“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 LVH.”

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.

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