Word: buyer
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Dates: during 2000-2009
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...bottom fell out as casino owners were building, so a number of them couldn't replace construction loans with the financing that was once readily available to complete and open hotel-condo-casino projects. Deutsche Bank foreclosed on the $3.9 billion Cosmopolitan Hotel; only it couldn't find a buyer, so the bank is in the odd position of owning a casino - though given the way banks have operated in this decade, that seems like a logical business extension. Meanwhile, Station Casinos, Tropicana and Herbst Gaming have disproved the adage that you can't lose money owning a casino. They...
...Mirage, which owns the most properties on Las Vegas Boulevard - the Strip - ducked and weaved around bankruptcy for six months earlier this year by pumping $140 million, almost a quarter of its monthly revenues, into the project. MGM sold off Treasure Island at a bargain price: Phil Ruffin, the buyer, paid the equivalent of $225,000 for each room on the property; CityCenter's rooms cost about $1.5 million each to build. Even if CityCenter is a big success and people want urban density as a part of their Vegas experience, experts like Bill Lerner, a gaming analyst at Union...
...making the announcement, Murdoch was butting into a long-running debate that has risen several decibels since the recession hit and blew out most of the advertising that the news industry relies on. As newspaper after magazine folds or seeks a buyer, pro-payment advocates are affirming ever more urgently that content is expensive to produce and they can't afford to keep giving it away on the Web. The free agents counter that Web publishing is based on getting traffic - the so-called link economy - and pay walls stop that dead. Customers also claim they...
...devastating thing for the Lupos is that they'd gotten Wells Fargo, their bank, to agree to a short sale. The Lupos had found a buyer who would pay market price for the house - short of what was owed - and Wells agreed to forgive the rest of the couple's debt. The sticking point was a second lien - a $75,000 home-equity loan - owned by a different division of Wells. The buyer got spooked and walked. The Lupos have since moved into a rental house and now live in fear of the bank coming after them. "It's humiliating...
...this buyer's market, any item is now fair game. Shoppers are scoring deals on cell-phone plans, meat, furniture, even nursing homes. One Florida woman knocked off nearly half the price of a $3,875-per-month room for her father, who suffers from dementia. (See 10 things to buy during the recession...