out on December 1, 1998. Managed by J.A. Jones Construction, the project was marked by delays and cost overruns. The final cost of development was $276 million, including $76 million contributed by Swiss Casinos and $200 million borrowed from lenders. The Resort at Summerlin quietly opened its doors on July 15, 1999. Its developers described it as Las Vegas' first off-Strip luxury resort. At opening, the property included a 286-room hotel tower, two restaurants, and a casino. The hotel was named the Regent Grand Spa, under a franchise from Regent International Hotels. Because of construction delays, other amenities, including the spa, pool, retail shops, and more restaurants, opened over the following months. The second hotel tower, the 255-room Regent Grand Palm, opened in January 2000. By the next month, the entire property had been renamed as The Regent Las Vegas, to capitalize on its affiliation with the upscale Regent brand, and the two hotels were known simply as the Spa tower and the Palms tower. In June 2000, Swiss Casinos announced plans to purchase a parcel next to the Regent and to develop it with timeshare units and tennis courts, but this project never came to fruition. After completion (2000-present) Signs of financial trouble appeared as early as November 1999, when the resort's operating company revealed that it was seeking new financing and its credit rating was downgraded. By March 2000, the resort was in technical default on its mortgage debt, as a result of having borrowed additional money from Swiss Casinos. Executives began to shift the casino's focus to attract more locals, such as by replacing slot machines with video poker machines. In September 2000, the Regent defaulted on various payments to creditors. By November, executives were attempting to renegotiate the property's debt, and 239 of the resort's 1,700 employees had been laid off. Several restaurants were closed or saw reduced operations. The Regent filed for Chapter 11 bankruptcy protection later that month, and soon began seeking a buyer for the property. Real estate developer Peccole Nevada was selected as the stalking horse bidder, with an offer of $150 million, but then withdrew its bid after a disagreement with its financing partner. A new bid of $80 million by Los Angeles-based hotel company Maritz, Wolff was then selected, but was also withdrawn after negotiations with the Regent's creditors broke down. Finally, the resort was sold to Hotspur Resorts, the