from GlobeStFL (11/3):
Last updated: November 3, 2008 07:35am
$640M Project Breaks Ground in Tough Times
By Crystal Proenza
"MIAMI-Seven years ago Mehmet Bayraktar, chairman and CEO of Flagstone Property Group, was invited to Watson Island by the City of Miami, which was looking to plan a marina on the site that sits just off the MacArthur Causeway between Downtown and Miami Beach. Last week, Bayraktar celebrated an event he has been waiting for since 2001: the groundbreaking of Island Gardens, a $640 million mixed-use yachting resort on the island.
Island Gardens, to be developed and owned by Flagstone, will be built on a 24-acre site owned by the city adjacent to the Miami Children’s Museum. The development is set to feature two towers and 221,000 sf of retail space. The first tower will house a 150-room Shangri-La Hotel and 98 luxury fractional residences to be managed by Shangri-La Hotels." ...
for the complete story
Tuesday, November 4, 2008
Breeders Cup reduces ticket prices
from Street and Smith's Sports Business Journal (11/3):
Breeders’ Cup plans ticket price reductions
By LIZ MULLEN
Published November 03, 2008 : Page 07
"The Breeders’ Cup will reduce ticket prices on some seats and not require as many fans to buy tickets to both days of the championship event next year, said Breeders’ Cup CMO Peter Land.
For the first time in its 25-year history, the Breeders’ Cup will be held at the same venue two years in a row, Santa Anita Park in the Los Angeles area, and event officials said they intend to use what they learned from this year’s event Oct. 25 and 26 to improve it next year." ...
for the complete story
Breeders’ Cup plans ticket price reductions
By LIZ MULLEN
Published November 03, 2008 : Page 07
"The Breeders’ Cup will reduce ticket prices on some seats and not require as many fans to buy tickets to both days of the championship event next year, said Breeders’ Cup CMO Peter Land.
For the first time in its 25-year history, the Breeders’ Cup will be held at the same venue two years in a row, Santa Anita Park in the Los Angeles area, and event officials said they intend to use what they learned from this year’s event Oct. 25 and 26 to improve it next year." ...
for the complete story
NBA sees slumpin season tickets
from Street and Smith's Sports Business Journal (11/3):
NBA season tix sales flat; renewals slip
By JOHN LOMBARDO
Published November 03, 2008 : Page 03
"The NBA entered the first week of its 2008-09 season with a leaguewide full-season-ticket sales average of 8,500, even with last year. But the economic downturn is biting into the league’s average renewal rate, as it has dropped to 80 percent compared with 84 percent to date last year.
“Out of the gate, we are literally flat on total full-season tickets, but this year we have 11 teams over 10,000 full-season-ticket sales, compared to last year when we had 10 teams,” said Chris Granger, senior vice president of team marketing and business operations for the NBA.
Leading the NBA in season-ticket sales is the Utah Jazz, with nearly 14,000. The Los Angeles Lakers are second, with just under 14,000 full-season tickets sold. The Oklahoma City Thunder has sold nearly 13,000, while the Golden State Warriors have sold more than 12,000." ...
"Season-ticket leaders
NBA teams with 10,000 or more full-season-ticket sales, in alphabetical order:
Boston Celtics
Chicago Bulls
Dallas Mavericks
Golden State Warriors
Los Angeles Lakers
New Orleans Hornets
Oklahoma City Thunder
Phoenix Suns
Portland Trail Blazers
Toronto Raptors
Utah Jazz
Source: NBA" ...
for the complete story
NBA season tix sales flat; renewals slip
By JOHN LOMBARDO
Published November 03, 2008 : Page 03
"The NBA entered the first week of its 2008-09 season with a leaguewide full-season-ticket sales average of 8,500, even with last year. But the economic downturn is biting into the league’s average renewal rate, as it has dropped to 80 percent compared with 84 percent to date last year.
“Out of the gate, we are literally flat on total full-season tickets, but this year we have 11 teams over 10,000 full-season-ticket sales, compared to last year when we had 10 teams,” said Chris Granger, senior vice president of team marketing and business operations for the NBA.
Leading the NBA in season-ticket sales is the Utah Jazz, with nearly 14,000. The Los Angeles Lakers are second, with just under 14,000 full-season tickets sold. The Oklahoma City Thunder has sold nearly 13,000, while the Golden State Warriors have sold more than 12,000." ...
"Season-ticket leaders
NBA teams with 10,000 or more full-season-ticket sales, in alphabetical order:
Boston Celtics
Chicago Bulls
Dallas Mavericks
Golden State Warriors
Los Angeles Lakers
New Orleans Hornets
Oklahoma City Thunder
Phoenix Suns
Portland Trail Blazers
Toronto Raptors
Utah Jazz
Source: NBA" ...
for the complete story
Indianapolis airport construction brings hotel boom
from the Indianapolis Star (11/1):
Airport fuels hotel construction
By Bruce C. Smith
bruce.smith@indystar.com
"At least four new hotels with a total of more than 400 rooms are planned in the growing hospitality industry in Plainfield and Ameriplex near the new passenger terminal of Indianapolis International Airport.
Two of the new hotels, a Hampton Inn and Suites and Hilton Garden Inn and Suites, are under construction in the Ameriplex business park in Indianapolis south of I-70. Both open soon.
Two more new hotels, a Best Western and a La Quinta Inn and Suites, are moving through the planning and zoning process in Plainfield and are months from opening.
They add to the 1,101 total number of hotel rooms in Plainfield and around the I-70 interchanges of the Ronald Reagan Parkway and Ind. 267, that will be within a few minutes of the new airport terminal opening Nov. 11 and 12.
And they will offer rooms from $100 to over $200 a night." ...
for the complete
Airport fuels hotel construction
By Bruce C. Smith
bruce.smith@indystar.com
"At least four new hotels with a total of more than 400 rooms are planned in the growing hospitality industry in Plainfield and Ameriplex near the new passenger terminal of Indianapolis International Airport.
Two of the new hotels, a Hampton Inn and Suites and Hilton Garden Inn and Suites, are under construction in the Ameriplex business park in Indianapolis south of I-70. Both open soon.
Two more new hotels, a Best Western and a La Quinta Inn and Suites, are moving through the planning and zoning process in Plainfield and are months from opening.
They add to the 1,101 total number of hotel rooms in Plainfield and around the I-70 interchanges of the Ronald Reagan Parkway and Ind. 267, that will be within a few minutes of the new airport terminal opening Nov. 11 and 12.
And they will offer rooms from $100 to over $200 a night." ...
for the complete
Nashville angling for convention hotels
from the Nashville Business Journal (10/31):
Hoteliers hovering around new convention center site
Meetings already booked for 10 years out despite slow industry
Nashville Business Journal - by Jeannie Naujeck Staff Writer
"The bond market may have cold feet, but hoteliers still are eager to get in bed with Nashville.
Hyatt, Hilton, Marriott, Peabody and Starwood are some of the names eyeing the chance to build at least one new hotel on the six-block site south of Broadway that will host the new convention center.
While one 1,000-room hotel is planned initially, three possible locations are on the map. The site could end up with two hotels if more rooms are needed, says Metro Councilman Charlie Tygard, a member of the convention, tourism and public entertainment facilities committee.
Proposals are due Nov. 13 from the hotel developers chasing the big convention market that Nashville hopes to attract when its new 1.2 million-square-foot Music City Center goes up some four years from now." ...
for the complete story
Hoteliers hovering around new convention center site
Meetings already booked for 10 years out despite slow industry
Nashville Business Journal - by Jeannie Naujeck Staff Writer
"The bond market may have cold feet, but hoteliers still are eager to get in bed with Nashville.
Hyatt, Hilton, Marriott, Peabody and Starwood are some of the names eyeing the chance to build at least one new hotel on the six-block site south of Broadway that will host the new convention center.
While one 1,000-room hotel is planned initially, three possible locations are on the map. The site could end up with two hotels if more rooms are needed, says Metro Councilman Charlie Tygard, a member of the convention, tourism and public entertainment facilities committee.
Proposals are due Nov. 13 from the hotel developers chasing the big convention market that Nashville hopes to attract when its new 1.2 million-square-foot Music City Center goes up some four years from now." ...
for the complete story
Economy's impact on U.S. domestic travel
from the San Antonio Business Journal (11/3):
New report shows a decline in U.S. domestic travel
San Antonio Business Journal - by W. Scott Bailey
"The state of the U.S. economy is, according to a new national report, impacting domestic and international travel in and to the United States.
The good news, says one local hospitality industry leader, is that declining gas prices have provided some temporary relief.
The new report was produced by Global Insight Inc., one of the world’s leading economic/financial analysis and forecasting firms. It projects a year-over-year decline in the total number of domestic trips inside the country and slowed growth in international arrivals to the U.S.
According to officials with Boston-based Global Insight, recent challenges in the U.S. and global economies, “exacerbated by the global credit crisis and a less vigorous tax rebate bounce,” will cause domestic travel volume in America to falter in the second half of 2008. But travel spending is expected to continue to show some growth thanks to rising transportation and hotel prices." ...
for the complete story
New report shows a decline in U.S. domestic travel
San Antonio Business Journal - by W. Scott Bailey
"The state of the U.S. economy is, according to a new national report, impacting domestic and international travel in and to the United States.
The good news, says one local hospitality industry leader, is that declining gas prices have provided some temporary relief.
The new report was produced by Global Insight Inc., one of the world’s leading economic/financial analysis and forecasting firms. It projects a year-over-year decline in the total number of domestic trips inside the country and slowed growth in international arrivals to the U.S.
According to officials with Boston-based Global Insight, recent challenges in the U.S. and global economies, “exacerbated by the global credit crisis and a less vigorous tax rebate bounce,” will cause domestic travel volume in America to falter in the second half of 2008. But travel spending is expected to continue to show some growth thanks to rising transportation and hotel prices." ...
for the complete story
MIddle Eastern hotel market
from Hotels newsfeed (11/3):
Credit crunch 'taking its toll on Middle East hotel industry'
Gulf News (United Arab Emirates), November 2, 2008 Sunday
"Dubai: The hotel sector in the Middle East expects to be hit significantly by the international financial turmoil, as it is more susceptible to and dependent on elements outside the region.
While some hotel chains have yet to feel a direct impact, others have contingency plans in place." ...
for the complete story
Credit crunch 'taking its toll on Middle East hotel industry'
Gulf News (United Arab Emirates), November 2, 2008 Sunday
"Dubai: The hotel sector in the Middle East expects to be hit significantly by the international financial turmoil, as it is more susceptible to and dependent on elements outside the region.
