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...recession is hitting Las Vegas on all fronts. Nevada legislators have struggled to close a deficit of more than $1 billion in the 2009 budget. Budget projections for 2010 and 2011 also look grim. Construction on Boyd Gaming's $4.8 billion Echelon resort was stopped last August just as three of its towers reached the 12th floor (the tallest would have risen to 55 stories). Construction won't resume until 2010, though the cranes will remain towering above the site (it's cheaper to leave them in place - and these days no one else in town needs them...
...Vegas, however, is nothing if not optimistic. Its history gives it good reason to be. Boosters point to the coming 2009 debuts of CityCenter, the Fountainebleau and the M Resort, which add up to $20 billion of construction, as proof that the Vegas brand is fundamentally strong. "There's a resilience to Las Vegas that's unlike anything else you see in the country," says Dick Rizzo, vice chairman of Perini Building Co., the largest construction firm in town...
...yields approached zero, and the private securitization market for mortgages, which keeps capital flowing for more home loans, disappeared. Lehman Brothers collapsed when no one would loan it money, and any number of other firms - AIG, Citigroup, GM - went hat in hand to the U.S. government, lender of last resort. (Read TIME's Top 10 Financial Collapses...
...Mumbai and New Delhi, many Christmas and New Year's bashes at leading hotels have either been cancelled or scaled down. "We've seen 30% to 40% cancellations for New Year's eve in our Goa property," says Anjali M. Chatterjee of Bharat Hotels, who run the Lalit Goa Resort, "Usually there's a spike in bookings for December 23 onwards, but at the moment, things are pretty flat...
What Recession? For some serious luxury just an hour and a half from Minneapolis, or six hours from Chicago, there's Canoe Bay, a Relais & Chateaux resort located on 280 wooded acres. The "Personal Bailout" package includes two nights in a deluxe cottage, a lodging upgrade and dinner for two at the hotel's restaurant over looking Lake Wahdoon, for $830 for two per night. Upgrade to the "Personal Stimulus" package, which costs $200 more per couple, and you get two 60-minute massages and free breakfast. Through April 30, 2009. Chetek...