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Four years ago, Las Vegas saw a surplus of gambling revenues. Occupancy rates were at an all time high, and luxury hotels found themselves with barely enough rooms to accommodate the rising number of visitors.
To fill a need, a massive building boom began. Casino companies and developers began to expand. However, after an economic downturn, projects began to crumble under the falling recession.
The Fontainebleau development, consisting of a 4,000 room luxury hotel and casino, designed to be the Las Vegas image of the popular Miami Beach hotel, now sits on the northern end of the Las Vegas Strip, still billions of dollars away from completion.
Joining the ranks of the Echelon resort, developed by Boyd Gaming Corp, made up of 87 acres of several partially finished concrete structures. As well as, the Cosmopolitan which was foreclosed on by Deutsche Bank last year, and the MGM City Center which found themselves renegotiating with lenders.
Projects that recently littered the Vegas strip with unfinished construction sites seem to be slowly progressing as the Cosmopolitan is forecast to open late 2010 and the MGM City Center plans for their grand opening in December.
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