Saturday, October 06, 2012

Lake Las Vegas Live

Lake Las Vegas Live

Link to Lake Las Vegas Live

Chronicle of David Siegel and His PH Towers

Posted: 06 Oct 2012 04:21 AM PDT

David Siegel, chairman and CEO of the Westgate brand, is in the news again but this time for the right reasons. A chronicled documentary, "Queen of Versailles", on the company's efforts to promote its elite project PH Towers Westgate, has finished its Las Vegas run. The documentary, a big-screen reality TV show co-starring David Siegel, has documented the extravagant life of David and his family; their 90,000 square foot new house "Versailles" and its opulence.

Westgate's chief operating officer Mark Waltrip said "The movie is interesting but has some inaccurate portrayals of both the company and the family". PH Towers, the largest timeshare building in Las Vegas, is mired in problems. Buckling under pressure from lenders, David ceded control over the towers last November through a deed in lieu of foreclosure.

Eventually, the largest letters on the tower were replaced by the words "Hilton Grand Vacations". Yet, even this wasn't a solution Siegel's growing list of problems. PH Towers is facing a nonjury trial in front of Clark County District Judge Elizabeth Gonzalez, on a series of construction issues. Tutor-Saliba Corp. is clamoring for $23.3 million on account of unpaid work, excluding interest and legal bills while Westgate has countered that Tutor owed $30 million for defective work and $100,000 a day for late delivery.

Entangled in a mesh of legal issues, the bank laid out terms for Siegel to give up his control so as to continue living his "high-life". Reeling under enormous pressure from all spheres, Siegel approved the sale of PH Towers to Resort Finance America, a unit of New York based Centerbridge Capital Partners L.P. David's letter to the Lauren Greenfield, director of the so-called documentary, to add a final frame stated that David has refinanced and restarted construction on "Versailles", just four days before screening has come as a surprise. This, however, did not make it to the documentary.

There are rumors that the lawyers have mused about adding this documentary "Queen of Versailles" as evidence to the trial.

4 Via Verso Lago, Henderson, NV 89011, $319,000 2 beds, 2.5 baths

Posted: 05 Oct 2012 12:00 AM PDT

1600 sqft, 2 beds, 2.5 baths, property in Henderson, NV - Lake Las Vegas

Very Nice And Quiet

Posted: 05 Oct 2012 10:44 AM PDT

TripAdvisor traveler rating: 5 of 5 stars

Stayed here 9/17-9/19. It was just after 2 large groups had departed the day before. We had the property almost to ourselves! Beautiful grounds and buildings. The lake was unswimmable due to a...

Free Fireworks at <b>Lake Las Vegas</b> Oct 6 | SaveLV.com

Posted: 05 Oct 2012 01:01 AM PDT

Free Fireworks at Lake Las Vegas Oct 6. Posted on 05 October 2012. Share. Category: Fireworks, Free, Lake Las Vegas, Las Vegas Tags: Fireworks, Free, Lake Las Vegas. No responses yet. You could be the first!

President Obama Leaves Las Vegas, Headed to Denver - 8 News <b>...</b>

Posted: 03 Oct 2012 12:13 PM PDT

LAS VEGAS -- After spending three days Lake Las Vegas, near Las Vegas, President Barack Obama is on his way to Denver where he will have his first debate with GOP candidate Mitt Romney. Air Force One took off from ...

Press Gaggle by Press Secretary Jay Carney, 10/1/12 | The White <b>...</b>

Posted: 01 Oct 2012 07:32 PM PDT

PSAKI: Westin Lake Las Vegas. MR. CARNEY: Westin Lake Las Vegas. Thanks for joining us. I just wanted, at the start here, to bring attention to a report earlier today about the plummet in the value of Iran's currency. And that ...

Sheldon Adelson, Will He heed to the Break-up Parties?

Posted: 05 Oct 2012 07:20 AM PDT

The shares of Las Vegas Sands (LVS) closed at $44.92 as of Sept 21, 2012. LVS, the casino operator, is controlled by billionaire Sheldon Adelson. The shares of another of Sheldon's holdings, Wynn Resorts Ltd in the Las Vegas Strip, fell by 6.8% last year. Meanwhile, MGM Resorts International dropped by a little less than 1%, while Caesars Entertainment Corp has fallen by 24% since its IPO launch in February.

Sheldon, 79, owns 424 million shares or a 52% stake of LVS, to control and direct its operations. Jonathan Litt, founder and CEO of Greenwich, Connecticut-based investment firm LandandBuildings, owns 79,600 shares of LVS as on June 30. Litt opined that Las Vegas Sands Corporation must be spilt in to three companies; shopping mall and hotel properties, with two companies leaving the casino as an independent company. LVS, with operations in Las Vegas, Pennsylvania, Singapore and Macau, China is currently undervalued at half its price. Ideally, the price per share of LVS should be $85 for its proven growth record. The split would not only boost the market value of LVS but also benefit the mall and lodging REIT as debtless ventures. A REIT is venture which focuses primarily on income generating businesses and is excused from corporate taxes, provided it ensures to distribute 90% of its income to its shareholders. Equinix Inc (EQIX), a data centre operator and Iron Mountain Inc. (IRM) have announced their plans to transform in to REIT, by this year.

Meanwhile, LVS, the Las Vegas based company, has announced of its plans and intentions to invest $2.5 billion on its fifth resort in Macau, while it also wants to develop Europe's largest casino in Madrid. The casino controller, Adelson, has disclosed that LVS is looking forward to viable opportunities to expand its operations in Japan, Korea and Vietnam.

Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)