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ENR > Buildings > Default Notice Threatens $3B Las Vegas Mega-Resort - ENR | McGraw-Hill Construction
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| A credit crunch has caused a potential default for the new $3-billion, 2,998-room Cosmopolitan Resort & Casino on the Las Vegas Strip. The 6.96-million-sq-ft. mega-resort is being developed by Ian Bruce Eichner who lost two buildings to creditors in the 1990s. On Jan. 16, the project received a default notice from Deutsche Bank AG after payments on a $760-million construction loan came due the day prior. The notice triggered technical defaults on an additional $175-million worth of debt.
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