Builder Cuts Las Vegas Deal

PHOENIX-A locally based resort developer, ILX Resorts Inc., is acquiring the leasehold rights to a 44-acre site just off the Las Vegas strip in Nevada.The company is interested in building a mixed-use development on the site that could include a hotel, time-share units, restaurants, a golf course and other facilities, says ILX Chairman Joe Martori.The agreement gives ILX Resorts up to six months to obtain financing for its project. The company would also have to extend the existing lease to 50 years and get the project through planning and zoning approval.The property is east of the MGM Grand Hotel on Tropicana Avenue. It’s currently occupied by the Las Vegas International Golf Center, a driving range.ILX Resorts primarily develops, operates and markets vacation-ownership resorts in Arizona, Colorado, Indiana and Mexico.