News of the proposed loan commitment was announced at the close of December and now MPTV has formally accepted the terms of the deal. "The terms of this Loan Commitment are fair and acceptable. I have signed the commitment and am looking forward to funding and beginning the construction phase," says Hurley Reed, MPTV's chief executive officer.
The developer plans to use the money to finance the construction of Phase I of its Las Vegas resort project, known as Lake Tropicana Timeshare Resort and Towers. The property is located on the strip between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino.
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