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The smart money on Wall Street says developers won't be financing resorts that aren't already far along in the construction process – at least not until banks have had a few years to recover from The Great Bad Mortgage Purge of 2008.
Boyd Gaming and El Ad Group, with resorts that have either barely broken ground or not at all, are putting on a brave face.
Today, Morgans Hotel Group amended its joint venture agreement with Boyd to develop Mondrian and Delano-branded hotels at the $5 billion Echelon resort complex. The amendment extends a deadline to obtain construction financing to December 31, 2009.
The amended agreement waives certain fees and obligations for both parties, tying up less of their money up front.
The company still hopes to resume construction on Echelon next year, though Wall Street analysts now say that's unlikely.
These are the same analysts who were bullish on Las Vegas a year ago, Boyd Gaming spokesman Rob Stillwell said.
"A lot can happen in a year," he said.
Cynicism aside, the agreement indicates that Boyd isn't giving up on Morgans. Executives say the two boutique hotels are key to the resort's success.
While Boyd had secured financing for its portion of Echelon before the market soured, two joint ventures formed to build components of the resort, including the $1 billion partnership with Morgans, weren't able to lock up financing.
Meanwhile, El Ad Group has again pushed back construction of its Plaza Las Vegas resort.
Executives have attributed the delays to changes in the design and scope of the $8 billion project rather than financing challenges.
"Financing will not be a problem and construction is planned to start in spring 2010," spokesman Lloyd Kaplan said.
The company had originally planned to break ground next year.
Thank Harry Reid and Nancy Pelosi for it!
Nancy Pelosi shut down Congress and refused to allow a vote to go forward on a viable bill that would lower the price of gas and allow for these construction projects to go forward,,,while she stumped on her all important book tour, selling less than 3,000 copies,,,,
Just long enough of a delay for her and her husband and other politicians to invest heavily in The Pickens Plan so she will profit gazillions when that legislation passes in THIS session of Congress!
The Dems are playing politics while America burns. They do not care who gets hurt, or who suffers, so long as they get their own pockets lined.
Let's put the TRUTH out there and not some swiftboat spin by some Blonde partisan. A senseless War, the near collapse of our Financial Markets, record high gas prices, and the Bush Administration has been in office for 8 years.
Put the blame squarely on the shoulders of the failed Republican leadership.
Drilling for oil offshore or Anwar won't come online for years and will have ZERO impact on today's gas prices. Look at the record windfall profits at the Big Oil companies.
Get a clue Blondie, better yet get an education beyond remedial high school.
The spin stops here.
Oh by the way, I'm a Republican who has had it with the Republican Party.
This country deserves better than Bush and Pelosi.
McCain is not the answer.
"Nancy Pelosi shut down Congress"?
So it was Nancy's fault gas went way up, and that killed Strip development? You should work for Faux news. That's the same non-logic they use.
All due respect to blondegenes, please take a look at the economic swing at our national debt (from record budget surplus to record budget deficit) from 2000 through 2006 (during the first 6 years of the Bush-43 administration). That's the time the Republican party controlled both houses of Congress and the Office of the Chief Executive. Not a single veto on a single spending measure from Mr. President. Not one. The good Senator from Arizona toed the Republican line during that period as well.
At an earielr point in my life I worked for a Senator (a very good woman who served her country well and just happened to be a registered Republican). It's practically impossible for our elected officials to actually read all the legislation. Fact is, most don't even have enough time to read the legislation they sponsor. Drafting is generally done by aides (like me), industry groups (yep, those would be the ever vigilent and evil obbyists) and governmental/quasi governmental agencies. For candidates and their campaigns to sling mud at one another for voting one way or another on particular bills without also disclosing the poison pills buried within virtually every one is disingenuous and a dis-service to voters, especially voters who vote based upon a candidate's character and principles as opposed to their personal affiliations.
Fact is, about half the people we all know are registered to a different political party than us, are members of a different religion than us, are a different gender than us. Does that make 50% of your friends, neighbors, fellow Americans the enemy? If so, let's start blowing one another up. It would be a lot cheaper than tending to wars thousands of miles from home (especially at $3-$4/gallon for gas...)
most republicans can't even look in the mirror now because they would see that it was they that have caused all of these problems by putting numb nuts in power again in 04,dems haven't had the power for the last 8 year. geo jr and company have been running the show.unlike when they use to brag about reagen nobody is bragging about the mess the dumb a-- they put in charge has done.it will take decades for this mess to be fixed and for the world to hold us in high regard once again,this administration lied not only to us but the world.republicans should admit to the mess they created or just shut the h-ll up.and look who they have offered to replace george the incompentent another sleeze ball,john keating 5 mccain.yea he knows 1st hand about selling his political influence.he's the only sitting senator to have been censored by congress,great choice republicans,and sarah i can see russia and troopergate palin is another great choice,yea she'll straighten things out,after she spends some time trying to figure things out.seen any of her interviews lately,she's really clueless.i think she got hit with a few hockey pucks while putting on lipstick.if repubs would quit watching fox news or listening to limbaugh the pill popper they would not make such bad decisions when selecting future politicans to run for pres/vp.
I live in New Jersey and reg.gas is only $1.65 per gallon. I just hope it does not go up to $ 4.00 per gallon this summer again.
I am visiting Vegas in Jan. it has been 5 years + since I moved back to New Jersey, I am hoping to visit some of the new resorts while i'm in town. Is anything on the strip worth seeing or are they all half built empty buildings?
Someone please respond .
I live in New Jersey and reg. gas is only $1.65 per gallon. I just hope it does not go up to $ 4.00 per gallon this summer again.
I am visiting Vegas in Jan. it has been 5 years + since I moved back to New Jersey, I am hoping to visit some of the new resorts while i'm in town. Is anything on the strip worth seeing or are they all half built empty buildings?
Someone please respond .
I have grown up in a Dem. home Bill Clinton was the 1st president I voted for. I voted for him twice and then voted for Gore. What a joke that whole thing became but, you all know as much. The following election I just voted Dems. just because I was still bitter about Gore losing in Fla.
I will go on record and say that I don't think that Bush did a bad job in his 1st term. I mean around here or anywhere for that matter after 9/11 happened everybody wanted someones head on a platter. I still remember Bush standing in the rubble of the world trade center with his bull horn telling us that he is going to smoke them all out of their holes and we all cheered.
I know going to Iraq was not the right move but the Dems. all agreed with Bush, except 1 community adviser at the time.I can't just blame every thing that happens on the republicans nor can I with the Dems. I am still A Clinton fan and was hurt to see her lose. I only hope is that our new president elect will continue to surround himself with great people both Dems. And repubicans and we get out of this mess together.
I just have one more thing to add , would Keith Oberman go back to sports center where he belongs.
I just read a comment and they were making fun of fox news. I am a life long liberal and to tell you the truth that is the only news station I will watch. I guess if you are a homer and want to hear the Dem. spin well you have 6 or so tv stations to choose from and hundreds of news papers, but if you want to here an unbiased version of the news ,the way it used to be 30 years ago give fox a chance.