Lake Las Vegas, a 3,592-acre residential and resort development, filed for Chapter 11 protection last week.

The company reported debts between $500 million and $1 billion, and assets that total between just $100 million and $500 million.

LLV Holdco LLC, which took over ownership of Lake Las Vegas earlier this year, cited “poor liquidity, substantial debt service, and extremely challenging real estate market conditions,” as reasons it is seeking protection.

“The decision to reorganize under Chapter 11 in large part reflects our belief that we can reinvigorate Lake Las Vegas as a premier master-planned community,” Frederick Chin, president of Lake Las Vegas, said in a statement.

The Las Vegas Review-Journal reports that the company has received financing of about $127 million after filing for bankruptcy protection. The financing will allow day-to-day operations to continue.

By Casino Connection Staff

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