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Tide changing for Lake Las Vegas economy

Tide changing for Lake Las Vegas economy

By Katie Crowther. CREATED Apr 4, 2012

Henderson, NV (KTNV) -- Henderson's Lake Las Vegas was hit hard by the economic downturn. It filed for bankruptcy four years ago and saw golf courses, a hotel and a casino close. But, there are signs it's making a comeback.

There's action on the putting green, swimmers in the water, and shoppers on the street. Most importantly, there's new construction.

"The building is picking up," says Realtor Robyn Yates. "Builders are actually selling homes again."

Yates says the Lake Las Vegas housing market is making strides. The number of homes for sale is down, and selling prices are inching up.

"We were looking at the numbers for the first quarter of 2012, and comparing them to the first quarter of 2011, and the prices alone just in that one quarter are up 6 percent," she says.
 
Lake Las Vegas businesses are also seeing improvements. Employees at the lakeside restaurant, Sunset & Vines, say profits are up 100 percent over this time last year.

"There's been a lot more locals, and a lot more conventions," says David Groff. "Everyone's starting to come back. Since the casino and hotel reopened, it's given the public more of a perception that the whole village has reopened again."

The MonteLago Casino reopened last year as the Ravella Resort & Spa brought new life to the old Ritz-Carlton. Those aren't the only changes. Just last week, Loews Hotel became a Westin. The new management team plans to invest about $4 million into the property. It's all part of the changing tide, that's helping restore luster to the lake.

However, there is still a lot of room for growth. While one golf course is open at Lake Las Vegas, two others are still shut down. There are also still a few empty storefronts.

The ownership group at Lake Las Vegas has invested in new roads and signs. It's also preparing for future development.

The Henderson City Council just approved the rezoning of Rainbow Canyon. That's an area of Lake Las Vegas, just north of the new Westin Resort & Spa. Instead of zoning for large homes, hotels and golf courses, Rainbow Canyon is now zoned for single-family homes and recreation. The goal is to attract more of an active adult, residential community.