Lake Las Vegas is suffering trouble in Nevada

Started about twenty years ago the project of Lake Las Vegas has become a ghost town today. It has been nicknamed Lake Lost Vega. It is a mini edition of the battered economy of Nevada.

The project looks like a fairy land with rose colored palaces, three golf links, boutiques displaying hand painted silken gowns, a Ritz-Carlton and on top of that a lake. The lake is a 2 mile oasis in the desert flaunting marinas, ice rink as well as a concert stage that floats on it.

It was like the other plan projected during the heady days of Nevada – the Tuscan Village. Michael Jackson sought solitude at the Ritz-Carlton and it was here that Elizabeth Taylor celebrated her 75th birthday and Celine Dion bought a house for a million dollars. Lake Las Vegas was thought to be a competitor to the Palm Desert but today it looks like an extravagant ghost town.

Running into 3,600 acre this project in Clark County, like many others has been facing one trouble after another. Once even the lake developed a leak! A contractor named Vince Gassetto once strolling down the eerie shopping area said, “I wanted to see how bad it was.”

Lake Las Vegas or Lake Lost Vegas as it is now known is a mini edition of the battered economy of Nevada. The real estate market is gloomy, tourism is pale and consumers are spending less and less. Lake Las Vegas had become heavily dependent on rich clients.

The project boasts of one gambling den – Casino Monte Lago. It will be shut down soon – something rare for southern Nevada where come what may, the casinos never stop rolling. Near the Ritz-Carlton a four star hotel having 350 rooms will shut down next May – it being the first of a chain of hotels.

The owners of houses and some housing experts say that the bottom has been reached. This place is so beautiful and serene that investors are sure to return after this temporary hiccup when the economy gets back on its feet. Vicki Hafel-Scott is the President of one of the housing associations. He said, “This is not a community that’s drying up. It’s like living in an oasis — it’s special.”

But not all are optimistic. Many feel that this is a signal of the shutting down of Nevada’s fairy tale dreams.

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