Following on the heels of an announcement last week that the Lake Las Vegas Ritz Carlton would cease operations and close in May, the Casino directly adjacent announces it is closing two months prior to the Ritz being shuttered . The announcement on the Casino Monte Lago Lake Las Vegas came mid-afternoon today. It was bound to happen since the Ritz Carlton and the Monte Lago were in somewhat of a symbiotic relationship relying on each other to drive business to the other.
Lake Las Vegas
With these two ‘dominos’ falling, it deals, what will most likely be, a death blow to all the retail specialty shops, wine bars, and restaurants in the Tuscan styled village that surrounding the two larger hospitality anchors. Losing these retail locations will further weaken an already slow retail market in the Vegas Valley.
In a blog I posted last week, it was reported that the Ritz will close in mid-May. Today’s announcement stated that the Monte Lago Casino would close March 14th, 2010.
-
Casino Monte Lago
Both properties stated that very low visitation traffic was to blame and in the case of the Ritz Carlton, its’ lender was not going to rework the commercial loan on the luxury property.
Monte Lago adds to the number of jobs lost with 177 employees cut. Ritz Carlton employee numbers to be cut are estimated to be at 100 plus or minus. Hopefully, the hospitality industry and gaming employees can be absorbed into resort properties on the Las Vegas strip corridor.
-Vic Donovan “ Vegas Commercial Broker.com ”
