Las Vegas Condos Partnership On The Rocks

August 22, 2006 Posted In Condos Update Real Estate News

There seems to be trouble for many local real estate projects these days. The most recent being the accusation by Red Rock Resort, Spa & Casino that Station Casinos is trying to "hijack" an in progress condos project. These accusations are coming from Red Rock minority partner Stephen Cloobeck.

Problems started after Station Casino made it known that they were severing ties between Cloobeck Molasky Partners and Station subsidiary SCRR Residential. SCRR holds 80 percent of the condo project deal which they are currently partnering. Complaints were filed with the SEC on August 9th and a hearing has not yet been set.