The Wall Street Journal reports:
One of the biggest projects planned for the Las Vegas Strip appears to be falling apart.
The site of what was supposed to be the tallest tower in Las Vegas, and among the tallest in the U.S. at 1,064 feet, is now for sale. Las Vegas developers and Wall Street securities analysts assume the proposed $5 billion project, which was scheduled to open in 2011, is dead.
Last year, Australian gambling company Crown Ltd. and Texas developer Christopher Milam teamed with private-equity firm York Capital Management LLC to build a casino complex and 5,000-room hotel on the Strip. Unable to come up with the increased equity demanded by lenders to begin construction, developers last week put the site up for sale with CB Richard Ellis Group Inc. and Goldman Sachs Group Inc.
Such a pity. I had such high hopes (pun intended of course) for this one.
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