Woes force casino giants to scale back on projects

01/21/2009 | Forbes

Casino developers have scaled back on mega-projects to better adjust to market conditions. The Las Vegas Sands has suspended construction on two sites in Macau, China, while it seeks about $881 million in financing; MGM Mirage delayed a boutique hotel at its $8.6 billion CityCenter development in Las Vegas, saving about $400 million on labor and materials and deferring $200 million in costs to next year; and Harrah's Entertainment has indefinitely suspended plans for a 660-room tower at Caesars Palace on the Las Vegas Strip.

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