Recently, I posted a response disagreeing with another agent who stated: 

"As for where to invest here, specifically, there are 2 areas I believe that will be most profitable: 1) property that generates income, purchased at a time when values are depressed (in almost any area, given how transient our work force is) and 2) property in one of - if not the most - exclusive addresses of our metro area, Lake Las Vegas."

I don't think anyone would disagree with #1, but I did not agree with making such a claim about Lake Las Vegas without mentioning some red flags I've seen lately about the community:

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Bankruptcy Judge Linda Riegle said she will sign an order today approving $127 million in post-bankruptcy financing for Lake Las Vegas. 

from the LVRJ on 8/5/08 - http://www.lvrj.com/business/26274484.html 

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"At 10 a.m., a single player had the tables to himself at Casino MonteLago. The nine other people in the 40,000-square-foot casino confined themselves to the slots. 

On the XM satellite radio station piped into the casino, Don Henley began to sing: 
Empty lake, 
Empty streets
The sun goes down alone. 
Outside, MonteLago Village was a ghost town of boutiques, coffee shops and high-end eateries." 

from the LVRJ on 8/3/08 - http://www.lvrj.com/news/26219079.html 

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"Bankrupt Lake Las Vegas is struggling to stay afloat financially, but the development's owners are worried a break in a pipeline underneath the lake could drain it and sink the community's financial future. 

In a statement filed in the development's Chapter 11 bankruptcy case, Lake Las Vegas President Frederick Chin said a 7-foot conduit that carries storm and treated wastewater under the lake is in need of repair. Without the repairs, the development's centerpiece 320-acre artificial lake could drain away, Chin told the court." 

from the LVRJ on 7/30/08 - http://www.lvrj.com/news/26090239.html 
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I hope it turns out to be a successful (and profitable) place to buy real estate.  I really like it there, especially in the winter when they have the ice skating rink, so I will say, IMHO: it's a great place to visit but I wouldn't want to live there...or invest there...for now.