Plaza Hotel Casino Project On Hold In Las Vegas

What was once an irresistible force is now nothing more than another industry that is struggling with the American economy. The economic state of the country is having an increasingly negative effect on the casino industry.

The Plaza Hotel-Casino project that was supposed to resume at the end of the year has now been put off again. The developer now states that construction will not start again until 2009.

Elad IDB is reported to be waiting on further financing before the project can once again be started. They have deferred payment on the loan they took out or the project. That is further evidence that the economy has a big part in the delay.

Many other developers have also stopped their projects until the economy is once again stable. Boyd Gaming is one of those developers. They have stopped construction efforts on their Echelon Resort. That project was to cost $4.8 billion.

Las Vegas is not the only area with casino expansion problems. In Atlantic City they were in the process of rebuilding what was once the gambling capitol of the East Coast. That renovation plan has been slowed by the economy.

August 16, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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