While some hotel chains have yet to feel a direct impact, others have contingency plans in place." ...
for the complete story
Trump's Scottish resort gets ok
from Hotels newsfeed (11/3):
TRUMP WINS APPROVAL FOR £1bn GOLF RESORT
Scott Macnab, Louise Hosie and Andy Philip, Scottish Press Association -- Press Association Newsfile, November 3, 2008 Monday 4:08 PM BST
"US tycoon Donald Trump today vowed to create the ``greatest golf course in the world'' after his plans for a £1 billion resort were given the go-ahead." ...
"The plans include proposals for two golf courses, a 450-bedroom hotel and housing as well as holiday apartments and golf villas." ...
for the complete story
TRUMP WINS APPROVAL FOR £1bn GOLF RESORT
Scott Macnab, Louise Hosie and Andy Philip, Scottish Press Association -- Press Association Newsfile, November 3, 2008 Monday 4:08 PM BST
"US tycoon Donald Trump today vowed to create the ``greatest golf course in the world'' after his plans for a £1 billion resort were given the go-ahead." ...
"The plans include proposals for two golf courses, a 450-bedroom hotel and housing as well as holiday apartments and golf villas." ...
for the complete story
Harrah's marketing
from today's Las Vegas Review-Journal (11/4):
CASINOS MARKET TO GAYS, LESBIANS
Group spends $64.5 billion yearly in U.S.
By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL
"No matter what California voters decide today on Proposition 8 -- a state constitutional amendment banning same-sex marriages -- Harrah's Entertainment plans to continue marketing to gay and lesbian travelers.
And why not? As a group, gay and lesbian travelers spend $64.5 billion annually in the United States, data from the U.S. Department of Commerce and a study by Community Marketing Inc., a gay market research group, show." ...
for the complete story
CASINOS MARKET TO GAYS, LESBIANS
Group spends $64.5 billion yearly in U.S.
By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL
"No matter what California voters decide today on Proposition 8 -- a state constitutional amendment banning same-sex marriages -- Harrah's Entertainment plans to continue marketing to gay and lesbian travelers.
And why not? As a group, gay and lesbian travelers spend $64.5 billion annually in the United States, data from the U.S. Department of Commerce and a study by Community Marketing Inc., a gay market research group, show." ...
for the complete story
MGM Mirage troubles
from Leisure Opportunities (11/3):
MGM Mirage postpones casino projects after profit slump
by: Luke Tuchscherer
"MGM Mirage, the US casino giant, has announced that it will delay two projects after seeing its third quarter profits fall 67 per cent.
The credit crunch has hit Las Vegas gambling business hard, and the company – which is owned by Tracinda Corp and operates Vegas resorts such as the Bellagio and Circus Circus – has seen revenue drop 6 per cent to US$1.8bn (£1.1bn)
MGM Mirage's net income for the period ended 30 September dropped to US$61.3m (£38.5m), or 22 cents per share, compared with US$183m (£115.6m), or 62 cents per share, for the same period last year.
Shares, which were more than US$95 (£59.77) last year, rose 24 per cent on Wednesday to US$12.80 (£8.05)." ...
for the complete story
***************
from the Toronto Star (10/30):
Resort projects on hold as profit slumps
October 30, 2008
"MGM Mirage, the world's second-largest casino operator, said yesterday it will delay projects in Atlantic City and Las Vegas amid the global credit crisis and said third-quarter profit fell 67 per cent as business slumped on the Strip." ...
for the complete story
MGM Mirage postpones casino projects after profit slump
by: Luke Tuchscherer
"MGM Mirage, the US casino giant, has announced that it will delay two projects after seeing its third quarter profits fall 67 per cent.
The credit crunch has hit Las Vegas gambling business hard, and the company – which is owned by Tracinda Corp and operates Vegas resorts such as the Bellagio and Circus Circus – has seen revenue drop 6 per cent to US$1.8bn (£1.1bn)
MGM Mirage's net income for the period ended 30 September dropped to US$61.3m (£38.5m), or 22 cents per share, compared with US$183m (£115.6m), or 62 cents per share, for the same period last year.
Shares, which were more than US$95 (£59.77) last year, rose 24 per cent on Wednesday to US$12.80 (£8.05)." ...
for the complete story
***************
from the Toronto Star (10/30):
Resort projects on hold as profit slumps
October 30, 2008
"MGM Mirage, the world's second-largest casino operator, said yesterday it will delay projects in Atlantic City and Las Vegas amid the global credit crisis and said third-quarter profit fell 67 per cent as business slumped on the Strip." ...
for the complete story
Friday, October 24, 2008
Chicago's Wilson Yards lands financing
from today's Crain's Chicago Business (10/24):
Wilson Yard developer lands financing for Uptown project
By: Andrew Schroedter Oct. 24, 2008
"(Crain’s) — After years of delays, Chicago developer Peter Holsten has finally nailed down the financing to complete his long-awaited $151-million Wilson Yard project in Uptown. The city of Chicago has already agreed to provide Mr. Holsten with $51 million in tax increment financing for the Target Corp.-anchored project on Broadway between Montrose and Wilson avenues. And Minneapolis-based Target is contributing about $33 million.
But with the credit markets in near lockdown, Mr. Holsten scrambled to piece together the remaining $67 million to finance the mixed-use project that's been slow to get off the ground. The Aldi Inc. store that opened in June is all that stands at the 5.7-acre site, formerly a massive Chicago Transit Authority train repair shed." ...
for the complete story
Wilson Yard developer lands financing for Uptown project
By: Andrew Schroedter Oct. 24, 2008
"(Crain’s) — After years of delays, Chicago developer Peter Holsten has finally nailed down the financing to complete his long-awaited $151-million Wilson Yard project in Uptown. The city of Chicago has already agreed to provide Mr. Holsten with $51 million in tax increment financing for the Target Corp.-anchored project on Broadway between Montrose and Wilson avenues. And Minneapolis-based Target is contributing about $33 million.
But with the credit markets in near lockdown, Mr. Holsten scrambled to piece together the remaining $67 million to finance the mixed-use project that's been slow to get off the ground. The Aldi Inc. store that opened in June is all that stands at the 5.7-acre site, formerly a massive Chicago Transit Authority train repair shed." ...
for the complete story
Quarry Falls (San Diego) mixed use gets approval
from today's California Real Estate Journal (10/24):
City Council Approves 230-Acre Mixed-Use Project
"SAN DIEGO - The San Diego City Council approved the proposed 230-acre Quarry Falls Community in a 7-1 vote.
This was the final step in the approval process and Sudberry Properties Inc. will begin working on detailed construction documents for the project's design." ...
for the complete story
City Council Approves 230-Acre Mixed-Use Project
"SAN DIEGO - The San Diego City Council approved the proposed 230-acre Quarry Falls Community in a 7-1 vote.
This was the final step in the approval process and Sudberry Properties Inc. will begin working on detailed construction documents for the project's design." ...
for the complete story
Dallas convention center hotel in the works
from the Dallas Morning News (10/22):
Dallas City Council approves pre-design work for convention center hotel
08:48 PM CDT on Wednesday, October 22, 2008
By DAVE LEVINTHAL and RUDOLPH BUSH / The Dallas Morning News
"Dallas City Council members on Wednesday approved paying construction firm Matthews Southwest $4 million for pre-design work on a publicly owned Dallas Convention Center hotel.
The action was a minor step in City Hall's effort to construct the estimated $500 million-plus development, funded primarily by revenue bonds, that officials consider crucial to Dallas' economic health. Nonetheless, dozens of hotel supporters and opponents used the agenda item as a platform to air their broader concerns or superlatives." ...
for the complete story
Dallas City Council approves pre-design work for convention center hotel
08:48 PM CDT on Wednesday, October 22, 2008
By DAVE LEVINTHAL and RUDOLPH BUSH / The Dallas Morning News
"Dallas City Council members on Wednesday approved paying construction firm Matthews Southwest $4 million for pre-design work on a publicly owned Dallas Convention Center hotel.
The action was a minor step in City Hall's effort to construct the estimated $500 million-plus development, funded primarily by revenue bonds, that officials consider crucial to Dallas' economic health. Nonetheless, dozens of hotel supporters and opponents used the agenda item as a platform to air their broader concerns or superlatives." ...
for the complete story
Aqueduct to get casino complex
from this morning's NY Times (10/24):
Casino Complex to Be Built at Aqueduct
By JEREMY W. PETERS
"After seven years of political wrangling and delay, a deal to build a casino at the Aqueduct racetrack is now in place.
Under a contract announced by the Paterson administration on Thursday, a Buffalo company will construct a complex featuring a 184,000-square-foot gambling floor and 4,500 video gambling terminals, multiple restaurants including one with a 600-seat buffet, at least 300 hotel rooms and a 60,000-square-foot conference center.
The Buffalo company, Delaware North, said it planned to start construction in early 2009 and finish the casino, its adjoining restaurants and the parking structure in about a year. The project will be completed in phases within five years, it said.
In its promotional material, Delaware North has boasted that the complex will be “all right in the heart of Queens,” a subway ride away on the A train. The track is in South Ozone Park just northwest of Kennedy Airport.
For the casino itself, gamblers should think more arcade than Atlantic City. There will be no blackjack tables with dealers, or roulette wheels. Instead the casino will have video-screen terminals that will accept money for virtual hands of poker and other games." ...
for the complete story
Casino Complex to Be Built at Aqueduct
By JEREMY W. PETERS
"After seven years of political wrangling and delay, a deal to build a casino at the Aqueduct racetrack is now in place.
Under a contract announced by the Paterson administration on Thursday, a Buffalo company will construct a complex featuring a 184,000-square-foot gambling floor and 4,500 video gambling terminals, multiple restaurants including one with a 600-seat buffet, at least 300 hotel rooms and a 60,000-square-foot conference center.
The Buffalo company, Delaware North, said it planned to start construction in early 2009 and finish the casino, its adjoining restaurants and the parking structure in about a year. The project will be completed in phases within five years, it said.
In its promotional material, Delaware North has boasted that the complex will be “all right in the heart of Queens,” a subway ride away on the A train. The track is in South Ozone Park just northwest of Kennedy Airport.
For the casino itself, gamblers should think more arcade than Atlantic City. There will be no blackjack tables with dealers, or roulette wheels. Instead the casino will have video-screen terminals that will accept money for virtual hands of poker and other games." ...
for the complete story
Top 10 airport hotels
from yesterday's USA Today (10/23):
10 great places to cool your jets at an airport hotel
"Getting there is more than half the fun if you stay at the next generation of airport hotels, revamped to make a night near the runways more fun.Peter Greenberg (petergreenberg.com), travel editor of NBC'sToday show and author of the upcomingDon't Go There! The Travel Detective's Essential Guide to Must-Miss Places of the World (Rodale Books, $17.95),shares his favorite new airport hotels with Kathy Baruffi for USA TODAY.
