Dunes Hotel Files for Chapter 11
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LAS VEGAS — The Dunes Hotel and Casino, faced with a growing number of financial and legal problems, filed for Chapter 11 protection in U.S. Bankruptcy Court this morning.
Valley Bank went to district court earlier in the morning, seeking to have a receiver appointed to oversee the resort’s operations. The bank took the action after the Dunes defaulted on a $68.6-million loan. The district court action was dropped when attorneys filed the Chapter 11 proceedings. A federal judge had set a 5 p.m. deadline for the hotel to come up with a $2-million bond to protect the Culinary Union, which had obtained a $2.1-million judgment for money the hotel owes the union’s health and welfare fund.
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