Lady Luck is targeting a late 2012 re-opening date. The renovation project was approved by the Las Vegas Planning Commission and will presumably be approved by the Las Vegas City Council in July.
About a month ago I wrote about Lady Luck's re-opening plans. At the time I didn't think it would take two and a half years to complete the project. Thinking about it more though it makes sense. They are basically re-building the entire hotel which would be akin to starting new construction. The 2012 date assures me that they are being realistic with the plans, although it will be hard to believe anything is being done until construction actually starts.
If Lady Luck does actually open in 2012 there could be a chance to have five consecutive years with a major hotel opening:
2008 - Encore
2009 - Aria
2010 - Cosmopolitan
2011 - Fontainebleau (this one's a longshot)
2012 - Lady Luck