Not even the City of Lights can escape the major credit crunch that is jeopardizing three major Las Vegas Strip projects. The $6 billion Plaza development and the $5 billion former Wet ’n Wild site set to start next year are both in limbo, with reports that the Archon Corp. is selling the property. Developers of the current $3 billion Cosmopolitan project next to the Bellagio were notified by Deutsche Bank that foreclosure proceedings would begin. Cosmopolitan developers point to the foreclosures as a means of getting more investors involved and move forward towards the projected completion in late 2009.
Atlantic City, long considered to be an imitation Las Vegas, is proving itself with a revival filled with luxury hotels, shops and spas. The Borgata is the main attraction in town, equipped with celebrity chef restaurants and a spa. The hotel’s Water Club is set to open in June and will mark the first boutique hotel in the area, with the likes of marble showers and IP phones in each room. Harrah’s Showboat Casino is another player in Atlantic City’s mini renaissance, with suites that include giant plasma TVs and Sirus satellite radio. — Megan Seldon
Sources: GlobeSt.com, Who Owns Las Vegas, NY Daily News