Southwest Securities v. AMFAC, Inc.

OPINION

BACKGROUND

At the heart of the underlying dispute is a real property lease to the Marina Hotel & Casino (Marina), formerly located on the southern end of the Las Vegas Strip. Appellant Southwest Securities (Southwest) was the owner and landlord of the Marina.

On October 30, 1973, Southwest executed a hotel lease agreement with Resorts, Inc., a wholly owned subsidiary of Amfac, Inc. (AMFAC), a Hawaii corporation. In that agreement, Resorts agreed to lease the hotel portion of the Marina for thirty years commencing May 1, 1975. Contemporaneously, AMFAC executed a lease guaranty which…