Lake Las Vegas is situated in Henderson, Nevada about twenty five minutes from the Strip and has over the years played host to large conventions, conferences, meetings and trade shows thus drawing a multitude of visitors every year.
The area which is also known as the Lake Las Vegas Resort is dotted with a number of hotels and casinos that includes the Loews Lake Las Vegas Resort, Monte Lago Village Resort and the Ravella. Lake Las Vegas Resort is considered to be one of the most ideal destinations for holiday makers and is known for its excellent lodging facilities, dynamic outdoor activities, great shopping, superior banqueting and much more. The Loews Lake Las Vegas resort has a exquisite spa that compliments the luxurious ambience of Lake Las Vegas condos accommodation as well as hotel accommodation.
The history of Lake Las Vegas dates back to 1967 when Actor J. Carlton Adair conceived the lake for Lake Adair, purchasing both the land and water rights. The property was later acquired from Ronald Boeddeker by Transcontinental Properties who had acquired 2,000 acres in 1987 from the US Government after Adair was declared bankrupt.
The lake was constructed on top of the Las Vegas Wash that flows under the lake into two 96-inch-diameter pipes. The water diversion to fill up the lake commenced in 1990 bringing the water levels to three billion gallons of water, giving rise to a private late for residents of Henderson NV homes.
On the 17th of July, 2008 Lake at Las Vegas Joint Venture, LLC filed for Chapter 11 bankruptcy. Debts were estimated at between $500 million and $1 billion. As a result of the bankruptcy, the Las Vegas condos for sale in that area were underrated thus the number investors who showed interest in buying property in the area was greater than those investing on other side of Las Vegas where the homes for sale Summerlin had the highest retention during the downturn.
Lake Las Vegas was later to emerge from bankruptcy in July 2010 with an optimistic plan for the Las Vegas Real Estate future that took two years to complete. Besides wiping away all the existing debt, the development had $30 million in hand to complete a number of the incomplete infrastructure projects that were underway. The Lake Las Vegas bankruptcy creditors have since filed a lawsuit against the former insiders based on the understanding that the $500 million equity loan taken against the property by the former insiders resulted in the demise of Lake Las Vegas. The creditors are hoping to recover money from the former insiders.
Other developments arising after the bankruptcy include the closure of The Ritz Carlton, Lake Las Vegas, on May 2, 2010 after eight years of operation but reopened in February 2011 by International Boutique hotlier Dolce Hotels and renamed Ravella at Lake Las Vegas. In addition, the golf course was purchased by a Hawaii based corporation, Nevada South Shore LLC, in February 2011, for $4.5 million.