The Fairmont Vancouver Airport
Vancouver, British Columbia
"The cool thing about this hotel is its location: inside the U.S. departures terminal," Greenberg says. "As an added bonus, if you're going fishing, they have a 'fish valet' to store your catch." All guest rooms have floor-to-ceiling soundproof windows. Views include the North Shore Mountains and airport runways, as well as partial views of the Pacific. 604-207-5200; fairmont.com/vancouverairport
Hyatt Regency Orlando International Airport
Orlando
"The cool thing about this hotel is that the bellman actually meets you at baggage claim, and you can't really get stuck in traffic on the way to the airport: You're already inside the terminal," Greenberg says. The hotel is great for families, particularly if they have a late-night arrival or early departure. 407-825-1234" ...
for the complete list
10 great places to cool your jets at an airport hotel
"Getting there is more than half the fun if you stay at the next generation of airport hotels, revamped to make a night near the runways more fun.Peter Greenberg (petergreenberg.com), travel editor of NBC'sToday show and author of the upcomingDon't Go There! The Travel Detective's Essential Guide to Must-Miss Places of the World (Rodale Books, $17.95),shares his favorite new airport hotels with Kathy Baruffi for USA TODAY.
The Fairmont Vancouver Airport
Vancouver, British Columbia
"The cool thing about this hotel is its location: inside the U.S. departures terminal," Greenberg says. "As an added bonus, if you're going fishing, they have a 'fish valet' to store your catch." All guest rooms have floor-to-ceiling soundproof windows. Views include the North Shore Mountains and airport runways, as well as partial views of the Pacific. 604-207-5200; fairmont.com/vancouverairport
Hyatt Regency Orlando International Airport
Orlando
"The cool thing about this hotel is that the bellman actually meets you at baggage claim, and you can't really get stuck in traffic on the way to the airport: You're already inside the terminal," Greenberg says. The hotel is great for families, particularly if they have a late-night arrival or early departure. 407-825-1234" ...
for the complete list
Port Orange, FL rezones for resort
from this morning's GlobeStFL (10/24):
Last updated: October 23, 2008 06:41pm
Seabird Island May Rezone for Resort
By John McCloud
"PORT ORANGE, FL-City and development officials have given tentative approval to a rezoning plan that would allow demolition of a mobile home park on Seabird Island to make way for a 14-story luxury resort hotel. Locally based Halifax Properties LLC says the project would include a 264-room hotel, a 100-slip marina, meeting facilities, a restaurant and retail shops.
The hotel would be built next to the Dunlawton Avenue causeway and bridge on the Halifax River. Amenities would include a spa, exercise facilities, lounges, gift shops and a banquet-meeting space for up to 500 guests. A free-standing restaurant is also planned." ...
for the complete story
Last updated: October 23, 2008 06:41pm
Seabird Island May Rezone for Resort
By John McCloud
"PORT ORANGE, FL-City and development officials have given tentative approval to a rezoning plan that would allow demolition of a mobile home park on Seabird Island to make way for a 14-story luxury resort hotel. Locally based Halifax Properties LLC says the project would include a 264-room hotel, a 100-slip marina, meeting facilities, a restaurant and retail shops.
The hotel would be built next to the Dunlawton Avenue causeway and bridge on the Halifax River. Amenities would include a spa, exercise facilities, lounges, gift shops and a banquet-meeting space for up to 500 guests. A free-standing restaurant is also planned." ...
for the complete story
Aliate gets Vegas Gaming Commission ok
from today's Las Vegas Review-Journal (10/24):
It's wait and see for Aliante
Debt concerns arise in licensing hearing
By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL
"Station Casino executives told state gaming regulators Thursday they don't know how well the $662 million Aliante Station will perform when it opens next month given current economic conditions.
"There's not a lot of visibility in our business today," said Thomas Friel, Station Casinos' chief accounting officer. "It's a bit of a crap shoot to figure out where things might be."
The Nevada Gaming Commission unanimously approved licensing of the North Las Vegas property, which is scheduled to open Nov. 11, but asked the gaming company's executives questions about how the company plans to operate the property in the current market.
Gaming revenue in North Las Vegas declined 17.81 percent in August to $18.1 million, and is down 6.3 percent to $284.7 million for the last 12 months ending Aug. 31." ...
for the complete story
******************
from this morning's GlobeSt (10/24):
UPDATE Last updated: October 23, 2008 04:34pm
Commission OKs License for $675M Casino
By Bob Howard
"LAS VEGAS-The Nevada Gaming Commission on Thursday unanimously approved the licensing application for Aliante Station, a $675-million off-Strip casino hotel that is slated to open for gambling next month. The Nevada Gaming Control Board, an operating arm of the five-member Gaming Commission, recommended approval of the application last month.
Aliante Station is a 50-50 joint venture of Station Casinos and members of the Greenspun family, which owns the Las Vegas Sun newspaper and is the developer of the 1,905-acre Aliante planned community through the family business, Greenspun Corp. The 40-acre Aliante Station development is nearing completion off the northeast corner of Interstate 215 and Aliante Parkway in North Las Vegas. The project includes 202 hotel rooms, a casino, six restaurants, and food court plus a concert venue with seating for 600, a 16-screen movie theater and 14,000 sf for meetings and banquets.
The hotel rooms will range from 400 sf to 1,500 sf and will include 42-inch plasma TVs, CD players with iPod jacks and high-speed Internet. Room rates start at $60 a night. While the casino will open Nov. 11 at 11 p.m., the first day guests will stay in the hotel rooms is Jan. 1, 2009, according to company officials." ...
for the complete story
It's wait and see for Aliante
Debt concerns arise in licensing hearing
By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL
"Station Casino executives told state gaming regulators Thursday they don't know how well the $662 million Aliante Station will perform when it opens next month given current economic conditions.
"There's not a lot of visibility in our business today," said Thomas Friel, Station Casinos' chief accounting officer. "It's a bit of a crap shoot to figure out where things might be."
The Nevada Gaming Commission unanimously approved licensing of the North Las Vegas property, which is scheduled to open Nov. 11, but asked the gaming company's executives questions about how the company plans to operate the property in the current market.
Gaming revenue in North Las Vegas declined 17.81 percent in August to $18.1 million, and is down 6.3 percent to $284.7 million for the last 12 months ending Aug. 31." ...
for the complete story
******************
from this morning's GlobeSt (10/24):
UPDATE Last updated: October 23, 2008 04:34pm
Commission OKs License for $675M Casino
By Bob Howard
"LAS VEGAS-The Nevada Gaming Commission on Thursday unanimously approved the licensing application for Aliante Station, a $675-million off-Strip casino hotel that is slated to open for gambling next month. The Nevada Gaming Control Board, an operating arm of the five-member Gaming Commission, recommended approval of the application last month.
Aliante Station is a 50-50 joint venture of Station Casinos and members of the Greenspun family, which owns the Las Vegas Sun newspaper and is the developer of the 1,905-acre Aliante planned community through the family business, Greenspun Corp. The 40-acre Aliante Station development is nearing completion off the northeast corner of Interstate 215 and Aliante Parkway in North Las Vegas. The project includes 202 hotel rooms, a casino, six restaurants, and food court plus a concert venue with seating for 600, a 16-screen movie theater and 14,000 sf for meetings and banquets.
The hotel rooms will range from 400 sf to 1,500 sf and will include 42-inch plasma TVs, CD players with iPod jacks and high-speed Internet. Room rates start at $60 a night. While the casino will open Nov. 11 at 11 p.m., the first day guests will stay in the hotel rooms is Jan. 1, 2009, according to company officials." ...
for the complete story
DC redevelopment plan announced
from this morning's GlobeSt (10/24):
Last updated: October 24, 2008 10:46am
DC Unveils 178-Acre Redevelopment Plan
By Erika Morphy
"WASHINGTON, DC-DC wants to create five neighborhoods that will encompass some two million sf of development and 750,000 sf of redevelopment of historic buildings in a 173-acre District-controlled campus along Martin Luther King, Jr. Avenue. Mayor Adrian Fenty has just unveiled the draft St. Elizabeths East Redevelopment Framework Plan." ...
for the complete story
Last updated: October 24, 2008 10:46am
DC Unveils 178-Acre Redevelopment Plan
By Erika Morphy
"WASHINGTON, DC-DC wants to create five neighborhoods that will encompass some two million sf of development and 750,000 sf of redevelopment of historic buildings in a 173-acre District-controlled campus along Martin Luther King, Jr. Avenue. Mayor Adrian Fenty has just unveiled the draft St. Elizabeths East Redevelopment Framework Plan." ...
for the complete story
Thursday, October 23, 2008
Singapore tourism
from yesterday's Channel NewsAsia (10/22):
Singapore's tourism industry expected to see turnaround in 2 years
By : Asha Popatlal, Channel NewsAsia
Date : 22 Oct 2008 2113 hrs (GMT + 8hrs)
"SINGAPORE : The general tourism scene may not be rosy because of the global financial crisis, but Singapore is looking at a travel turnaround in about two years." ...
"The number of travellers into Singapore went into negative territory from the middle of this year, after months of growth.
Lim Neo Chian, deputy chairman and chief executive, Singapore Tourism Board, said: "In the Singapore context, we saw some softening of inbound travel into Singapore from June onwards. (During the) first six months, we had more than 4 per cent growth and last year, we had 6 per cent growth. So for (the) first six months it is still pretty okay. " ...
"But Singapore government officials remain optimistic about a medium-term recovery by 2010. That is because projects like the integrated resorts, Gardens by the Bay and Youth Olympic Games will take off then." ...
for the complete story
Singapore's tourism industry expected to see turnaround in 2 years
By : Asha Popatlal, Channel NewsAsia
Date : 22 Oct 2008 2113 hrs (GMT + 8hrs)
"SINGAPORE : The general tourism scene may not be rosy because of the global financial crisis, but Singapore is looking at a travel turnaround in about two years." ...
"The number of travellers into Singapore went into negative territory from the middle of this year, after months of growth.
Lim Neo Chian, deputy chairman and chief executive, Singapore Tourism Board, said: "In the Singapore context, we saw some softening of inbound travel into Singapore from June onwards. (During the) first six months, we had more than 4 per cent growth and last year, we had 6 per cent growth. So for (the) first six months it is still pretty okay. " ...
"But Singapore government officials remain optimistic about a medium-term recovery by 2010. That is because projects like the integrated resorts, Gardens by the Bay and Youth Olympic Games will take off then." ...
for the complete story
Orlando hotel occupancy down
from yesterday's Orlando Sentinel (10/22):
Occupancy erodes at Orlando-area hotels in September
Sara K. Clarke
Sentinel Staff Writer
October 22, 2008
"Fewer than half of Orlando's hotel rooms were filled in September, as the area's overall occupancy rate fell by more than 10 percent from a year earlier.
Occupancy in the Orlando market was 45.9 percent last month, compared with 51.1 percent in September 2007, according to data released Tuesday by Smith Travel Research.
