Credit Crunch Hits Casinos
Not all casino projects thrive.
As the Wall Street Journal reports, "The credit crunch that roared through the residential real-estate market is starting to bite commercial projects, too.
"Yesterday, Ian Bruce Eichner, the developer of a twin-tower casino resort in the heart of Las Vegas, defaulted on a $760 million loan from Deutsche Bank AG after he failed to get refinancing."
Oh dear...
"The default on the loan supporting the $3 billion Cosmopolitan Resort Casino is a signal of trouble for Mr. Eichner, who gained notice during an earlier real-estate downturn in the early 1990s when he lost several projects in New York City."
Any chance you will feel sorry for the wealthy casino owners? They do take risks..."
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