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Hits Keep Coming for Vegas


The news in Las Vegas isn't really improving much, at least based on two recent stories:

Late yesterday, the $3-billion resort development Fontainebleau Las Vegas filed for Chapter 11 after a group of investors bailed on a reported $800-million loan. The story says Fontainebleau is suing the lenders while looking for other financing to finish the project.

Also yesterday, USA TODAY featured an in-depth story from the Associated Press on the once posh resort Lake Las Vegas, whose developer lost the property in foreclosure after defaulting and the new owners filed for bankruptcy last year. A Ritz-Carlton owned by Village Hospitality, the story says, also filed bankruptcy and has been sold. The residential component of the development may be in even worse shape: "Foreclosures have spread like a virus, and home values are falling," the author wrote.

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