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Deutsche Bank to Foreclose on $3.5 Billion Casino

 
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Old 08-08-2008, 04:13 AM   #1 (permalink)
Tropo
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Deutsche Bank to Foreclose on $3.5 Billion Casino
Deutsche Bank to Foreclose on $3.5 Billion Casino

Aug. 7 (Bloomberg) -- Deutsche Bank AG will foreclose on the $3.5 billion Cosmopolitan Resort & Casino in Las Vegas after developer Ian Bruce Eichner defaulted on a $760 million loan, two people briefed on the situation said.

Las Vegas, the heart of the U.S. gaming industry, is reeling from sluggish economic growth and soaring food and fuel costs.
The city's casino revenue slid 16 percent in May, the fifth straight monthly decline, according to the Nevada Gaming Commission.
More is here: Bloomberg.com: Worldwide
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Old 08-08-2008, 07:25 AM   #2 (permalink)
BV
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Tropo

This shouldn't surprise us.
Tourism and gambling will always be hit in a recession.

Even here, you can tell that tourism and travel is down because of all the ads on TV and the free this and that to convince us to take a holiday.

Cheers
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Old 08-08-2008, 09:07 AM   #3 (permalink)
Tropo
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Bill,

No surprise.
Frankly, current situation creates an opportunity to consider a nice holiday.
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Old 08-08-2008, 03:38 PM   #4 (permalink)
Thudd
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Tropo,

Opportunistic holiday already booked! There's lots of cheap airfares and deals out there at the moment.

Holiday in gloom, stay home in boom?
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Old 08-08-2008, 04:18 PM   #5 (permalink)
Tropo
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Originally Posted by Thudd View Post
Tropo,

Opportunistic holiday already booked! There's lots of cheap airfares and deals out there at the moment.

Holiday in gloom, stay home in boom?
Hehehehe...
Same here mate (approx.7 weeks to go).
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Old 08-08-2008, 06:31 PM   #6 (permalink)
BV
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Originally Posted by Thudd View Post
Tropo,

Opportunistic holiday already booked! There's lots of cheap airfares and deals out there at the moment.

Holiday in gloom, stay home in boom?
Not me, I am doing by bit to contain inflation...
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