Word: hotelful
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...closure of an auto-parts factory, Bredesen decided a New Deal-style WPA program was the order of the day. Some of the jobs are with the state parks and transportation department, but two-thirds of them are new jobs in private sector businesses - including a pie company, a hotel and a factory that needs painting and repair - which are reimbursed by the state for the salaries of the eligible stimulus workers. Some of the businesses say the free labor has helped expand their market share, and they are hopeful that they can grow enough to keep the larger workforce...
...deadliest natural disaster Taiwan has seen since a 7.3 earthquake hit the island in 1999, killing 2,416, mostly in central Taiwan. The storm dumped more than six feet of rain in over two days, leading to floods that wiped out many mountainside villages and towns, a six-story hotel, 34 bridges, 253 roads and countless homes. As of Saturday morning, an estimated 35,000 people are still stranded in the region. (See pictures of Taiwan's typhoon terror...
Just as Americans did with their houses, casino owners borrowed way too much money to build hotels that were way too big. Economists like Yale's Robert Shiller have warned that the next big wave of failures in the U.S. recession will be in commercial real estate - and once again, Las Vegas is headlining. Even worse, the 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...
...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 Gaming Group, figure it will be five to 10 years before Vegas needs more than the 150,000 or so hotel rooms it will have when CityCenter's 6,000 and the Cosmopolitan's 800 are completed. And if CityCenter tanks, Vegas will be holding some very bad cards. (See pictures of expensive things that money...
That is true even of Sheldon Adelson, who has lost more during this recession than anyone else on the planet. The 76-year-old chairman of the Las Vegas Sands Corp., which owns the Venetian hotel, the Sands Expo and Convention Center and the Venetian Macao, was in 2007 and '08 the third richest person in the world, with - by his estimate - a net worth of $40 billion. By February of this year, he said he had lost $36.5 billion - more than the GDP of half of the countries in the world. In the years before that slide, banks were...