The LINQ, Caesars Entertainment’s $550 million open-air retail, dining and entertainment district located on the 50-yard line of the world-famous Las Vegas Strip announced today an impressive first wave of tenants to populate. Popular first-to-market concepts and trendsetting brands, such as Brooklyn Bowl and Sprinkles Cupcakes, are among the first tenants to sign onto the project which boasts more than 300,000 square feet of retail, dining and entertainment space.
Las Vegas hotel developer funds stopped and reduces construction work force. Commercial real estate developer of the $3.1 billion Fontainebleau hotel alerted contractors of denied access to some of the $130 million in construction financing.
The constructions funds were expected to be available according to the developer last week. A separate set of lenders apart from the $800 million pulled from financing a week prior stopped access to funding.
Las Vegas gaming company could be forced to file bankruptcy this week due to the missed $4 million interest payment due yesterday. Riviera Las Vegas has no plans on paying Wachovia Bank their financial obligation.
This would be the third Las Vegas gaming company forced to file this year. Riviera Holdings Corp. will face default is they don’t make their payment on the $245 million credit line held by their lender.
MGM Mirage financial situation is not affecting MGM Mirage Macau according to managing director of MGM Grand, Pansy Ho. Project CityCenter made a $220 million payment.
Ho states they are keeping a close watch on the economic downtown in America and it should not be a big roadblock currently.
The Asian themed hotel casino near Chinatown is located on Spring Mountain Road. The real estate auction will take place during the International Council of Shopping Center Convention at MGM Grand.
Legal action in $9.1 billion real estate Project CityCenter Las Vegas brought on by joint venture partner Dubai World against real estate developer MGM Mirage. Dubai World says their partner is mismanaging the resort located on the Las Vegas Strip. The project has been riddled with financial difficulties.