A slumping economy and high gas prices combined with the threat of hurricanes to keep tourists away. Revenue per available room, a key industry measure, was down 11.9 percent from a year ago." ...
for the complete story
Occupancy erodes at Orlando-area hotels in September
Sara K. Clarke
Sentinel Staff Writer
October 22, 2008
"Fewer than half of Orlando's hotel rooms were filled in September, as the area's overall occupancy rate fell by more than 10 percent from a year earlier.
Occupancy in the Orlando market was 45.9 percent last month, compared with 51.1 percent in September 2007, according to data released Tuesday by Smith Travel Research.
A slumping economy and high gas prices combined with the threat of hurricanes to keep tourists away. Revenue per available room, a key industry measure, was down 11.9 percent from a year ago." ...
for the complete story
Las Vegas Sands apartment hotel sales
from yesterday's Business Week (10/22):
Las Vegas Sands gets OK on apartment-hotel sales
"Las Vegas Sands Corp. said Wednesday that the Asian gaming enclave of Macau has approved the legal separation of its Four Seasons apartment-hotel tower from the rest of the parcel, clearing the way for the sale of cooperative interests in the units and an on-site mall.
The hotel and casino operator, which operates The Venetian resorts in Las Vegas and Macau, said the apartment-hotel will be transferred to a separate cooperative holding company.
Las Vegas Sands Chief Executive Sheldon Adelson said sales of the co-op units and the luxury mall would lower the company's debt burden or provide funding for future projects.
Analysts have said that the company is seeking to refinance $3.3 billion of debt and raise $2 billion for its projects in Macau." ...
for the complete story
Las Vegas Sands gets OK on apartment-hotel sales
"Las Vegas Sands Corp. said Wednesday that the Asian gaming enclave of Macau has approved the legal separation of its Four Seasons apartment-hotel tower from the rest of the parcel, clearing the way for the sale of cooperative interests in the units and an on-site mall.
The hotel and casino operator, which operates The Venetian resorts in Las Vegas and Macau, said the apartment-hotel will be transferred to a separate cooperative holding company.
Las Vegas Sands Chief Executive Sheldon Adelson said sales of the co-op units and the luxury mall would lower the company's debt burden or provide funding for future projects.
Analysts have said that the company is seeking to refinance $3.3 billion of debt and raise $2 billion for its projects in Macau." ...
for the complete story
STR releases 2008, 2009, 2010 projections
from today's HNN newsbriefs (10/23):
STR releases 2008, 2009, 2010 projections
23 October 2008 1:39 PM
By HNN Newswire
"HENDERSONVILLE, Tennessee—STR released its revised 2008 and 2009 forecasts and its projections for the U.S. hotel industry’s performance in 2010.
“We look for things to get tougher before they get better,” said Randy Smith, CEO of STR. “We’ve had an entire year in which we’ve had a cheap dollar fuelling more international visitors, and New York to date has had another good year. We expect those two things to level, so two of the things that have been good for the U.S. lodging industry aren’t going to be there in the foreseeable future.”
The revised 2008 forecast includes the following:
• a 3.0-percent drop in occupancy from year-end 2007 to 61.2 percent;
• a 3.4-percent increase in average daily rate average from year-end 2007 to $107.44;
• a 0.4-percent increase in revenue per available room from year-end 2007 to $65.75; and
• a 2.5-percent increase in supply and a 0.5-percent decrease in demand." ...
for the complete press release
STR releases 2008, 2009, 2010 projections
23 October 2008 1:39 PM
By HNN Newswire
"HENDERSONVILLE, Tennessee—STR released its revised 2008 and 2009 forecasts and its projections for the U.S. hotel industry’s performance in 2010.
“We look for things to get tougher before they get better,” said Randy Smith, CEO of STR. “We’ve had an entire year in which we’ve had a cheap dollar fuelling more international visitors, and New York to date has had another good year. We expect those two things to level, so two of the things that have been good for the U.S. lodging industry aren’t going to be there in the foreseeable future.”
The revised 2008 forecast includes the following:
• a 3.0-percent drop in occupancy from year-end 2007 to 61.2 percent;
• a 3.4-percent increase in average daily rate average from year-end 2007 to $107.44;
• a 0.4-percent increase in revenue per available room from year-end 2007 to $65.75; and
• a 2.5-percent increase in supply and a 0.5-percent decrease in demand." ...
for the complete press release
AmX releases adjustments to Global Business Travel Forecast for 2008
AMERICAN EXPRESS BUSINESS TRAVEL ANNOUNCES ADJUSTED RESULTS OF FORECAST IN ANTICIPATION OF GLOBAL ECONOMIC SLOWDOWN
"Potential Decreases in the Cost of Airfares Likely; Prices Could Move from -3 Percent to 5 Percent for Domestic Air Travel in North America; Hotel Occupancy is Expected to Decline and Hold Rates Steady
NEW YORK, October 22, 2008 -- American Express Business Travel today published its annual Global Business Travel Forecast and Trends report. Originally slated for release in September, the American Express Advisory Services department responsible for producing the report delayed its release in order to evaluate the impact of market activities that have occurred over the last 30 days. In the past weeks, modifications were made to reflect the potential impact of the anticipated global economic slowdown. In certain markets, the Forecast predicts a negative increase in 2009 to airfares and hotel rates. Both suppliers and buyers of travel and related services are expected to face new operating challenges in the coming year." ...
for the complete press release
"Potential Decreases in the Cost of Airfares Likely; Prices Could Move from -3 Percent to 5 Percent for Domestic Air Travel in North America; Hotel Occupancy is Expected to Decline and Hold Rates Steady
NEW YORK, October 22, 2008 -- American Express Business Travel today published its annual Global Business Travel Forecast and Trends report. Originally slated for release in September, the American Express Advisory Services department responsible for producing the report delayed its release in order to evaluate the impact of market activities that have occurred over the last 30 days. In the past weeks, modifications were made to reflect the potential impact of the anticipated global economic slowdown. In certain markets, the Forecast predicts a negative increase in 2009 to airfares and hotel rates. Both suppliers and buyers of travel and related services are expected to face new operating challenges in the coming year." ...
for the complete press release
San Francisco creates Tourism Improvement District
from yesterday's San Francisco Business Times (10/22):
Wednesday, October 22, 2008 - 2:49 PM PDT
S.F. hotels to boost city's tourism funds
San Francisco Business Times - by Sarah Duxbury
"Mayor Gavin Newsom has made a Tourism Improvement District a key part of his economic stimulus package.
The district could generate $27 million in its first year alone, and it is similar to a business improvement district, only bound by business type rather than geography.
Of that $27 million, $9 million would go toward much needed upgrades to Moscone Center; almost $18 million would be spent marketing and promoting San Francisco and its hotels.
The TID “will ensure that San Francisco’s No. 1 industry will remain competitive long into the future. We will be able to reach out to markets where we’ve not been able to aggressively compete in the past,” said Joe D’Alessandro, CEO of the SFCVB. “What this new budget will do is still put us behind our competitor cities like San Diego and Los Angeles, but up to this point we have had resources far below what those markets have.”
Under the 15-year assessment agreement, all tourist hotels have been divided into two zones. Zone 1 is essentially all hotels east of Van Ness and north of 16th Streets. They will be assessed 1.5 percent on gross revenue from tourist rooms for the first five years of the TID, and then 1 percent of gross revenue for years 6 to 15. Zone 2 hotels are those located west of Van Ness and south of 16th Street. They will pay 1 percent of gross room revenue for the first five years and 0.75 percent of revenue for years 6 to 15." ...
for the complete story
Wednesday, October 22, 2008 - 2:49 PM PDT
S.F. hotels to boost city's tourism funds
San Francisco Business Times - by Sarah Duxbury
"Mayor Gavin Newsom has made a Tourism Improvement District a key part of his economic stimulus package.
The district could generate $27 million in its first year alone, and it is similar to a business improvement district, only bound by business type rather than geography.
Of that $27 million, $9 million would go toward much needed upgrades to Moscone Center; almost $18 million would be spent marketing and promoting San Francisco and its hotels.
The TID “will ensure that San Francisco’s No. 1 industry will remain competitive long into the future. We will be able to reach out to markets where we’ve not been able to aggressively compete in the past,” said Joe D’Alessandro, CEO of the SFCVB. “What this new budget will do is still put us behind our competitor cities like San Diego and Los Angeles, but up to this point we have had resources far below what those markets have.”
Under the 15-year assessment agreement, all tourist hotels have been divided into two zones. Zone 1 is essentially all hotels east of Van Ness and north of 16th Streets. They will be assessed 1.5 percent on gross revenue from tourist rooms for the first five years of the TID, and then 1 percent of gross revenue for years 6 to 15. Zone 2 hotels are those located west of Van Ness and south of 16th Street. They will pay 1 percent of gross room revenue for the first five years and 0.75 percent of revenue for years 6 to 15." ...
for the complete story
Caesers Palace new tower taking shape
from today's Las Vegas Sun (10/23):
Caesars empire goes modern with latest hotel expansion
By Liz Benston
Thu, Oct 23, 2008 (2 a.m.)
Steve Marcus
"The $1 billion, 665-room Octavius Tower at Caesars Palace was topped off this week. When it opens next summer, it will have 665 modern hotel rooms. After the expansion, Caesars Palace will have more than 4,000 hotel rooms and 300,000 square feet of convention space.
These days, Caesars Palace is looking a lot less Roman Empire and more Empire State.
At a time when casinos are forced to work harder to attract business, Caesars Palace is trying its best to bridge old and new Vegas by luring new, more discriminating tourists and younger hipsters as well as regulars who appreciate the property’s legacy.
The under-construction tower features the same white-walled Romanesque look of the adjacent Augustus tower and, like Augustus, sits apart from the casino and across the themed pool and garden complex known as the Garden of the Gods. Roman statues abound, and guests can grab snacks at a bar appropriately named Snackus Maximus.
Yet inside, the tower’s 665 rooms will feature a bold, modern look by Wilson Associates, which created the muted, urbane look of the Augustus rooms, with nary a Roman column or statue in sight." ...
for the complete story
Caesars empire goes modern with latest hotel expansion
By Liz Benston
Thu, Oct 23, 2008 (2 a.m.)
Steve Marcus
"The $1 billion, 665-room Octavius Tower at Caesars Palace was topped off this week. When it opens next summer, it will have 665 modern hotel rooms. After the expansion, Caesars Palace will have more than 4,000 hotel rooms and 300,000 square feet of convention space.
These days, Caesars Palace is looking a lot less Roman Empire and more Empire State.
At a time when casinos are forced to work harder to attract business, Caesars Palace is trying its best to bridge old and new Vegas by luring new, more discriminating tourists and younger hipsters as well as regulars who appreciate the property’s legacy.
