RIP: Ritz-Carlton Las Vegas
The five-diamond Ritz-Carlton Las Vegas, host to many celebrities such as actress Liz Taylor, failed to beat the odds and will soon close as owners stop funding it on May 2.
Village Hospitality LLC, a part of Deutsche Bank, is the owner of the 348-room property.
A spokesman says dwindling demand and a lack of revenues led to its demise.
According to the spokeswoman of Ritz-Carlton, Vivian Deuschl:
“It’s nothing the hotel did. It’s a simple lack of business and a decline in the tourism industry.”
“The hotel that boasts of its retail boutiques, gondola rides and wedding chapel suffered a backlash from the so-called ‘AIG effect.” The ‘AIG effect’ refers to the upheaval caused by American International Group’s decision to fly top brokers and executives to a resort soon after receiving a bailout check from the US government,” according to Reuters.
Revenue for the luxury hotel’s last year fell almost 17 percent, outpacing the 14 percent drop in the industry.
Ritz-Carlton Las Vegas is located 17 miles from the Las Vegas Strip.
Opened seven years ago, Ritz-Carlton, which is a division of Marriott International, had played host to many celebrities such as Celine Dion and the pop icon Michael Jackson.
By David Wilkening
David
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