On the front page of today's Wall Street Journal is an article stating
that the LV real estate credit crunch has now extended to commercial
projects as well.
The column goes into some detail about how the developer of the
Cosmopolitan, Ian Bruce Eichner, defaulted on a $760 million dollar
loan from Deutsche Bank AG, after he failed to secure refinancing.
This event causes me to wonder about whether we have finally seen the
the end of the amazing casino building boom. This is as scary to me,
in regard to the nation's economy, as the horrendous stock market
plunge in 2008.
I do hope that this is just one isolated incident, caused by the
Cosmopolitan developer not having his necessary financing in place,
and not the start of a full fledged recession.
~Babe~
Earn your degree in as few as 2 years - Advance your career with an AS, BS, MS degree - College-Finder.net.
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