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Casino Hotel Development Folds

Published Wednesday, December 03, 2008

The capital markets meltdown and plunging economy have conspired to kill the most prolific casino hotel expansion ever. Struggling with liquidity concerns and plummeting earnings, gaming and lodging companies are halting projects midway through construction and are suspending design and other pre-development work on others still on the drawing board. Through mid-November, casino-hotel developers canceled 21 projects in the U.S., reports Portsmouth, N.H.-based Lodging Econometrics, a global hotel research firm. There are still 93 casino hotels containing some 51,400 rooms in the construction pipeline. Of those projects, 38 are under construction. Developers plan to start building another 15 ...

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