Court appoints receiver for Colony Resorts LVH following loan default

By Caroline Salls

Pittsburgh, Jan. 12 - Colony Resorts LVH Acquisitions, LLC lender Goldman Sachs Commercial Mortgage Co.'s application for appointment of a receiver for Colony's property and businesses was granted on Jan. 6 by the District Court of Clark County, Nev., according to an 8-K filed Thursday with the Securities and Exchange Commission.

Goldman Sachs filed the receiver application following the occurrence of events of default on Colony's loan agreement.

The company's property and businesses include its hotel and gaming operations, the 8-K said.

Ronald Paul Johnson has been appointed receiver.

According to the 8-K, the receivership will take effect following approval by the Nevada gaming authorities and Johnson's written acceptance and approval of the terms of the receivership order.

As of the effective date, the receiver will take immediate and exclusive possession and full and exclusive control of the company's property.

Colony Resorts is a Las Vegas-based operator of the Las Vegas Hilton hotel/casino.

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