LVH Hotel-Casino in Las Vegas To Be Bought Out of Foreclosure
"In many ways this is good news for everyone at the LVH as it will soon provide more clarity to the future direction of the property," said LVH spokesman Kurt Ouchida. "It is important to note
that the foreclosure sales process takes time and unfortunately many assume that a 'foreclosure' means that the property is closing its doors. That does not appear to be the case at the
The 2,950-room LVH hotel-casino was formerly known as the Las Vegas Hilton and has been having financial problems due both to the poor economy and losing its right to use the Hilton name.
The sale is expected to be completed in November.
According to officials at the LVH Hotel-Casino in Las Vegas, the casino's creditor, along with a partner, intend to buy it out of foreclosure later
this year and then continue operations.
Employees at LVH received a WARN ACT notice under the Worker Adjustment and Retraining Notification Act this week, which is usually given to warn of layoffs or a planned business closure, but LVH officials say the was meant to notify workers of the upcoming sale.