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Old October 20th, 2007, 05:33 AM   #81
CrazyAboutCities
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I will be in Las Vegas next week and going to stay at Bellagio. I will take pictures of this construction sites from there just for you guys!
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Old October 20th, 2007, 06:55 AM   #82
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Great! Please post them. I don't get down there as often anymore.
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Old October 20th, 2007, 10:48 PM   #83
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Will do that!
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Old October 24th, 2007, 09:03 PM   #84
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Old October 25th, 2007, 06:11 AM   #85
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thank you for the photo.
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Old October 28th, 2007, 06:08 AM   #86
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Hyatt at the Cosmo

Some updated information at the Hyatt website and if you sign up for their interest list they will send you a free $10 giftcard for Starbucks coffee.

http://grandlasvegas.hyatt.com/hyatt/hotels/index.jsp

Cheers for the free!

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Old November 15th, 2007, 10:59 PM   #87
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Cosmopolitan on Nov 3.
Jockey Club entirely covered up.

[IMG]http://i4.************/7x8g18o.jpg[/IMG]
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Old November 16th, 2007, 12:46 AM   #88
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Whoa work seem to go by fast in Vegas. Helps the weather isnt crazy either. Nice pics keep it up guys.
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Old November 16th, 2007, 03:59 AM   #89
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Everything is going fast in Vegas.
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Old November 16th, 2007, 04:08 AM   #90
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Me luuuuves the big steel. Nice pics.
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Old November 29th, 2007, 07:37 AM   #91
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http://klas-tv.com/Global/story.asp?S=7414998
I missed the news Tuesday, but there was a fatal construction accident at Cosmo, a welder fell 50 feet attached to a beam that gave way. That's the first at Cosmo, and the 5th Perini worker killed this year.
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Old November 29th, 2007, 09:16 AM   #92
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Yikes, sometimes I do wonder about the construction pace around those projects.

Also strangely enough, most of the actual deaths around the sites have been due to falls.

Yet looking at more serious incidents, Turnberry, with the Fontainebleau's garage collapse of several floors a while back as well as the floor collapse all the way back on the Turnberry Tower 1, no one died at either.

On the same day of the Cosmo death, worker fell 15ft at Fontainebleau and only had some treatment for back pain.
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Old December 17th, 2007, 05:18 AM   #93
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Old January 15th, 2008, 11:27 PM   #94
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Second fatal accident on the site.
http://klas-tv.com/Global/story.asp?S=7627617
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Old January 17th, 2008, 04:44 AM   #95
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!!FORECLOSURE!!

http://news.google.com/news/url?sa=t...cid=1126440571

Quote:
Yesterday, Ian Bruce Eichner, the developer of a twin-tower casino resort in the heart of Las Vegas, defaulted on a $760 million loan from Deutsche Bank AG after he failed to get refinancing. The default on the loan supporting the $3 billion Cosmopolitan Resort Casino is a signal of trouble for Mr. Eichner, who gained notice during an earlier real-estate downturn in the early 1990s when he lost several projects in New York City.

...
Mr. Eichner yesterday received a notice of default on the $760 million loan, which came due Tuesday. He had failed to obtain refinancing to pay back the loan. The default triggered technical defaults on additional debt totaling $175 million.

Mr. Eichner may still succeed in finding new investors, something he has been struggling to do for weeks. Work is continuing on the 3,000-room casino and hotel, which is scheduled to open in late 2009, according to a spokesman for the casino. He said he didn't know whether it would be halted by the default action...



I wonder if MGM will bail them out?

Last edited by mdiederi; January 17th, 2008 at 08:06 AM.
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Old January 17th, 2008, 06:33 PM   #96
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thats a great shame, no doubt work will grind to a halt on Cosmopolitan in the next few days

MGM don't seem to have any interest in the project, at least not yet http://www.lvrj.com/business/13860847.html
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Old January 18th, 2008, 05:02 PM   #97
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that sucks
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Old January 19th, 2008, 04:41 PM   #98
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Cosmopolitan Construction Will Resume

Some good news:

Deutsche Bank to continue paying for casino construction: Perini

Jan 18 (Reuters) - Perini Building Co Inc, a unit of Perini Corp (PCR.N: Quote, Profile, Research), said Deutsche Bank will continue paying for the construction of Cosmopolitan Resort and Casino project in Las Vegas, Nevada, while the issues of loan default with the developer are being resolved.

The company's work at the Cosmopolitan will continue unaffected by the default notice, it added.

http://www.reuters.com/article/marke...0080118?rpc=44

Cheers!
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Old January 19th, 2008, 07:45 PM   #99
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Okay, this gives Eichner a little time to figure out how to get out of the hole, but it doesn't look good. I think the bank continuing payments to Perini is just part of a legal clause where there is a "90 day cooling off period" before actual foreclosure proceedings start, and in fact, it will actually trigger default on an additional $175 million in debt on top of the $760 million construction loan, according to the Wall Street Journal. In an interview in the Las Vegas Reveiw Journal, Michael Sullivan, a finance professor at the University of Nevada, Las Vegas, said "it is in the lender's best interest to keep construction proceeding while the owner tries to find additional financing. ... But they can't afford to go too far with him either. ... You don't want to be throwing good money after bad". The loan is for $760 million but there's $1.4 billion left in construction costs to finish the building. To finish the project, what bank in the current jittery financial market is going to provide over $1.5 billion short-term financing to someone who is already in default?

This new generation of Strip resorts are some of the most expensive construction projects in U.S. history. Even with previous "most expensive" resorts in Vegas the Cosmo is more expensive than anything completed so far, including Bellagio, Venetian, Wynn or Palazzo. The Cosmo is much, much, MUCH more expensive than anything Eichner has ever done before. How did he get a construction loan that is now obviously much bigger than he was capable of servicing? What money was Eichner using to make the payments on this loan? He's never done anything even remotely as expensive as this project. And he does NOT have a good track record. In the early 1990's Eichner lost ownership of a couple of really big buildings in Manhattan to bank foreclosures.

I wouldn't be surprised if construction stops in three months, Eichner goes bankrupt and someone else swoops in and takes the entire project away from him. Eichner better have some really rich friends waiting in the wings, but I think they would have already joined his venture if he did, so I'm afraid it might be too late.

Luckily for the condo buyers who have put up some money, their money is supposed to still be in escrow, and should still be there, and they should be able to get that back if the whole thing goes belly-up.

Ultimately, I think it is a well designed project and will make lots of money when it finally gets finished, but the question now is, who's going to finish it?

Last edited by mdiederi; January 19th, 2008 at 08:04 PM.
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Old February 4th, 2008, 01:43 AM   #100
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Across the middle in this photo you can see some wood forms, which I think are the begining of the actual main tower above the podium. Hard to see in this photo but it curves like the render of the main tower. Need a better photo of it.



This is such a cool project that I'm starting to feel confident that they will find another equity partner to join them. All they need is someone with $450 million to put into it and the bank says that then they will finance the rest. Probably someone for from overseas will jump on it with the dollar so low.
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