LAS VEGAS— According to the Las Vegas Review-Journal>, a federal bankruptcy judge on Jan. 8 allowed business entrepreneur Shawn Scott to take possession of a local property on the southern portion of the Las Vegas Strip, called Vacation Village. The report said that Scott had immediately closed the 315-room property— which has a 15,000 square-foot-casino— and was in talks with Las Vegas casino operators for redevelopment plans for the 25-acre site. Scott reportedly petitioned the court to force the Heers family of Las Vegas out of operating the property. The family had filed for Chapter 11 bankruptcy protection in November 2000 after the property defaulted on a debt of about $19 million owed several creditors. Scotts $17.8 million bid for the Vacation Village won a Nov. 20 bankruptcy auction for the property, and Jones approved the sale Dec. 20. Scott said that he expects to have an announcement in two weeks about plans for the property and that he is considering either flipping it for a quick profit or partnering with one of the interested operators to redevelop it. According to the report, Scott bought the Flamingo Reno for $5 million from Park Place Entertainment Corp. last October and then immediately sold it for $6.75 million to hotel operator Vista Hospitality Co., netting a $1.75 million profit.
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