The loan, which is being provided by International Commercial Finance, had been scheduled to close in the beginning of February. However, internal processes at the Southfield, MI-based private lender have delayed the final closing. "We regret if this has caused MPTV or it shareholders any concern," says Eli Shalom, the CEO of ICF.
MPTV will use the funds to finance the construction of Phase I of its Las Vegas resort project, known as Lake Tropicana Timeshare Resort and Towers. The developer has already secured building permits for Phase I, which includes the remodeling and conversion of Lake Tropicana. The property is located on the strip between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino.
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