HENDERSON - The posh $5 billion Lake Las Vegas Resort is getting a ritzy new neighbor.
Developer Transcontinental Properties Inc. announced an agreement with the Ritz-Carlton Hotel Company for a $500 million project that will include a second luxury hotel at Lake Las Vegas.
The latest development, a Mediterranean-themed project named The Village at MonteLago, will include a luxury hotel, a casino, spa, 820 luxury residential condominiums, retail and office space.
The Village will be on 50 acres on the west end of the 320-acre private lake and will include a 350-room luxury Ritz-Carlton hotel.
The resort will be terraced into a hillside with beaches and nearly a mile of lakeside walkways and boat docks.
Construction is scheduled to begin before the end of the year, with an opening date expected in the third quarter of 2002.
Lake Las Vegas Resort is a residential, resort and golf community 17 miles southeast of the Las Vegas Strip. The project covers 2,245 acres surrounding a man-made lake with 10 miles of shoreline. Eventually it could include as many as five hotels and six golf courses.
The development group of The Village at MonteLago includes The Ritz-Carlton Hotel Company L.L.C. of Atlanta, Ga.; Intrawest Corp. of Vancouver, British Columbia; CIRI of Anchorage, Alaska; and Lake at Las Vegas Joint Venture, a partnership comprised of Transcontinental Properties, Inc. and Sid Bass and Lee Bass of Fort Worth, Texas.
The $140 million, 496-room Hyatt Regency Lake Las Vegas opened in December. It was among five major resorts that opened in the Las Vegas area in 1999. The others included Mandalay Bay, The Venetian, The Regent and Paris-Las Vegas.