Newage Lake Las Vegas LLC has completed a purchase of the Ravella at Lake Las Vegas hotel, which is currently adjacent to the casino Montelago, which is in Henderson, Clark County. The company purchase the 13.84 acre area, and one acre casino, on November 21 for a total of $46.859 million. This was from a subsidy that was provided by the Deutsche Bank, a bank that the company had done a lot of business with over time. Under the leases, the owner of the brand continues to run the hotel, as well as the Intrepid Gaming Operating Company Inc, and will remain there licensed operator of the Casino MonteLago as well.
Originally, the site that the hotel is currently on was a Ritz-Carlton, that was closed in May of 2010. It was a Deutsche bank unit that foreclosed on the real estate. Then, the property was taken over in 2011 by Dolce Hotels and Resorts, which currently rents the 349 room property. Since that time, they have given it the Ravella Brand.
The Casino MonteLago was originally closed in March of 2010, alongside the Ritz-Carlton closure. It was not reopened until last year, after the Ravella opened. The Newage company is currently located in the Los Angeles California area. This is the second largest big hotel deal this year in Lake Las Vegas. The other deal included the 439 room hotel, the Loews Lake Las Vegas, which was taken over and converted to the Westin Brand.
The senior vice president at Kam Sang, stated on Thursday that the company had been interesting in purchasing the property, since way back when it was still the Ritz-Carlton. It was not until now that the opportunity arose for the company to purchase the property, and also to look into changing the brand and opening new features on the property. The hotel was built the high-end standards, and is suited to serve companies that are looking for a training and meeting location, making it an ideal choice for a convention.
He also went on to say that Dolce is going to remain in place because he did a good job managing the hotel, and they would like to keep them on board at this time. The existing casino operator will stay in place for the time being, as executives at the current company or not experienced in the gaming industry. Now that the property as a stable, long-term owner in place, the future of both properties is looking up when for years ownership is not interested in investing further in the gaming industry.
Kam Sang investments is also looking and other opportunities that present themselves throughout Southern California and Las Vegas. The company invests in hotels, and restaurants on a regular basis, but this is the first time that the company was looking to break into the gaming industry. It seems like they will be looking for other opportunities that present himself around the Las Vegas area as well, and may consider doing additional investing into the area as time goes on.