The under-construction tower features the same white-walled Romanesque look of the adjacent Augustus tower and, like Augustus, sits apart from the casino and across the themed pool and garden complex known as the Garden of the Gods. Roman statues abound, and guests can grab snacks at a bar appropriately named Snackus Maximus.
Yet inside, the tower’s 665 rooms will feature a bold, modern look by Wilson Associates, which created the muted, urbane look of the Augustus rooms, with nary a Roman column or statue in sight." ...
for the complete story
Tampa Bay industrial and flex space hit by downturn
from this morning's GlobeSt (10/23):
Last updated: October 22, 2008 07:45pm
Economy Hammers Bay Area Industrial
By Carl Cronan
"TAMPA, FL-The national economic downturn is battering the Tampa Bay industrial market, pushing vacancy upward by nearly a full percentage point during the third quarter, based on research by local brokerages. At the same time, rents have managed to hold steady despite increased competition between local landlords.
Overall vacancy of industrial and flex buildings measured 7.8% through the last quarter, rising from 6.9% at midyear for Hillsborough, Pinellas and Polk Counties, according to Clearwater-based Colliers Arnold. While that is still below the US industrial vacancy average of 8.5%, it reflects that Tampa Bay is no longer as insulated from national market conditions as it used to be." ...
for the complete story
Last updated: October 22, 2008 07:45pm
Economy Hammers Bay Area Industrial
By Carl Cronan
"TAMPA, FL-The national economic downturn is battering the Tampa Bay industrial market, pushing vacancy upward by nearly a full percentage point during the third quarter, based on research by local brokerages. At the same time, rents have managed to hold steady despite increased competition between local landlords.
Overall vacancy of industrial and flex buildings measured 7.8% through the last quarter, rising from 6.9% at midyear for Hillsborough, Pinellas and Polk Counties, according to Clearwater-based Colliers Arnold. While that is still below the US industrial vacancy average of 8.5%, it reflects that Tampa Bay is no longer as insulated from national market conditions as it used to be." ...
for the complete story
Global Competitiveness Report names top countries
from today's Business Week Europe Insider news (10/23):
October 22, 2008, 12:51PM EST text size: TT
Top Countries in Global Competitiveness
Despite this year's global market turmoil, many of the same countries, including the U.S., remain atop the World Economic Forum ranking
By Matt Mabe
"The global economy has been under threat for more than a year, and events in recent months have taken matters to a crisis stage. But judging by the World Economic Forum's annual Global Competitiveness Report, you would hardly know it. So far the financial meltdown has had little effect on the relative competitiveness of the world's most advanced countries, according to the ranking.
Of the record 134 countries surveyed this year, the majority at the top of the list remain European, while the U.S. continues to hold on to the No. 1 spot and Canada squeezes into the top 10. As in previous years, Singapore and Japan are the only Asian countries included at the top of the list, though Hong Kong comes close, at No. 11." ...
for the complete story
for a link to the Global Competitiveness Report
October 22, 2008, 12:51PM EST text size: TT
Top Countries in Global Competitiveness
Despite this year's global market turmoil, many of the same countries, including the U.S., remain atop the World Economic Forum ranking
By Matt Mabe
"The global economy has been under threat for more than a year, and events in recent months have taken matters to a crisis stage. But judging by the World Economic Forum's annual Global Competitiveness Report, you would hardly know it. So far the financial meltdown has had little effect on the relative competitiveness of the world's most advanced countries, according to the ranking.
Of the record 134 countries surveyed this year, the majority at the top of the list remain European, while the U.S. continues to hold on to the No. 1 spot and Canada squeezes into the top 10. As in previous years, Singapore and Japan are the only Asian countries included at the top of the list, though Hong Kong comes close, at No. 11." ...
for the complete story
for a link to the Global Competitiveness Report
Spain's economic outlook
from today's Business Week Europe Insider news (10/23):
The Economic Outlook for Spain: Bleak
The collapse in housing and construction has combined with the global financial crisis to create one of Spain's worst periods in decades
By Manuel Baigorri
October 16, 2008, 11:36AM EST
"When Romanian-born Ion Lacureanu migrated to Spain five years ago, he found himself in one the fastest-growing countries in the European Union. Spain's booming job market and average annual economic growth of 3% were the envy of the region. Soon the 38-year-old Lacureanu was flourishing as a self-employed construction worker in Valladolid, a city of 320,000. He earned €2,200 ($2,975) a month and had so much work he had to hire other workers to help him out." ...
"Spain's decade-long construction boom began to run out of steam last year (BusinessWeek, 12/3/07), and now the global financial crisis is drying up the international funding that financed the country's huge infrastructure investments. Antonio Argandoña, professor of economics at Barcelona's IESE business school, says the construction industry, which spurred gross domestic product growth in the last decade, is going to stall for the next five to seven years. That in turn will spark unemployment and drag down investment and consumer spending.
Loss of EU Subsidies
Making matters worse, the European Union also has cut back on its financial support for Spain, since the EU now has to shift subsidies to newer members in Eastern Europe. "We are in danger of a general economic collapse," says Argandoña. "We'll see negative growth within this year…This is a long and deep crisis." During the second quarter of 2008, Spain's GDP increased just 1.8% from the same period a year earlier, the lowest growth rate in more than a decade. The International Monetary Fund now forecasts GDP growth this year of just 1.4%, and a 2% decline in 2009." ...
for the complete story
The Economic Outlook for Spain: Bleak
The collapse in housing and construction has combined with the global financial crisis to create one of Spain's worst periods in decades
By Manuel Baigorri
October 16, 2008, 11:36AM EST
"When Romanian-born Ion Lacureanu migrated to Spain five years ago, he found himself in one the fastest-growing countries in the European Union. Spain's booming job market and average annual economic growth of 3% were the envy of the region. Soon the 38-year-old Lacureanu was flourishing as a self-employed construction worker in Valladolid, a city of 320,000. He earned €2,200 ($2,975) a month and had so much work he had to hire other workers to help him out." ...
"Spain's decade-long construction boom began to run out of steam last year (BusinessWeek, 12/3/07), and now the global financial crisis is drying up the international funding that financed the country's huge infrastructure investments. Antonio Argandoña, professor of economics at Barcelona's IESE business school, says the construction industry, which spurred gross domestic product growth in the last decade, is going to stall for the next five to seven years. That in turn will spark unemployment and drag down investment and consumer spending.
Loss of EU Subsidies
Making matters worse, the European Union also has cut back on its financial support for Spain, since the EU now has to shift subsidies to newer members in Eastern Europe. "We are in danger of a general economic collapse," says Argandoña. "We'll see negative growth within this year…This is a long and deep crisis." During the second quarter of 2008, Spain's GDP increased just 1.8% from the same period a year earlier, the lowest growth rate in more than a decade. The International Monetary Fund now forecasts GDP growth this year of just 1.4%, and a 2% decline in 2009." ...
for the complete story
Bank of Canada's Monetary Policy Report released
from this morning's Royal Bank of Canada's Daily Economic Update (10/23):
Monetary Policy Report paints somber picture of growth in both Canada and the United States
"The statement issued by the Bank of Canada following Tuesday’s policy meeting, when the overnight rate was cut by 25 basis points to 2.25%, indicated significant revisions to the economic outlook for both Canada and the United States. The Bank indicated that it was projecting that the U.S. economy was already in recession. The statement also indicated that in the face of weaker U.S. and global growth, lower commodity prices and tighter credit conditions, the outlook for Canada’s growth rate was also being cut. The reduction was most marked with respect to 2009 — the expected increase in GDP was slashed to 0.6% from a 2.3% gain projected in July, although it did not suggest the Canadian economy was expected to fall into recession. This morning’s Monetary Policy Report (MPR) provides more detail on these revisions along with the implications for the Bank’s outlook for inflation.
The quarterly pattern of growth in Canada is one of an economy avoiding a recession but by the barest of margins. The central bank is projecting a 0.4% annualized decline in the fourth quarter followed by no growth in first quarter of 2009. (Growth in the third quarter of 2008 is projected to remain in the positive column, rising 0.8%.) This base case forecast clearly leaves the Canadian economy vulnerable to falling into recession in the face of any intensification of the negative factors weighing on the economy. Growth returns the positive column in the second quarter of 2009 of about 0.8% followed by relatively stronger activity in the second half of next year with growth in the third and fourth quarters averaging 2.2%. On an annual basis, this quarterly profile translates to growth of 0.6% in 2009 (unchanged from a projected 0.6% gain expected this year) but then jumps to 3.4% in 2010." ...
for the Bank of Canada's reports
Monetary Policy Report paints somber picture of growth in both Canada and the United States
"The statement issued by the Bank of Canada following Tuesday’s policy meeting, when the overnight rate was cut by 25 basis points to 2.25%, indicated significant revisions to the economic outlook for both Canada and the United States. The Bank indicated that it was projecting that the U.S. economy was already in recession. The statement also indicated that in the face of weaker U.S. and global growth, lower commodity prices and tighter credit conditions, the outlook for Canada’s growth rate was also being cut. The reduction was most marked with respect to 2009 — the expected increase in GDP was slashed to 0.6% from a 2.3% gain projected in July, although it did not suggest the Canadian economy was expected to fall into recession. This morning’s Monetary Policy Report (MPR) provides more detail on these revisions along with the implications for the Bank’s outlook for inflation.
The quarterly pattern of growth in Canada is one of an economy avoiding a recession but by the barest of margins. The central bank is projecting a 0.4% annualized decline in the fourth quarter followed by no growth in first quarter of 2009. (Growth in the third quarter of 2008 is projected to remain in the positive column, rising 0.8%.) This base case forecast clearly leaves the Canadian economy vulnerable to falling into recession in the face of any intensification of the negative factors weighing on the economy. Growth returns the positive column in the second quarter of 2009 of about 0.8% followed by relatively stronger activity in the second half of next year with growth in the third and fourth quarters averaging 2.2%. On an annual basis, this quarterly profile translates to growth of 0.6% in 2009 (unchanged from a projected 0.6% gain expected this year) but then jumps to 3.4% in 2010." ...
for the Bank of Canada's reports
Canadian retail sales down
from yesterday's Royal Bank of Canada's Daily Economic Update (10/22):
Canadian retail sales decline in August
"Nominal retail sales fell 0.3% in August in line with market expectations following gains of 0.6% and 0.1% in June and July, respectively. A decline had been widely expected because of earlier reports of a drop in unit auto sales that was reflected in the 1.2% drop in the new car component in today’s report. Excluding the volatile auto sales component for both new and used vehicles, sales were also down 0.3%. This was weaker than market expectations of unchanged sales activity. Price changes had no impact on overall sales — the volume of activity fell a similar-sized 0.3%." ...
for further sata
Canadian retail sales decline in August
"Nominal retail sales fell 0.3% in August in line with market expectations following gains of 0.6% and 0.1% in June and July, respectively. A decline had been widely expected because of earlier reports of a drop in unit auto sales that was reflected in the 1.2% drop in the new car component in today’s report. Excluding the volatile auto sales component for both new and used vehicles, sales were also down 0.3%. This was weaker than market expectations of unchanged sales activity. Price changes had no impact on overall sales — the volume of activity fell a similar-sized 0.3%." ...
for further sata
NJ beach hotel redeveloped as condos
from yesterday's GlobeStNJ (10/22):
Last updated: October 22, 2008 09:43am
Old Hotel Site Reborn as Luxury Condos
By Alyson Grala
"DIAMOND BEACH, NJ-Set to launch in early summer 2009, work is under way for the 125-unit first phase of the Grand at Diamond Beach residential condos. The project is located on 1,500 feet of private oceanfront property at 9600 Atlantic Ave. between Cape May and Wildwood.
