CREDIT CRUNCH AFFECTS STRIP PROJECTS

May 05, 2001 7:48 PM
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The clock is ticking on the $104 million Asian-themed hotel-casino project at the south end of the Strip. With less than 30 days until the close of escrow on the real estate there are indications that the consortium of Southern California investors may have only half its financing in hand.

A couple of miles away, a $700 million, 52-story hotel tower remains on the drawing boards south of Harmon Avenue. The project has stalled for lack of capital.

Even casino giant MGM MIRAGE has pulled in the reins, holding off plans to build a 49-story addition to its MGM Grand.

Industry analysts say a slowing national economy has tightened credit for developers. Read the complete story and analysis, beginning Tuesday in GamingToday.