The Associated Press

Wed, May 14, 2008 (5:42 p.m.)

The corporate owner of the Las Vegas Marathon acknowledged Wednesday it owes thousands of dollars to southern Nevada businesses and organizations after suffering "significant" losses in staging the event last December.

Devine Racing chief executive Chris Devine issued a statement through a Las Vegas spokesman acknowledging "some outstanding payables" stemming from "a significant loss on the 2007 race," the third since his company bought the rights to the event in 2005.

Devine said his Chicago-based company was selling "two significant assets," and use the proceeds to pay its bills by June 15. The statement did not say what assets would be sold. The company also owns the Los Angeles and Salt Lake City marathons, the Chicago Half Marathon, and Devine has financial interest in several radio companies.

"Our commitment to Clark County is unwavering and we are extremely enthusiastic about the future of the race," the statement said.

Spokesman David Kirvin said registration for the 2008 Las Vegas marathon and half-marathon was ahead of last year's pace, and that organizers expected 10,000 runners in each race.

Some officials told the Las Vegas Review-Journal that if Devine Racing cannot pay its bills, it may have trouble staging the 2008 race, scheduled Dec. 7.

"This is the first time it's been like this, but it's gonna be the only time," said Col. Chris Perry, head of the Nevada Highway Patrol. He said Devine missed a promised April 22 payment date, but recently paid almost $9,700 for its 2007 contract with the highway patrol.

"They'll get nothing for December 2008 _ no permits from us _ unless we get the full amount up front," Perry said.

Several other contractors, vendors and organizations said they had not been paid. The newspaper put the total owed at more than $100,000.

The agent for Christopher Cheboibich of Kenya told the Review-Journal that the runner still has not been paid his $20,000 first-place prize money for winning the 2007 marathon nor has he received his appearance fee. The winners of the 2006 race weren't paid their prize money until shortly before the 2007 event.

Clark County Commission Chairman Rory Reid, a supporter of the marathon, said he became aware of the unpaid bills "very recently" and said he contacted company officials.

"I told them we expect that it be taken care of, and they assured me a plan was in place," Reid said. "Time will tell."