Chester, PA-based developer Mita Management scooped up the beachfront property, which previously housed the Seapointe Hotel, in spring 2003, from the Masserella family. The Grand at Diamond Beach won approval in late 2007 and preliminary work began earlier this year." ...
for the complete story
Last updated: October 22, 2008 09:43am
Old Hotel Site Reborn as Luxury Condos
By Alyson Grala
"DIAMOND BEACH, NJ-Set to launch in early summer 2009, work is under way for the 125-unit first phase of the Grand at Diamond Beach residential condos. The project is located on 1,500 feet of private oceanfront property at 9600 Atlantic Ave. between Cape May and Wildwood.
Chester, PA-based developer Mita Management scooped up the beachfront property, which previously housed the Seapointe Hotel, in spring 2003, from the Masserella family. The Grand at Diamond Beach won approval in late 2007 and preliminary work began earlier this year." ...
for the complete story
Fort Wayne (IN) stadium mixed-use project sees cut in condo development
from yesterday's GlobeSt (10/22):
UPDATE Last updated: October 22, 2008 02:08am
Barry Halves Condos at $125M Downtown Project
By Robert Carr
"FORT WAYNE, IN-Citing the economic downturn, the sales agents for the Harrison condo project here have slashed the number of units in half, from 62 down to 30, though some are being enlarged from owner requests. Atlanta-based Barry Real Estate is developing the condo building, which will cost about $14.5 million, along with the rest of the $125 million Harrison Square project, which includes a hotel, a minor-league baseball stadium, a 900-car parking garage and 30,000 sf of retail." ...
for the complete story
UPDATE Last updated: October 22, 2008 02:08am
Barry Halves Condos at $125M Downtown Project
By Robert Carr
"FORT WAYNE, IN-Citing the economic downturn, the sales agents for the Harrison condo project here have slashed the number of units in half, from 62 down to 30, though some are being enlarged from owner requests. Atlanta-based Barry Real Estate is developing the condo building, which will cost about $14.5 million, along with the rest of the $125 million Harrison Square project, which includes a hotel, a minor-league baseball stadium, a 900-car parking garage and 30,000 sf of retail." ...
for the complete story
Kings arena/Cal Expo development economics to be analyzed
from yesterday's Sacramento Bee (10/22):
Kings arena plan for Cal Expo expected within 90 days
NBA TO ORDER STUDY OF CAL EXPO PROPOSAL
mlvellinga@sacbee.com
Published Wednesday, Oct. 22, 2008
"The NBA and Cal Expo expect to produce a plan within 90 days to build a new Kings arena at the state fairgrounds, an NBA consultant said Tuesday.
Representatives of the league and Cal Expo have spent five months working on a conceptual blueprint for the revamping of Cal Expo into a "village" with a modern fairgrounds, arena, housing, office, entertainment and retail uses.
Now the NBA will commission a study to examine the plan and tweak it so that it's financially feasible.
That study should take about two months, said John Moag, the NBA's point man on the arena.
He expects to be back before the Cal Expo board in December or January. At that point, the board will decide whether to solicit developer proposals to execute the plan for the 360-acre fairgrounds." ...
for the complete story
Kings arena plan for Cal Expo expected within 90 days
NBA TO ORDER STUDY OF CAL EXPO PROPOSAL
mlvellinga@sacbee.com
Published Wednesday, Oct. 22, 2008
"The NBA and Cal Expo expect to produce a plan within 90 days to build a new Kings arena at the state fairgrounds, an NBA consultant said Tuesday.
Representatives of the league and Cal Expo have spent five months working on a conceptual blueprint for the revamping of Cal Expo into a "village" with a modern fairgrounds, arena, housing, office, entertainment and retail uses.
Now the NBA will commission a study to examine the plan and tweak it so that it's financially feasible.
That study should take about two months, said John Moag, the NBA's point man on the arena.
He expects to be back before the Cal Expo board in December or January. At that point, the board will decide whether to solicit developer proposals to execute the plan for the 360-acre fairgrounds." ...
for the complete story
Gwinnett County (GA) getting new, "themed" comprehensive plan
from yesterday's Atlanta Journal-Constitution (10/22):
GWINNETT COUNTY: New land use plan has themes
By Michael Pearson
The Atlanta Journal-Constitution
Wednesday, October 22, 2008
"Gwinnett County’s new comprehensive plan is nearly done and, for the first time ever, the plan truly is comprehensive.
Two years ago, Gwinnett officials set out to combine their land use, transportation and housing plans into one coordinated study and plan, something regional planners say few other counties have done." ...
"Since Georgia law began requiring governments to complete such plans in 1989, most governments have prepared those plans separately, leading to policies that can appear disjointed, said Dan Reuter, land use chief for the Atlanta Regional Commission." ...
"Gwinnett’s new plan includes a series of policy recommendations for the county clustered under themes —- maintaining economic development, fostering redevelopment, maintaining transportation mobility, providing for housing choices and keeping Gwinnett a preferred destination for residents and businesses.
It also changes the presentation of the county’s land use map, a frequent friction point in zoning disputes." ...
for the complete story
GWINNETT COUNTY: New land use plan has themes
By Michael Pearson
The Atlanta Journal-Constitution
Wednesday, October 22, 2008
"Gwinnett County’s new comprehensive plan is nearly done and, for the first time ever, the plan truly is comprehensive.
Two years ago, Gwinnett officials set out to combine their land use, transportation and housing plans into one coordinated study and plan, something regional planners say few other counties have done." ...
"Since Georgia law began requiring governments to complete such plans in 1989, most governments have prepared those plans separately, leading to policies that can appear disjointed, said Dan Reuter, land use chief for the Atlanta Regional Commission." ...
"Gwinnett’s new plan includes a series of policy recommendations for the county clustered under themes —- maintaining economic development, fostering redevelopment, maintaining transportation mobility, providing for housing choices and keeping Gwinnett a preferred destination for residents and businesses.
It also changes the presentation of the county’s land use map, a frequent friction point in zoning disputes." ...
for the complete story
New Orleans technology corridor
from yesterday's Times-Picayune (10/22):
I-10 technology corridor rated as 'a perfect 10'
Wednesday, October 22, 2008
By Carol Wolfram
St. Tammany bureau
"More than 100 business, political and civic leaders met recently to hear the outcome of a study conducted by AngelouEconomics on prospects for the Interstate 10 technology corridor. In a nutshell, principal executive officer Angelos Angelou rated the length of I-10 stretching through Slidell "a perfect 10."
Presented by the St. Tammany Economic Development Foundation, "A Perfect 10: An Update on the I-10 Economic Corridor" report was based on one year of data collected by the AngelouEconomics team." ...
for the complete story
I-10 technology corridor rated as 'a perfect 10'
Wednesday, October 22, 2008
By Carol Wolfram
St. Tammany bureau
"More than 100 business, political and civic leaders met recently to hear the outcome of a study conducted by AngelouEconomics on prospects for the Interstate 10 technology corridor. In a nutshell, principal executive officer Angelos Angelou rated the length of I-10 stretching through Slidell "a perfect 10."
Presented by the St. Tammany Economic Development Foundation, "A Perfect 10: An Update on the I-10 Economic Corridor" report was based on one year of data collected by the AngelouEconomics team." ...
for the complete story
Pittsburgh state hospital rezoned for redevelopment
from today's Pittsburgh Post-gazette (10/23):
Mayview zoning change aims to spur redevelopment
Thursday, October 23, 2008
By Brian David, Pittsburgh Post-Gazette
"South Fayette commissioners Monday night changed the Mayview State Hospital property from residential to business park zoning, paving the way for redevelopment after the hospital is closed and the property sold.
Township Manager Mike Hoy also is drafting two new zoning designations for the 300-acre property along Chartiers Creek.
One is a recreational zoning, geared for a portion of the property bordering Fairview Park; the other is a village commercial concept, which would mix business and residential uses to create an old-fashioned town center with modern amenities." ...
for the complete story
Mayview zoning change aims to spur redevelopment
Thursday, October 23, 2008
By Brian David, Pittsburgh Post-Gazette
"South Fayette commissioners Monday night changed the Mayview State Hospital property from residential to business park zoning, paving the way for redevelopment after the hospital is closed and the property sold.
Township Manager Mike Hoy also is drafting two new zoning designations for the 300-acre property along Chartiers Creek.
One is a recreational zoning, geared for a portion of the property bordering Fairview Park; the other is a village commercial concept, which would mix business and residential uses to create an old-fashioned town center with modern amenities." ...
for the complete story
BLM opening 197 acres of UT for geothermal development
from today's Desert Morning News (10/23):
Land to open for geothermal work
18 areas of Utah could be affected
By Stephen Speckman
Deseret News
Published: October 23, 2008
"Interior Secretary Dirk Kempthorne said Wednesday that the federal government plans to open 197 million acres of public land, including 18 areas in Utah, for geothermal development.
The Bureau of Land Management oversees 118 million acres of that land, and the National Forest Service manages 79 million acres.
Kempthorne predicted 270 Western communities could benefit directly from geothermal resources in 12 Western states, where most of those resources are under federal land.
The plan calls for amending 122 BLM land-use plans to allow geothermal power development that could provide as much as 5,540 megawatts of new electricity for 5.5 million homes by 2015. Kempthorne predicted that by 2025, geothermal energy could bring electricity 12 million homes." ...
for the complete story
Land to open for geothermal work
18 areas of Utah could be affected
By Stephen Speckman
Deseret News
Published: October 23, 2008
"Interior Secretary Dirk Kempthorne said Wednesday that the federal government plans to open 197 million acres of public land, including 18 areas in Utah, for geothermal development.
The Bureau of Land Management oversees 118 million acres of that land, and the National Forest Service manages 79 million acres.
Kempthorne predicted 270 Western communities could benefit directly from geothermal resources in 12 Western states, where most of those resources are under federal land.
