Nov. 8, 2012
In 2008, a sign of the times hit the resort area of Lake Las Vegas in east Henderson. The development that contained several high-dollar homes, resort hotels, and a championship golf course designed by Jack Nicklaus filed for bankruptcy – and turned off the entryway’s waterfall. It seems that the cost of running the fall’s filtration and pump station was just too much for the flailing area. The dry rocks marked some tough times.
Just recently, the fall has been turned back on, and the beauty of the manicured entryway has been restored. The Wall Street Journal declared, “Green Shoots Sprout in Las Vegas Desert” in its September 19 issue, citing that the luxury resort development was one of the hardest hit in the recession.
With the Ritz-Carlton closure of 2010, the resort area appeared doomed. But stars such as Celine Dion still live there and luxury homes are starting to sell again. The Ravella took over the Ritz’s spot in 2011. The Ravella has seen occupancy rise, and revenue has increased enough for them to reach profitability. This summer, home foreclosures fell 80% from last year. Things are turning around.
Amid rumors that Lake Las Vegas itself would dry up, many persisted. Developers held their collective breath, some defaulting on very large loans - but others held on. Those that remain hope that the golf courses will open again soon so that home buyers will be lured back into the area.
Meanwhile, the waterfall is back on – along with new signage and a widened, repaved Lake Las Vegas Parkway. It may take a while for a full recovery, but at least it’s flowing in the right direction.