Hurley Reed, MPTV CEO, says the loan documents are under review and a decision as to whether to accept the terms, which are undisclosed, will be forthcoming in the near future. MPTV's resort and tower project in Las Vegas is positioned along the famous "strip" between the MGM Grand and the Aladdin hotels and casinos. It also borders the Hard Rock Cafe on Paradise and Harmon Avenue, where property owners are undertaking development of two new casino-hotels and three timeshare projects.
MPTV is tackling the project under its subsidiary Consolidated Resort Enterprises Inc. The Lake Tropicana development is the subsidiary's primary asset. The loan, if approved, will drive a renovation of a 22-building complex, with 176 apartments. Plans call for a top-to-bottom makeover of units and land, including swimming pools, tennis court, spa and recreational center.
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