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Deutsche Bank to Foreclose on $3.5 Billion Casino

Discussion in 'General Investing Discussion' started by Tropo, 8th Aug, 2008.

  1. Tropo

    Tropo Well-Known Member

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    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
     
  2. Billv

    Billv Getting there

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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
     
  3. Tropo

    Tropo Well-Known Member

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    Bill,

    No surprise.
    Frankly, current situation creates an opportunity to consider a nice holiday. :p
     
  4. Thudd

    Thudd Well-Known Member

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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? :p
     
  5. Tropo

    Tropo Well-Known Member

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    Hehehehe...:D
    Same here mate (approx.7 weeks to go). :p
     
  6. Billv

    Billv Getting there

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    Not me, I am doing by bit to contain inflation...:D