The development has always been heavily dependant on second home owners, and the luxury of a second home has been one of the first things to go during the recession. This, along with the fact that the development has always been high-end, has seen it being particularly hard hit.

The history of Lake Las Vegas is one of turmoil that continues to this day. Back in 1966 J. Carlton Adair bought the land, but went bankrupt in 1972. He was followed the Pacific Malibu Corporation, who failed to get things going and sold the land to Transcontinental Corporation. It was Transcontinental owner Ron Boedekker whose imagination is credited with the Lake Como-themed concept, and it really is like nothing else in Las Vegas. It is on a far larger scale than the Venetian or Caesars, and more tasteful. When you are looking out over the lake it is easy to forget the legal and financial wrangling going on behind the scenes.

Before we discuss the current situation it is worth highlighting some of the key points in Lake Las Vegas’s development:

1966

2,243 acres of land was acquired by the actor J. Carlton Adair. In addition to the land he acquired water rights for a lake.

1972
The Lake Adair Corporation filed for bankruptcy, and auction the land in parcels.

1982
Pacific Malibu Corporation, a company out of Pasadena, acquired the land.

1990
Transcontinental Corporation, a company out of Santa Monica, acquires the land from Pacific Malibu Corporation.

1991
The land parcel formally becomes known as Lake Las Vegas and a resort with six hotels, five golf courses, and 3,000 homes is proposed. At the time the estimated cost of the development is $3.8bn.

1993
The first residential lots are sold.

1995
The first nine holes of SouthShore golf club are opened.

1996
The back nine holes of SouthShore golf club are opened.

1999
The first of the hotels, the 493-room Hyatt Regency Lake Las Vegas, opens.

2002
Celine Dion builds a home at Lake Las Vegas.

2003

• The second hotel, the Ritz-Carlton Lake Las Vegas opened;
• Montellago Village Resort opened;
• Casino Montelago opened by an Alaskan Indian tribe. Cook Inlet Region Inc. was the landlord, and CIRI Lakeside Gaming Investors LLC was the operator. Cook Inlet Region Inc. owned stakes in the Ritz-Carlton Lake Las Vegas, Hyatt Regency Lake Las Vegas and CIRI Lakeside Gaming Investors LLC.

2005
A concert featuring Andrea Bocello was held, and broadcast nationwide.

2006

• Lowes Corporation acquires the Hyatt Regency Lake Las Vegas and it is renamed Lowes Lake Las Vegas;
• Cook Inlet Region Inc. sold its stakes in the Ritz-Carlton Lake Las Vegas, Hyatt Regency Lake Las Vegas and CIRI Lakeside Gaming Investors LLC.

2007
Nevada casino regulators hold an emergency hearing to keep Casino Montelago open. Cook Inlet Region Inc. sold CIRI Lakeside Gaming Investors LLC to a group of private investors, including Johan Finley, in September 2007.

2008

• January: Transcontinental Corporation defaults on $540 million in loans and Lake Las Vegas is acquired by the Atalon Group;
• April: Village Hotel Investors LLC, owners of the Ritz-Carlton Lake Las Vegas file for Chapter 11 bankruptcy as it was unable to service its $103 million mortgage;
• July: The Atalon Group subsidiary, LLV Holdco LLC, files for Chapter 11 bankruptcy protection with $700 million in liabilities.

2009

• January: the Falls golf course shuts down;
• February:  Deutsche Bank, via its Village Hospitality LLC entity, acquires Ritz-Carlton Lake Las Vegas;
• June: Reflection Bay golf course shuts down;
• June: Wells Fargo takes ownership of Lowes Lake Las Vegas.

2010

• 249-room Ritz-Carlton Lake Las Vegas announces that it will close May 2nd;
• Casino Montelago announces that it will close in March 14th.