The plan calls for amending 122 BLM land-use plans to allow geothermal power development that could provide as much as 5,540 megawatts of new electricity for 5.5 million homes by 2015. Kempthorne predicted that by 2025, geothermal energy could bring electricity 12 million homes." ...
for the complete story
Wednesday, October 22, 2008
U.S occupancy and RevPAR down in September
from today's Hotels enews (10/22):
U.S. Occupancy, RevPAR Drops In September
-- Hotels, 10/22/2008 7:25:00 AM
"HENDERSONVILLE, Tenn.—The U.S. hotel industry posted year-over-year declines in occupancy and revenue per available room during September, but experienced a gain in average daily rate, according to data from STR.
In year-over-year measurements, the industry’s ADR rose 3.0 percent in September to $107.31 (from $104.14 during September 2007). Occupancy in September fell 5.9 percent from September 2007 to 60.6 percent from 64.5 percent. RevPAR for the month declined 3.1 percent to $65.08 from $67.13.
For the third quarter, overall U.S. hotel numbers (compared with third quarter of 2007) included a 3.7-percent drop in occupancy to 65.8 percent from 68.4 percent, a 2.7-percent rise in ADR to $106.93 from $104.08, and a 1.1-percent decline in RevPAR to $70.40 from $71.19. Top 25 markets with the largest third-quarter RevPAR gains over the third quarter of 2007 were New Orleans (+20.2 percent), Denver (+12.3 percent), Houston (+11.8 percent), New York (+8.4 percent), San Francisco (+7.8 percent) and Dallas (+6.4 percent)." ...
for the complete story
U.S. Occupancy, RevPAR Drops In September
-- Hotels, 10/22/2008 7:25:00 AM
"HENDERSONVILLE, Tenn.—The U.S. hotel industry posted year-over-year declines in occupancy and revenue per available room during September, but experienced a gain in average daily rate, according to data from STR.
In year-over-year measurements, the industry’s ADR rose 3.0 percent in September to $107.31 (from $104.14 during September 2007). Occupancy in September fell 5.9 percent from September 2007 to 60.6 percent from 64.5 percent. RevPAR for the month declined 3.1 percent to $65.08 from $67.13.
For the third quarter, overall U.S. hotel numbers (compared with third quarter of 2007) included a 3.7-percent drop in occupancy to 65.8 percent from 68.4 percent, a 2.7-percent rise in ADR to $106.93 from $104.08, and a 1.1-percent decline in RevPAR to $70.40 from $71.19. Top 25 markets with the largest third-quarter RevPAR gains over the third quarter of 2007 were New Orleans (+20.2 percent), Denver (+12.3 percent), Houston (+11.8 percent), New York (+8.4 percent), San Francisco (+7.8 percent) and Dallas (+6.4 percent)." ...
for the complete story
Marriott breaks ground on 2 green hotels in VA
from today's Hotels enews (10/22):
Marriott Breaks Ground On Two "Green" Virginia Hotels
-- Hotels, 10/22/2008 1:15:00 PM
"ARLINGTON, VA – October 22, 2008 — Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are also anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.
Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction." ...
for the complete story
Marriott Breaks Ground On Two "Green" Virginia Hotels
-- Hotels, 10/22/2008 1:15:00 PM
"ARLINGTON, VA – October 22, 2008 — Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are also anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.
Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction." ...
for the complete story
Marriott breaks ground on 2 green hotels in VA
from today's Hotels enews (10/22):
Marriott Breaks Ground On Two "Green" Virginia Hotels
-- Hotels, 10/22/2008 1:15:00 PM
"ARLINGTON, VA – October 22, 2008 — Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are also anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.
Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction." ...
for the complete story
Marriott Breaks Ground On Two "Green" Virginia Hotels
-- Hotels, 10/22/2008 1:15:00 PM
"ARLINGTON, VA – October 22, 2008 — Today, Congressman Jim Moran (D-VA-8) and Chris Zimmerman, Arlington County Board Member, joined The JBG Companies and Marriott International, Inc. to officially break ground on two major hotels, the Renaissance Crystal City Potomac Yards and the Residence Inn Crystal City Potomac Yards. The hotels are owned by The JBG Companies and will be managed by Marriott. Both properties are also anticipated to be LEED® certified “green” buildings when complete – the first hotels of such distinction in Arlington County.
Wells Fargo arranged $128.7 million in construction financing for the project. Three other financial institutions participated in the loan. Katherine Reid of Wells Fargo Real Estate Merchant Banking Group in Washington oversaw the transaction." ...
for the complete story
Krikorian focusing on gaming
from yesterday's Market Watch (10/21):
Tracinda to sell up to $300 million in Ford stock
By Steve Gelsi, MarketWatch
Last update: 4:04 p.m. EDT Oct. 21, 2008NEW YORK (MarketWatch) --
"Tracinda Corp., the holding company for billionaire investor Kirk Kerkorian, on Tuesday said it may sell its entire 6% stake in Ford Motor Co., valued at more than $300 million, as it changes its investment focus to the gaming and energy sectors.
Tracinda disclosed it sold 7.3 million shares of Ford (FFord Motor Company F) on Oct. 20 at an average price of $2.43 a share for proceeds of about $17.7 million.
The Los Angeles company said it will focus on the gaming and hospitality, as well as the oil and gas industries, "in light of current economic and market conditions." "...
for the complete story
Tracinda to sell up to $300 million in Ford stock
By Steve Gelsi, MarketWatch
Last update: 4:04 p.m. EDT Oct. 21, 2008NEW YORK (MarketWatch) --
"Tracinda Corp., the holding company for billionaire investor Kirk Kerkorian, on Tuesday said it may sell its entire 6% stake in Ford Motor Co., valued at more than $300 million, as it changes its investment focus to the gaming and energy sectors.
Tracinda disclosed it sold 7.3 million shares of Ford (FFord Motor Company F) on Oct. 20 at an average price of $2.43 a share for proceeds of about $17.7 million.
The Los Angeles company said it will focus on the gaming and hospitality, as well as the oil and gas industries, "in light of current economic and market conditions." "...
for the complete story
U.S. domestic travel predicted to plumet
from today's PR Newswire (10/22):
Economic Headwinds Will Slow 2008 U.S. Domestic Travel to 1.99 Billion Person-Trips
International Arrivals to Advance by 7.2%; Expected Declines in Business
and Leisure Travel Will Make 2009 a Challenging Year
"WALTHAM, Mass., Oct. 22 /PRNewswire/ -- Global Insight, the world's
leading company for economic and financial analysis and forecasting,
recently acquired by IHS (NYSE: IHS), today released the third quarter 2008
update of U.S. Travel Insights which calls for a year-over-year decline in
the total number of domestic Person-Trips, and continued, albeit less
robust, growth in international arrivals.
Recent challenges in the U.S. and global economies, exacerbated by the
global credit crisis and a less vigorous tax rebate bounce, will cause
domestic travel volume to falter in the second half of 2008. While volume
will decrease, travel spending will continue to show some growth due to
rising transportation and hotel prices. Travel inflation has been
problematic since 2006, however, relief is already underway as
transportation and accommodation prices have begun to moderate." ...
for the complete release
Economic Headwinds Will Slow 2008 U.S. Domestic Travel to 1.99 Billion Person-Trips
International Arrivals to Advance by 7.2%; Expected Declines in Business
and Leisure Travel Will Make 2009 a Challenging Year
"WALTHAM, Mass., Oct. 22 /PRNewswire/ -- Global Insight, the world's
leading company for economic and financial analysis and forecasting,
recently acquired by IHS (NYSE: IHS), today released the third quarter 2008
update of U.S. Travel Insights which calls for a year-over-year decline in
the total number of domestic Person-Trips, and continued, albeit less
robust, growth in international arrivals.
Recent challenges in the U.S. and global economies, exacerbated by the
global credit crisis and a less vigorous tax rebate bounce, will cause
domestic travel volume to falter in the second half of 2008. While volume
will decrease, travel spending will continue to show some growth due to
rising transportation and hotel prices. Travel inflation has been
problematic since 2006, however, relief is already underway as
transportation and accommodation prices have begun to moderate." ...
for the complete release
Sands on Macau expansion
from yesterday's Las Vegas Review-Journal (10/21):
Sands denies Cotai report
Development on track, says official
By HOWARD STUTZ
REVIEW-JOURNAL
"A Las Vegas Sands Corp. spokesman on Monday disputed reports in the Asian media that the company is dumping plans to borrow almost $5.25 billion to complete a portion of its Cotai Strip expansion development.
Instead, the casino operator is seeking smaller-scale financing for individual projects on the Cotai region of Macau that are expected to open late next year." ...
for the complete story
Sands denies Cotai report
Development on track, says official
By HOWARD STUTZ
REVIEW-JOURNAL
"A Las Vegas Sands Corp. spokesman on Monday disputed reports in the Asian media that the company is dumping plans to borrow almost $5.25 billion to complete a portion of its Cotai Strip expansion development.
Instead, the casino operator is seeking smaller-scale financing for individual projects on the Cotai region of Macau that are expected to open late next year." ...
for the complete story
Tuesday, October 14, 2008
Slidell (LA) master plan reviewed
from today's Times Picayune (10/14):
Planners tour Slidell, assess needs
Team to review new master plan Tuesday, October 14, 2008
By Christine Harvey
"Volunteers from the American Planning Association toured Slidell on Monday to help assess the city's planning needs and offer guidance as the city continues its recovery from Hurricane Katrina.
The planners arrived in New Orleans last week to attend a workshop about the city's future. They are also spending three days in Slidell, becoming familiar with this city and learning about the challenges that lie ahead.
The four-member team, hailing from throughout the country, will review the city's recently completed master plan as well as the new design guidelines for Olde Towne and the Fremaux Avenue corridor, especially important now that the new Interstate 10 interchange at Fremaux has opened. In addition, the members will meet with residents to determine what they want the city to look like in the future." ...
for the complete story
Planners tour Slidell, assess needs
Team to review new master plan Tuesday, October 14, 2008
By Christine Harvey
"Volunteers from the American Planning Association toured Slidell on Monday to help assess the city's planning needs and offer guidance as the city continues its recovery from Hurricane Katrina.
The planners arrived in New Orleans last week to attend a workshop about the city's future. They are also spending three days in Slidell, becoming familiar with this city and learning about the challenges that lie ahead.
The four-member team, hailing from throughout the country, will review the city's recently completed master plan as well as the new design guidelines for Olde Towne and the Fremaux Avenue corridor, especially important now that the new Interstate 10 interchange at Fremaux has opened. In addition, the members will meet with residents to determine what they want the city to look like in the future." ...
for the complete story
Foxwoods downgraded
from today's The Day (CT):
Mashantuckets' Credit Rating Lowered
High debt, declining Foxwoods revenues cited in downgrade
By Heather Allen Published on 10/14/2008
"Concerned by the amount of debt that the Mashantucket Pequot Tribe has taken on, Standard & Poor's Rating Services has lowered the tribe's credit rating.
