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Breaking News
Jun. 23, 2009
Copyright © Las Vegas Review-Journal

Owners of Tahiti Village Resort filing for bankruptcy

By ARNOLD M. KNIGHTLY
LAS VEGAS REVIEW-JOURNAL

Consolidated Resorts, owners of the time share Tahiti Village Resort on Las Vegas Boulevard South, is filing for bankruptcy protection.

Company officials confirmed late Tuesday that they had shut down sales and marketing offices in Las Vegas, Orlando, Fla., and Hawaii.

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    • It is not known how many jobs in Las Vegas were lost.

    The company blamed the “dramatic changes in the economy and the shrinking time-share environment” for the decision.

    “The scarcity of lenders in the time-share industry has made it impossible to continue the company,” a statement said.

    The company will continue to operate its 14 resorts in Las Vegas, Hawaii and Florida during the restructuring.

    “The resorts will continue to operate uninterrupted so owners that have reservations do not need to worry,” the statement said.

    Locally, the company owns the property on Las Vegas Boulevard and Warm Springs Road, and Tahiti and Club de Soleil on Tropicana Avenue.

    Tahiti Village Resort shut down information booths Tuesday around town, including those in Strip resorts and along Las Vegas Boulevard.

    The bankruptcy filing could be a blow to small-show operators along the Strip.

    David Saxe, who operates the V Theater at the Miracle Mile Shops at Planet Hollywood Resort, said he received the call that Consolidated was filing for bankruptcy when his plane landed in Burbank, Calif., for a business trip.

    Consolidated owes Saxe $100,000 for show tickets the time-share company used to lure customers.

    When someone takes a tour or sits through a pitch, Saxe said, they bring the voucher to the box office.

    Saxe then adds up the voucher and bills them.

    He estimates time shares account for 20 percent of total show tickets bought in Las Vegas.

    “I rely on the time shares. For shows like mine, it can be as much as 50 percent of our business,” Saxe said. “It’s no cash outlay like advertising.”

     

    Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.

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    bill wrote on July 02, 2009 06:43 AM: I have jut booked my stay at Tahiti Village....Maybe I should have attempted to book somewhere else like maybe "Motel 6"??? I wonder what it is going to be like?? Probably make my own be and buy he sheets too take out he grbage....aaahhhh just like at home


    Cindy wrote on June 26, 2009 09:35 PM: No compassion here! We told these people a hundred times I had just been thru 9 surgeries, was now on disability, had lost 1/2 of our income and they still put the pressure on. Finally we said yes just to get out of there after 4 1/2 hours! Afterall, buying in Vegas was a huge investment at that point! They didn't care about our finances and I now don't care about theirs!


    Tiffany wrote on June 25, 2009 11:40 AM: Back in August, I was hired to work with this company in their reservations department. While I was doing the training, I got a better offer from another company and promptly left. If I had stayed, I'd be out of a job right now. Wow.


    Annney lost their financing wrote on June 24, 2009 10:13 PM: I know for a fact that they lost the financing to new business and that the owners will not be affected...they are just unable to sell to new customers...1100 people lost their jobs...really people...show compassion!!!


    cindy wrote on June 24, 2009 03:08 PM: I for one don't feel sorry for any of the sales reps! most Timeshare sales reps lie or do just about anything to get the sale. Now before someone jumps down my throat...I said "Most". We were lied to by Tahiti (Vegas) Village sales reps many times. Luckily we got out of our timeshare! There are a lot of unhappy people still out there! Now I know some of you will say we were stupid to buy in the first place. I'm sure you have made some mistakes I would have avoided. We were already timeshare owners and had been for 15 years with another company. We have traveled the world with that one. We loved our timeshare and often told our friends about it. This company however lied to a lot of people about a lot of things. I won't go in depth on here...the ones who are involved know I am speaking the truth. So to the sales reps who "DID" lie...It's payback time!


    Cindy wrote on June 24, 2009 02:14 PM: Nicole,
    I hate to tell you this but there is a class action suit which has been forming against Consolidated Resorts and Tahiti for over a year now. The main reason for the lawsuit: LIES!!!!


    Steve wrote on June 24, 2009 12:13 PM: To Nichole...

    Sure, you still have a deed and title. Sure, you can use your timeshare on your vacation. Uh huh. Yeah. Right.

    Now, can I interest you in some swamp land in Florida?


    Maria wrote on June 24, 2009 11:26 AM: I um one of the 2000 people who lost their job over this. Super LAME


    Scotty wrote on June 24, 2009 10:51 AM: Here's some more information about it. This is not good news at all.
    http://consolidatedresortsbankruptcy.com/


    nancyyy158 wrote on June 23, 2009 11:51 PM: It's to bad that this time share has to close my bosses husband lost his job, I hope he files for employment. He was salary now nothing was it a big scam on the owners part? Who knows?


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