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Cosmopolitan Resort & Casino

From the Wall Street Journal:

The News: Ian Bruce Eichner, who is developing a Las Vegas casino resort, defaulted on a $760 million loan after he failed to get refinancing.

The Trend: Owners and developers of some of the country’s choicest properties are having trouble refinancing shorter-term loans they received during the boom days.

What It Means: The credit crunch in the residential real-estate market is starting to bite commercial projects, too.

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