The Cosmopolitan Las Vegas will be an impressive resort when it opens…but who will own it then? From the WSJ:
The developer of Cosmopolitan Resort Casino on the Las Vegas Strip is negotiating for a rescue from two of his partners in the $3 billion project, people familiar with the matter said.
One scenario under consideration is for hotel giant Global Hyatt Corp. and hedge fund Marathon Asset Management to purchase the development, these people said.
The negotiations come about two weeks after the developer, Ian Bruce Eichner, defaulted on a $760 million predevelopment loan supporting the construction of the twin-tower resort casino. Hyatt officials had previously announced a deal with Mr. Eichner to manage and brand the 3,000-room hotel …
I find it hard to believe that the project would just fold at this stage because of a lack of funds. It’s a great investment opportunity, and there will probably be a few suitors eager to get involved.
It’s not like this is Atlantic City, where casino builders just run out of money mid-way through a project and leave an uncompleted mess of steel girders rusting on the skyline for years. Penthouse, anyone? How about the Dunes Atlantic City?
And if, like me, you’ve spent any time listening to sports radio (in particular the Jim Rome show), the headline might have reminded you of this famous 911 call, courtesy of OJ Simpson:
Simpson: “We have a problem here. I’m trying to get a girl to go to rehab…”
Operator: “Does anyone need rescue?”
Simpson: “She’s been doing drugs for two days with Pedro Guerrero, who just got arrested for cocaine, and I’m trying to get her to leave her house and go into rehab right now.”
Operator: “Is anyone hitting anyone right now?”
Simpson: “No, no. It’s nothing like that.”
Operator: “Does anyone have any weapons?”
Simpson: “No, no…”
Operator: “Does the girl need a rescue?”
Simpson: “No she doesn’t need a rescue…”
OJ Says Girlfriend Not On Juice
I know that possible domestic battery is nothing to make light of, but you’ve got to love how the operator, seeing OJ’s name on the caller ID, cuts right to the chase.