Development and opening (1996-2000)
In May 1996, the Howard Hughes Corporation, developer of the Summerlin planned community, announced an agreement for a casino resort to be developed by Seven Circle Resorts, an American affiliate of Swiss gaming firm Swiss Casinos.[2][3] The opening was originally planned for 1998.[2] Paul Steelman was the architect for the project, which would be known as The Resort at Summerlin.[2] Developers envisioned it as a luxury golf and spa resort, similar to those found in destinations like Scottsdale, Arizona and Palm Springs, California.[4][5] The property would have relationships with several nearby golf courses, including exclusive control of half of the tee times at the neighboring Tournament Players Club at the Canyons.[4]
Seven Circle purchased the 54 acre site from Howard Hughes Corp. in August 1996 for $16.6 million.[6] The company faced some opposition from nearby residents after modifying the project plans to include a second hotel tower. The enlargement plans were eventually approved, despite concerns about the impact it would have on the community.[7][8][9] By February 1998, construction was underway.[10] The hotel was topped out on December 1, 1998.[11] Managed by J.A. Jones Construction, the project was marked by delays and cost overruns.[12] The final cost of development was $276 million, including $76 million contributed by Swiss Casinos and $200 million borrowed from lenders.[13]
The Resort at Summerlin quietly opened its doors on July 15, 1999.[13][15] The opening had been delayed by three days because of the 1999 Las Vegas flood, which caused minor water damage to electrical circuits. Its developers described it as Las Vegas' first off-Strip luxury resort. At opening, the property included a 286-room hotel tower, two restaurants, and a casino.[16][17] The hotel was named the Regent Grand Spa, under a franchise from Regent International Hotels.[18] Because of construction delays, other amenities, including the spa, pool, retail shops, and more restaurants, opened over the following months.[19]
The second hotel tower, the 255-room Regent Grand Palm, opened in January 2000.[20][21] By the next month, the entire property had been renamed as The Regent Las Vegas, to capitalize on its affiliation with the upscale Regent brand, and the two hotels were known simply as the Spa tower and the Palms tower.[21][22]
In June 2000, Swiss Casinos announced plans to purchase a 22 acre parcel next to the Regent and to develop it with timeshare units and tennis courts,[23] but this project never came to fruition.
After completion (2000-present)
Signs of financial trouble appeared as early as November 1999, when the resort's operating company revealed that it was seeking new financing and its credit rating was downgraded.[24][25] By March 2000, the resort was in technical default on its mortgage debt, as a result of having borrowed additional money from Swiss Casinos.[26] Executives began to shift the casino's focus to attract more locals, such as by replacing slot machines with video poker machines.[27]
In September 2000, the Regent defaulted on various payments to creditors.[28][29] By November, executives were attempting to renegotiate the property's debt, and 239 of the resort's 1,700 employees had been laid off.
