The lights are sure dimming out over the sin city and the gambling capital of the world and the luxury resorts that surround it are finding it hard to keep business running in the tough times. The Reflection Bay Golf Course at Lake Las Vegas closed last August and with the lake Las Vegas showing no signs of improvement when it comes to real estate, it seems that the same fortune is in store for many other luxury hotels and resorts. The Lake Las Vegas Ritz-Carlton is the latest in the line with its owners unable to keep it afloat in the tough times.
The 348-room resort is owned by Village Hospitality, an arm of Deutsche Bank which has decided to finally pull the plug after the lack of any significant business. With tourism industry across the globe taking a major hit, hot spots for visitors such as Las Vegas have taken the biggest hit. With the upswing nowhere in sight, the Lake Las Vegas Ritz-Carlton now faces the final fall.
The resort destination, 17 miles away from the Las Vegas strip, features a manmade lake surrounded by an Italian-style village. It started off with grand fanfare as a luxury alternative to the high-powered glitz of the Las Vegas strip. With tourism still a long way away from recovery point and people still circumspect on spending money over holidays, it might be a while before the lights shine bright and bold again in the Sin city!