Monday, March 24, 2008
Dystopia: Welcome to the Crumbling Future of the Vegas Strip
I09: "Last week, Deutsche Bank AG, the lender on the Cosmopolitan Project (the piece of this structure that's on the far right), started foreclosure proceedings after developer Ian Bruce Eichner was unable to get more financing for the world's biggest mega-mall."
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3 comments:
That was a pretty short article. I'm a little surprised that the mega-mall isn't going to be built. It's kind of what we're all about as a nation these days. Mega-malls that sell us everything we could ever want in one place. I've never been to Vegas, but I can imagine the sight of a half-finished construction project is not a pretty sight for somewhere that's all about spectacle.
If this was being built in Dubai it would have been finished 6 months after being designed. It is funny to think that companies in Las Vegas can't even finish building something due to money. Has that city reached its limits?
It's not funny at all; it's really frightening. When your primary lender is a giant bank that's foreclosing, that does not bode well for the economy. Projects do well in Dubai because their economy is ever expanding and is reaping rewards from the high cost of oil.
The city hasn't reached its limits. It has nothing to do with Vegas itself.. The US is getting closer and closer to screwed.
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