Burlington Town Center Owner Selling Off Luxury Las Vegas Malls

General Growth Properties Inc., Which is the owner of many retail mall properties throughout the United States and Canada is coming upon some serious financial problems that have been looming in the air for months.

The Chicago-based organization has proclaimed plans on Monday to attempt to sell all 3 of the high end malls in Las Vegas which include the Grande Canal Shoppes, the Shoppes at the Palazzo and biggest of all the Fashion Show Mall.

“The only properties that we are looking to sell right now are those three Las Vegas centers,” said David Keating, General Growth Properties’ spokesman. “As far as Burlington Town Center, that wasn’t on the announcement. From my understanding, Burlington Town Center is doing quite well … traffic is up due to the Canadian market.”

The company has more than 210 mall locations throughout the states and Canada and seems to be feeling the wrath of the economy.

When asked how the malls were doing in Las Vegas, a rep from GGP mentioned that stores are not shorting out on their leases nor are they seeing many bankruptcies or closures but they just aren’t seeing as strong of a return as in previous years and the upkeep is costing much more than what they are making.

“We recognize that we are facing unprecedented challenges in this economic environment, and we are committed to working with all our stakeholders to achieve a successful outcome to our strategic review process,” said Adam Metz, who was named Monday to serve as interim CEO in a shake-up of top level management.

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