MPTV of Newport Secures Loan to Renovate Its Las Vegas Resort

MPTV Inc. of Newport Beach said it has secured an $8.6-million loan to renovate its 176-unit Lake Tropicana time-share resort in Las Vegas. The lender, Consortium International Inc., completed the deal Friday and construction crews are working on the 22-building apartment complex near the MGM Grand hotel. A company official said Monday that sales for the 21-year-old complex will begin in the next six weeks. The company hopes to sell 9,000 time-share allocations--which would give buyers one week a year at the 7.5-acre resort--at an average price of $11,000.