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LAS VEGAS (AP) - The owners of the Lady Luck hotel-casino in downtown Las Vegas on Monday announced plans to lay off nearly 700 employees, saying a massive renovation was forcing them to close the property.

The 758-room hotel-casino will shut its doors on Feb. 12. A reopening date has not been determined.

Andrew Donner, CEO of the Henry Brent Company, the owners of the property, called the decision to lay off the majority of the casino's staff a "difficult yet necessary business decision."

"We looked at every scenario possible to keep the property fully open during the renovation. But in reality it would be difficult to provide guests with a good experience or attract the number of visitors we'd need to maintain our staff," Donner said in a statement.

The company fired 125 workers Monday, effective immediately. Another 559 were given 60 days notice.

Donner's group bought the aging casino and nearby businesses in April from Mississippi-based Isle of Capri. The company is involved in efforts to revitalize the Las Vegas' downtown.

It also owns a cluster of high-end restaurants and bars in the Lady Luck. Those businesses will remain open during the renovation.

Source: AP