Court Grants Lake Las Vegas Use of Up to Approximately $1.1 Million in Cash Collateral

2008-07-25 01:03:19 -

- The U.S. Bankruptcy Court for the District of Nevada in Las Vegas yesterday granted Lake Las Vegas ("LLV") use of up to approximately $1.1 million of cash collateral to continue day-to-day operations, including funding of payroll and critical repairs to the Las Vegas Wash bypass conduit. In addition, the Court approved the continuance of customer programs, including unexpired pre-petition gift certificates, gift cards and golf coupons; deposits return policies for golf, catering and related services; pro shop merchandise refunds and exchanges. At the same time, the Court set August 4, 2008, as the date to hear motions regarding the company's request for up to $127 million in debtor-in-possession financing (DIP).

Lake Las Vegas is a 3,592-acre master-planned residential and resort community adjacent to Lake Mead National Recreational Area and 20 miles east of the center of Las Vegas. It includes a 320-acre man-made lake, three signature golf courses and more than 1,600 completed residential units. LLV and it subsidiaries employ approximately 260 people.

Three hotels, The Ritz-Carlton, The Loews Lake Las Vegas Resort and the MonteLago Village Resort operate on the property, as does the Casino MonteLago and the MonteLago Village shops and restaurants. None of these businesses are included in LLV's Chapter 11 filing.

Sitrick And Company
Anita-Marie Laurie
Sandra Sternberg
310-788-2850