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Former Mariott Owners Settle Lawsuit18 December 2001LAS VEGAS, Nevada – Dec. 18, 2001 -- The former owners of the JW Marriott Las Vegas and a Las Vegas-based gaming financier and operator have recently settled their differences regarding the value of slot machine and furniture leases at the upscale Summerlin hotel-casino. The JW Marriott was renamed last week after almost two years operating as the Regent Las Vegas. The property opened in July 1999 as the Resort at Summerlin. PDS Gaming Corp. agreed last week to accept a $19.1 million payment from The Resort at Summerlin partnership, the property's former owners, settling a dispute dating to the property's Chapter 11 bankruptcy filing in November 2000. PDS had provided most of the property's slot machines, and much of its furniture and equipment, leasing it to The Resort at Summerlin partnership. U.S. Bankruptcy Court documents indicate the dispute was settled to allow both sides to avoid the cost of taking the matter to trial. The Resort at Summerlin had claimed PDS deserved only $4 million for the depreciated value of the equipment, while PDS had argued its leases were worth more than $50 million. |