Word: crediteers
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...report this year by Florida Atlantic University, a family needs an income closer to $100,000 just to afford an average single-family home here. The in-your-face lifestyles of Miami's rich-and-famous have encourged the not-rich to emulate their ways - creating the kind of credit-driven nightmare that has sapped the nation during this crisis. Much moreso than in other U.S. cities, profligate values, from condo-flipping to Jaguar-leasing, hold sway here. In that sense, this weekend's Fontainebleau fete is pure Miami: the dysfunctional creed, to quote the title of Lapidus' autobiography, that...
...Zamboni has come out on the track to clean up the toast. According to fellow staff writer Brad Hinshelwood, it's a product of someone's senior thesis. According to me, that's quite possibly the craziest thing I've ever heard of, but if you can get class credit for something like that, it may also be the most brilliant thing I've ever heard...
...wake of the faltering global economy, Macau is not such a sure bet anymore. The problem is that some of those giants embarked on overzealous building sprees - since 2004, the number of casinos in Macau has more than doubled to 31 - and now the global credit crisis is threatening to topple at least one of them. Adelson's company, Las Vegas Sands, has undertaken an aggressive expansion plan over the past few years, winning the bid to build the $4.6 billion Marina Bay Sands casino-resort in Singapore and developing a $743 million casino-resort in Pennsylvania, among other projects...
...postponement of the Sands' Cotai Strip project may not be end of the bad news, according to Gabriel Chan, a Credit Suisse gaming analyst in Hong Kong. While operators are still making profits, the Sands isn't the only one that may have difficulty finding cash to finance its newest developments. Chan says the Galaxy Entertainment Group, which is building the Cotai Mega Resorts in Macau, is also likely to run into trouble. Any additional job cuts will further kindle discontent among blue-collar Macanese workers, who have long complained about losing construction jobs to less expensive mainland workers...
...Still, many continue to think that the cards are stacked in Macau's favor. "The growth is not quite dead yet," says Credit Suisse's Chan, who forecasts a 4% decline in gaming revenue growth in 2009, but a rebound to 16% growth in 2010. Lam says gambling may even be recession-proof. "Gambling is an industry that in good times, people play, and in bad times people play," he says. The casinos have been built in Macau. Now it's up to Beijing to decide whether or not to let its people play...