Fortune maps a number of stalled projects in Sin City:
1. Sahara $0.3 billion: What Sam Nazarian and Stockbridge Real Estate paid in 2007 for the Sahara, the last of the Rat Pack-era casinos. The building is still empty, but the company says it plans to renovate.
2. The Fontainebleau $2.9 billion: The original projected cost of the casino. Investor Carl Icahn snatched up the 70%-completed project -- the tallest structure in Vegas -- in 2010 for $150 million and is selling off its unused furnishings.
3. Echelon $4.8 billion: The price tag when Boyd Gaming (BYD) broke ground on this multipurpose hotel and casino in 2007. Construction has been suspended temporarily.
4. Las Vegas Plaza $5.0 billion: The projected cost of developing the Las Vegas Plaza. The Israeli El-Ad Group purchased the site for $1.2 billion in 2007. The project is still in the planning stages.
5. St. Regis Residences at the Venetian Palazzo $0.6 billion: The planned cost of this condo tower, meant to rest atop the Venetian casino complex. Owner Las Vegas Sands (LVS) has halted construction for now.
6. The Cosmopolitan $3.9 billion: Deutsche Bank (DB) foreclosed on a $760 million loan in 2010, which gave it ownership of the Cosmopolitan casino complex. In all, the bank has invested $3.9 billion in the project. The resort is losing money.
7. Harmon/CityCenter $8.5 billion: The amount invested in the CityCenter gaming and hotel complex by MGM Resorts International (MGM) and Dubai World. Contractor Perini Building is suing the owners for $313 million in cost overruns. Meanwhile, the Harmon hotel tower has not opened because it is not earthquake-proof.
What a mess. I'm glad I'm not holding bonds in any of those projects.
No comments:
Post a Comment