General Growth Properties Inc. has filed for bankruptcy, putting the future of its Las Vegas shopping mall developments in doubt.

The company, which owns the Fashion Show (above), Boulevard and Meadows malls, as well as the Grand Canal Shoppes at the Venetian and the Shoppes at the Palazzo, is expected to restructure its debt in court and emerge with fewer properties.

Prior to entering into bankruptcy, General Growth was suffering under $27 billion in debt. The company said it attempted to negotiate with creditors without success, and has decided to reorganize in a Chapter 11 filing.

General Growth is expected to be the largest real estate victim of the recession so far, with more than 24,000 retail properties across the country.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.