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Pamuk won the Nobel Prize in 2006. He has lived for many years in Istanbul, and is now a professor at Columbia University, where he teaches comparative literature and writing. His books have sold over seven million copies, and his statements on politics have generated much controversy, especially in Turkey...
...shouldn't be too overjoyed. While the designation is certainly an honor, hosting the G-20 doesn't really have economic benefits. In addition to security concerns, the host pays a premium. To hold March's meeting of the G-20, London shelled out an estimated $131 million - a big number for any city to absorb, and more than four times the expected cost. With fewer than 4,000 people expected to attend the Pittsburgh summit, experts say the local economy should see a boost of only about $8 million. And while the U.S. government is covering many...
...oversized environment such as Las Vegas. "In good times we've had states fall all over themselves to try to get that kind of economic activity," says MGM-Mirage senior vice president Alan Feldman. "We'd be happy as a community to have someone do a $100 million tower." The project, however, has been plagued by mishaps: construction-worker deaths, a near bankruptcy, and defects at one tower, the Harmon, that resulted in plans to lop off its upper 21 stories. Meanwhile, the hiring is taking place as indicators across the city remain poor: room inventory is up slightly...
...That prospect would be a big boost to the casino companies. During the boom years, Macau casinos minted profits at an astonishing rate, but over the past year, the recession has taken its toll on bottom lines. Melco Crown, for example, swung to a loss of $179 million in the first six months of 2009, compared with a gain of $37.5 million in the same period a year earlier. Wynn's Macau operations saw net profit sink 35% in the first half of 2009. CLSA's Fischer, however, believes the industry is set for a turnaround. Cost-cutting measures implemented...
...June, Ho's son Lawrence, CEO of NASDAQ-listed Melco Crown Entertainment, opened a mega-resort called City of Dreams, with a 520-table casino and a Hard Rock Hotel. An 800-room Grand Hyatt opens at the resort later this month. Wynn is also finishing a $650 million expansion of his Wynn Macau. Called the Encore, the addition, expected to open in April, 2010, includes 400 luxury suites, an expanded casino and more restaurants...