Word: buyer
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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...
...squatter left behind no bed, but she did leave stained bath mats, towels, flip-flops, Chinese-takeout remnants, Sun-kist soda cans, prescription medicine, old mail and some used airline tickets to Miami. Boemio casually walks around all of it, occasionally laughing. The buyer's agent - a woman in a Gucci scarf and sunglasses - is a little more freaked out, trying to figure out how much this mess will cost to clean up. Which is strange, since she's offering $250,000 on behalf of her overseas client - $70,000 more than the asking price. There are no other buyers...
...whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he'd sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller - a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer - who was happy just to get a deal on the house - asked...
...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...