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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..."

You can play at casinos and get a bonus here

17 January 2008 / About Editor

Tags: Credit Crunch, Las Vegas / Digg It / Del.icio.us / StumbleUpon / reddit

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