The tribe's credit rating was downgraded from BB+ to BB- on Friday and, according to S&P, the rating reflects “the tribe's high debt leverage, limited geographic diversity and significant historical and expected distributions to tribal members.”
A company with considerably more debt than equity is considered highly leveraged." ....
for the complete
story
Mashantuckets' Credit Rating Lowered
High debt, declining Foxwoods revenues cited in downgrade
By Heather Allen Published on 10/14/2008
"Concerned by the amount of debt that the Mashantucket Pequot Tribe has taken on, Standard & Poor's Rating Services has lowered the tribe's credit rating.
The tribe's credit rating was downgraded from BB+ to BB- on Friday and, according to S&P, the rating reflects “the tribe's high debt leverage, limited geographic diversity and significant historical and expected distributions to tribal members.”
A company with considerably more debt than equity is considered highly leveraged." ....
for the complete
story
Thursday, October 9, 2008
Hotels, venues, tradeshows, conferences, and conventions news
Tradeshow Week (9/29): sustainable conference/convention centers; emerging markets convention facilities
Hotels (Sept): special country feature on Portugal; special report on Mexico, Central America, and South America; spa facilities at Trump Chicago hotel
Venues Today (Sept): carnival market in the current economy; arenas without teams; arenas use outdoor space; demolition of Philadelphia's Spectrum and Dallas' Reunion; minor league hockey; US Gymnastics on tour
Tradeshow Week (9/22): Anchorage Convention center opens; Mexico's convention centers; Pacific Northwest region review
M&C (Sept): Miami may drop SMG; themed meeting venues; new airport hotels; train destination meetings; walkable convention cities; destination guides on: Baltimore, MD; NC; SC; New England; Orange County, CA; Dubai, UAE
M&C Incentives feature issue (Sept): destinations: AK; Barbados; Krakow
Tradeshow Week (10/6): San Diego convention center expansion plans; Santa Fe, NM new convention center; Philadelphia getting new hotel rooms
Hotels (Sept): special country feature on Portugal; special report on Mexico, Central America, and South America; spa facilities at Trump Chicago hotel
Venues Today (Sept): carnival market in the current economy; arenas without teams; arenas use outdoor space; demolition of Philadelphia's Spectrum and Dallas' Reunion; minor league hockey; US Gymnastics on tour
Tradeshow Week (9/22): Anchorage Convention center opens; Mexico's convention centers; Pacific Northwest region review
M&C (Sept): Miami may drop SMG; themed meeting venues; new airport hotels; train destination meetings; walkable convention cities; destination guides on: Baltimore, MD; NC; SC; New England; Orange County, CA; Dubai, UAE
M&C Incentives feature issue (Sept): destinations: AK; Barbados; Krakow
Tradeshow Week (10/6): San Diego convention center expansion plans; Santa Fe, NM new convention center; Philadelphia getting new hotel rooms
EIU on emerging markets
The Economist Intelligence Unit has a new news site for emerging international markets for your enjoyment --
EIU's New Wave Markets
EIU's New Wave Markets
Wednesday, October 8, 2008
K Street (Sacramento, CA) land deal done
from today's Sacramento Bee (10/8):
Council approves K Street land deal
By Mary Lynne Vellinga - mlvellinga@sacbee.com
Published 12:00 am PDT Wednesday, October 8, 2008
"The Sacramento City Council approved a settlement Tuesday with downtown property owner Moe Mohanna that will clear the legal logjam blocking redevelopment of the bleakest stretch of K Street.
Approved unanimously by council members meeting in closed session, the settlement of the city's eminent domain lawsuit against Mohanna includes payment of $18.6 million in city redevelopment funds for his nine properties in the 700 and 800 blocks of K Street.
Mohanna also has agreed to drop the various lawsuits he filed against the city.
Mayor Heather Fargo said the settlement probably will be finalized in Sacramento Superior Court by the end of this week." ...
for the complete story
Council approves K Street land deal
By Mary Lynne Vellinga - mlvellinga@sacbee.com
Published 12:00 am PDT Wednesday, October 8, 2008
"The Sacramento City Council approved a settlement Tuesday with downtown property owner Moe Mohanna that will clear the legal logjam blocking redevelopment of the bleakest stretch of K Street.
Approved unanimously by council members meeting in closed session, the settlement of the city's eminent domain lawsuit against Mohanna includes payment of $18.6 million in city redevelopment funds for his nine properties in the 700 and 800 blocks of K Street.
Mohanna also has agreed to drop the various lawsuits he filed against the city.
Mayor Heather Fargo said the settlement probably will be finalized in Sacramento Superior Court by the end of this week." ...
for the complete story
retail and restaurant news
Shopping Centers Today (Oct): Rochester (NY)Midtown Plaza closes; Canada's dept store troubles; Egypt; Latin America
Retail Traffic(Sept): investing in retail real estate; department store slumps; vacancy rates; area focus -- CA
Retail Architecture (Retail Traffic special issue) (Sept): branding/architecture balance
Shopping Center Business (Sept): Cabela's outfitters; CA retail trends; CA city-by-city demographics-retail trends; retail leasing in Southern CA; demalling
Shopping Centers Today (Sept): new outlet developers; luxury outlet retailers; Latin American convenience retail boom; green development; virtual retail; China and national retail; retail in Albania
Nation's Restaurant News (9/22): Las Vegas housing/restaurant market
Value Retail News (Sept): Tanger Phoenix plans; Niagara Falls market; Alberta megamall plans
Retail Traffic(Sept): investing in retail real estate; department store slumps; vacancy rates; area focus -- CA
Retail Architecture (Retail Traffic special issue) (Sept): branding/architecture balance
Shopping Center Business (Sept): Cabela's outfitters; CA retail trends; CA city-by-city demographics-retail trends; retail leasing in Southern CA; demalling
Shopping Centers Today (Sept): new outlet developers; luxury outlet retailers; Latin American convenience retail boom; green development; virtual retail; China and national retail; retail in Albania
Nation's Restaurant News (9/22): Las Vegas housing/restaurant market
Value Retail News (Sept): Tanger Phoenix plans; Niagara Falls market; Alberta megamall plans
Tuesday, October 7, 2008
Canadian film tax credits survive attack
from today's Star Phoenix (Ontario, Canada) (10/7):
Tories abandon plans to deny tax breaks to 'offensive' films
Janice Tibbetts, Canwest News Service
Published: Tuesday, October 07, 2008
"OTTAWA - The Conservatives, under attack for cuts to arts and culture programs, made an overture to Canadian film community Tuesday by promising to abandon controversial plans to deny federal tax credits to movies and TV shows deemed to be offensive.
The concession, contained in the party's election platform, was described by opponents and supporters as an attempt to appease the alienated cultural community, particularly in Quebec, which has mobilized over $45 million in program cuts announced shortly before the election." ...
for the complete story
Tories abandon plans to deny tax breaks to 'offensive' films
Janice Tibbetts, Canwest News Service
Published: Tuesday, October 07, 2008
"OTTAWA - The Conservatives, under attack for cuts to arts and culture programs, made an overture to Canadian film community Tuesday by promising to abandon controversial plans to deny federal tax credits to movies and TV shows deemed to be offensive.
The concession, contained in the party's election platform, was described by opponents and supporters as an attempt to appease the alienated cultural community, particularly in Quebec, which has mobilized over $45 million in program cuts announced shortly before the election." ...
for the complete story
general business news
Forbes Life (Sept): review of Irish golf courses
Forbes (9/29): Wilderness Society destination resort; Indianapolis Colts; table on NFL revenues
Fortune (9/15): business in Russia
Forbes (9/29): Wilderness Society destination resort; Indianapolis Colts; table on NFL revenues
Fortune (9/15): business in Russia
Rec, gaming, and sports news
Journal of Sports Economics (Oct): summer Olympics economics; MLB team revenues in relation to population and fan type
World Waterpark (Sept): special event hosting; Aqua Dome (Tralee, Ireland); Sea World’s Aquatica (Orlando); Grand Paradise, Collins, MS; Xtream, New Zealand
Casino Enterprise Management (Sept): market growth and loyalty programs
Native American Casino (Sept): Downstream Casino Resort – Quapaw Tribe—OK; Potawatomi casino expansion (WI); F&B at Akwesasne Mohawk Casino (NY)
Aquatics (Sept): creative programming for this economy; top waterparks—list, numbers, and bios
Native American Casino (Oct): Black Bear Casino, Carlton, MS
IGWB (Sept): Philadelphia casinos; Boyd cancels Echelon building (ERA project); Saskatchewan Indian Gaming Authority to manage Taiwan casinos; Loas opening casino on Thai border; MGM Mirage corp finances; Argentina opening casino/hotel/convention center complex; Taiwan getting casinos
World Waterpark (Sept): special event hosting; Aqua Dome (Tralee, Ireland); Sea World’s Aquatica (Orlando); Grand Paradise, Collins, MS; Xtream, New Zealand
Casino Enterprise Management (Sept): market growth and loyalty programs
Native American Casino (Sept): Downstream Casino Resort – Quapaw Tribe—OK; Potawatomi casino expansion (WI); F&B at Akwesasne Mohawk Casino (NY)
Aquatics (Sept): creative programming for this economy; top waterparks—list, numbers, and bios
Native American Casino (Oct): Black Bear Casino, Carlton, MS
IGWB (Sept): Philadelphia casinos; Boyd cancels Echelon building (ERA project); Saskatchewan Indian Gaming Authority to manage Taiwan casinos; Loas opening casino on Thai border; MGM Mirage corp finances; Argentina opening casino/hotel/convention center complex; Taiwan getting casinos
Monday, October 6, 2008
Grand Canyon Skywalk drawing large crowds still
from today's Indian Country Today (10/6):
Hualapai’s Grand Canyon Skywalk draws thousands
By Redwing Cloud, Today correspondent
Story Published: Oct 6, 2008
Story Updated: Oct 6, 2008
"PEACH SPRINGS, Ariz. – “You Can Do It!” declares a sign to visitors who take their first step onto the glass footbridge suspended 70 feet from the edge – a more than 4,700-foot drop to the canyon floor below.
This innovative horseshoe-shaped structure is owned by the Hualapai Indian Tribe of Peach Springs ... and has to be experienced to be believed." ...
for the complete story
Hualapai’s Grand Canyon Skywalk draws thousands
By Redwing Cloud, Today correspondent
Story Published: Oct 6, 2008
Story Updated: Oct 6, 2008
"PEACH SPRINGS, Ariz. – “You Can Do It!” declares a sign to visitors who take their first step onto the glass footbridge suspended 70 feet from the edge – a more than 4,700-foot drop to the canyon floor below.
This innovative horseshoe-shaped structure is owned by the Hualapai Indian Tribe of Peach Springs ... and has to be experienced to be believed." ...
for the complete story
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