attorney for Wynn Resorts Ltd. on Thursday said it would appeal — setting up a high court showdown.
Two more real estate reports, another blast of bad news for the Nevada market. Foreclosure tracker RealtyTrac, of Irvine, Calif., issued national statistics for October and, as usual, Nevada had the nation’s highest foreclosure rate.
In the latest in a series of such lawsuits, the Aliante planned community’s homeowners association in North Las Vegas is accused of gouging buyers of foreclosed homes.