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Cosmopolitan Project Foreclosed

By Chuckmonster on Saturday, 15th March 2008 3:49pm
  » filed under Mergers & Acquisitions  comments: 3

   

It appears that the deepening vortex of recession has opened its jaws and swallowed the Cosmopolitan Resort & Casino which is sprouting forth on the Las Vegas strip.

The proposed bail out of Ian Bruce Eichner's project by Marathon Investments and Hyatt has fallen through. According to the Wall Street Journal, the Cosmo's banker, Deutsche Bank has pulled the rip cord on foreclosure.

This is not good news, particularly if you were one of the knuckleheads who put down a 20% non-refundable down payment on one of the condos they're offering. Sorry to say it, but there's a good chance that buyers may have purchased 20% of nothing, although there may be clauses in contracts to protect the buyer against the possibility that the project wouldn't be completed.

All finance mumbojumbo aside, I'm curious what's going to happen after foreclosure. Will DB sell it, wreck it, finish it then sell it or what.

Of course, there's always this...

Dear Sultan of Dubai,
My name is Ian Bruce Eichner and I'm your neighbor. I was wondering if you might be interested in...



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Comments & Discussion:

 MinVegas posted on Saturday, 15th March 2008 - 7:27 pm

Did Ian Bruce Eichner not watch 'Viva Laughlin'? He should just wander over to Bellagio and gamble up the winnings to open Cosmo!

 nullzero00 posted on Sunday, 16th March 2008 - 4:13 am

Ride, Ride, Ride Let it Ride! Let it Ride!
I think I'm one of 8 people who got that joke...

 levans posted on Wednesday, 19th March 2008 - 12:46 am

i would hope that they would find someone to finish the thing since leaving it in the state that it is in now cant be good for the strip. can you see the tourism bureau telling folks 'hey see, that unfinished mass of tlited steel and glass? well, it's not really there' maybe they can add it to city center.



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