Casinos Fold on New Construction Projects
Monday, November 10th, 2008Screech. Thud. Those are the sounds of casino construction being brought to a halt across the country. It seems there is news every week about another project being put “on hold” as the downturn in the economy continues to affect all segments of the gaming industry. Curious, I compiled this list of who is stopping what and where…so far.
MGM Mirage – Announced in its third-quarter earnings release on October 29 that the company is postponing indefinitely its MGM Atlantic City project citing “current economic conditions and the impact of the credit market environment.” In Las Vegas, MGM Mirage has also halted plans “for the development of a major resort complex on the southwest corner of the Las Vegas Strip and Sahara Avenue in Las Vegas….”
There’s better news, however, for MGM’s CityCenter Las Vegas development. In an interview with Market Watch, company officials said the $9 billion resort complex “will get the financing it needs to be completed.” (more…)
