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Casey Sayre & Williams, Inc.
3110 Main Street, The Annex
Santa Monica, California 90405
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For: The Atalon Group |
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| Date: January 8, 2008 |
Contact: Barbara Casey
(310) 396-2400 |
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LAKE LAS VEGAS OWNERSHIP SHIFTS TO THE ATALON GROUP
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Henderson, NV - The Atalon Group, through a subsidiary, has acquired 100 per cent of the ownership interests in Lake Las Vegas, the 3,592-acre destination resort community 17 miles from the Las Vegas strip. Atalon assumed ownership effective January 2, 2008.
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"We recognize Lake Las Vegas is one of the finest resort communities in the country and we are committed to preserving its brand and position as a leading destination," said Frederick Chin, CEO of Atalon, a national operational restructuring firm that has experience in turning around financially troubled companies. Following the transaction, Chin was named President of the Lake Las Vegas operating companies.
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The acquired assets include three existing golf courses, an interest in the Ritz-Carlton Hotel, about 400 acres of undeveloped lands in Phase III, a proposed golf course and several operating businesses such as Comos Restaurant.
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"We embrace the vision for Lake Las Vegas and will retain the quality and first class operations it is known for while supporting it with a disciplined approach to business planning, budgets, and controls," said Chin. He reported that a number of key staff members will stay on.
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"The Atalon Group will work with key stakeholders to maximize and preserve the value of the community's key assets and realize its ultimate potential in light of Las Vegas' strong overall economic prospects and today's challenging real estate market conditions," Chin said.
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Founded two decades ago, Lake Las Vegas is nationally known as a destination resort with four luxury hotels, three championship golf courses, a shopping village, casino, marina and 1,500 homes. A 320-acre manmade lake is the centerpiece of the community that is surrounded by thousands of acres of public lands. Its spectacular setting nestled among mountains and its Tuscan-inspired architecture have been seen around the world through its televised series of "Stars on the Lake" concerts aboard a floating stage in the lake.
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Reminiscent of the towns in northern Italy, Lake Las Vegas is tucked into the Nevada desert's mountainside just 17 miles from the famed Las Vegas Strip. Lake Las Vegas is home to world-class resort hotels, including the AAA Five Diamond-rated The Ritz-Carlton, Lake Las Vegas, Loews Lake Las Vegas Resort, and the MonteLago Village Resort.
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This document contains "forward-looking statements." Forward-looking statements address expected future business and financial performance, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," or "will." Forward-looking statements by their nature address matters that are uncertain. Particular uncertainties that could adversely or positively affect our future results include: the behavior of financial markets; the commercial and consumer credit environment; the impact of regulation and regulatory, investigative and legal actions; strategic actions, including acquisitions and dispositions; performance of the national and local real estate markets; and political, economic, business and competitive conditions. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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