Posted at 10:58 a.m., Wednesday, January 16, 2008
$3 billion casino project faces foreclosure in Vegas
Associated Press
LAS VEGAS — The developer of the $3 billion Cosmopolitan Resort & Casino says its lender, Deutsche Bank, filed a notice of foreclosure on the property for a construction loan of $760 million that just matured.Developer and owner Ian Bruce Eichner says in a statement that his company is working with Deutsche Bank and Merrill Lynch to find new investors.
Eichner tells The Associated Press in the statement that, "This action by our lender comes as no surprise."
He blames challenges in the real estate and capital markets for difficulty in raising capital for the project, which is now under construction.
The 3,000-room high-rise casino and hotel is due to open in late 2009 between the Bellagio casino resort and the CityCenter casino complex on the Las Vegas Strip.
