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Gaming Guru

Tim O'Reiley

Partnership to complete foreclosure on LVH

31 October 2012

LAS VEGAS -- Ronald Johnson checks out at midnight as the receiver for the LVH - Las Vegas Hotel and Casino.

A partnership between Goldman Sachs Mortgage Co. LLC and the New York-based real estate investment firm Gramercy Capital Corp. will complete the foreclosure on the 2,950-room off Strip property. As a result, the ownership of an entity controlled by the investment firm Colony Capital LLC will formally come to an end.

The change of control will officially take place on Thursday at 12:01 a.m. At that time, Las Vegas-based Navegante Group will assume management control.

According to the most recent financial report, what was formerly the Las Vegas Hilton posted $96.6 million in revenues during the eight months ended Sept. 30. Johnson took the position as receiver, basically a custodian to administer all assets and debts, on Feb. 1.

The adjusted loss ran to $11.3 million during the period. The hotel suffered from the loss of the Hilton franchise at the start of the year and has struggled to fill the business void left behind.