The troubled Lake Las Vegas luxury resort development is down to the last of its three golf courses, following the owners’ decision to close the Reflection Bay Golf Club on June 30 and lay off virtually all of the club’s employees.
The first of the three courses to close, The Falls Golf Club, is scheduled to be sold at auction on July 9 by lender Carmel Land & Cattle Co. The remaining course, the private SouthShore Golf Club, remains open.
The Lake Las Vegas development, located in Henderson, Nev., filed for bankruptcy protection in July 2008, citing a combination of over $800 million in debt, the housing downturn and the global credit crunch.
Reflection Bay, a Jack Nicklaus Signature course that had received excellent reviews, will also revert to Carmel Land & Cattle. Resort developers said it is now worth “considerably less” than the approximately $29 million owed to Carmel on the property.
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