Hurley Reed, MPTV's CEO, said in the company's announcement that the company hopes to begin the renovation project "as soon as our funding closes," but did not mention the amount of funding. MPTV filings earlier this year with the Securities and Exchange Commission, however, said the company was seeking a $13.44 million construction loan.

MPTV has been working on its Lake Tropicana Las Vegas timeshare resort since 1994 thanks to financial and permit problems delaying the project's completion. In 1997, MPTV resumed work on the resort through a joint venture (Lake Trop LLC) with All Star Resorts. In 2000, MPTV bought All Star's interest in the property, regaining 100% ownership.

Two months ago, MPTV announced that it had received a commitment to refinance its current mortgage on Lake Trop for $9.5 million. Approximately $6.5 million of this funding will be used to refinance the current mortgage and the balance of $3 million will be used to commence Phase I of the Lake Trop renovations. When the financing is complete, new construction will begin, say company representatives.