Last week's news in the Las Vegas High Rise condo real estate market was Duetsche Bank's Foreclosure notice given to the Cosmopolitan Resort. Now that the the news has been absorbed in to the mindset of buyers & analysts, the city is abuzz with rumors as to who will run the show and takeover the project. Sometimes the answer is obvious. My take is that the obvious answer will become fact. Want a hint? Go on-line & try to book a room at the COSMO. Time will tell if my thought process of the takeover candidate is correct. Despite the rumors, I doubt it will be MGM/Mirage, because Kirk Kerkorian seems to be selling his Vegas interests to Dubai & others while his Tracinda Corp. is making plays in the oil markets.
The fact that Perini is continuing on with construction at the Cosmopolitan is a sign that things are in the works. Eichner has 90 days to strike a deal that will be the most beneficial to him, after that time, he will no longer be able to call the shots. Stay tuned.
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