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Regent in Las Vegas Looks for New Buyer

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Will the Regent Las Vegas be sold at a bargain-basement price? Riddled with financial troubles, The hotel/casino's owners recently accepted a bid for the property from a local developer for $150 million--much less than what's been invested in the property. The bidder has backed out, and a second party is making a bid for even less. The property might go for as low as $80 million.

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The executive chairman of London Clubs International (LCI), Alan Goodenough, has resigned due to ailing health. A London paper, The Guardian, speculated that his ill health was brought on by the company's dealings with the failing Aladdin hotel-casino on the Las Vegas Strip. LCI is said to be buying out the Aladdin, although sources at the Aladdin deny any such activity. LCI is currently an Aladdin investor and is expected to invest more money each year--up to $30 million a year--to cover the property's bank debts. If LCI were to buy out the rest of the Aladdin stock, it would attempt to sell it to a third party. This is an unrealistic hope, according to Wall Street analysts, because the Aladdin's equity has no value and around $700 million in liabilities.

Vacation resort developer Fairfield Resorts has opened its first-ever Las Vegas property: the Fairfield Las Vegas at Grand Desert Resort. The property, located a short walk from the Strip on Harmon Ave., features 169 one- and two-bedroom condos and 15 two- and three-bedroom third-floor and 12th-floor penthouses.

Robert Goulet is packing his bags at The Venetian, cutting short his summer show. Goulet rented the room himself for $15,000 a night. Unfortunately, the seats were only half full each night.

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