It seems appropriate that a country that built itself based on casino capitalism, should hold on to it Las Vegas Casino as it implodes -- [LINK]
Moody’s cut the ratings of six government-linked companies, leaving all in junk status. Emaar was among the companies downgraded.
The conglomerate and the emirate had relied on cheap cash to build up Dubai over the past decade. But the bills are coming due and the money is not there.
That crunch prompted Dubai’s government, on the eve of the U.S. Thanksgiving holiday, to announce that Dubai World would seek a six-month "standstill," effectively a delay, on repaying some of its $60 billion in debts.
The company later said the restructuring would involve roughly $26 billion in debts, and indicated it may sell some assets to raise the cash. But it said its profitable ports and related free zone operations would be exempt from the restructuring. Also off the table was its private equity division Istithmar World and Infinity World Holding, the co-owner of Las Vegas’ new $8.5 billion CityCenter hotel and casino complex.
Yet even as it tries to fence off more valuable assets, Dubai is coming under mounting pressure from creditors. Dubai World’s Istithmar lost ownership of the W Union Square New York hotel in a foreclosure auction Tuesday.
Moody’s cut the ratings of six government-linked companies, leaving all in junk status. Emaar was among the companies downgraded.
The conglomerate and the emirate had relied on cheap cash to build up Dubai over the past decade. But the bills are coming due and the money is not there.
That crunch prompted Dubai’s government, on the eve of the U.S. Thanksgiving holiday, to announce that Dubai World would seek a six-month "standstill," effectively a delay, on repaying some of its $60 billion in debts.
The company later said the restructuring would involve roughly $26 billion in debts, and indicated it may sell some assets to raise the cash. But it said its profitable ports and related free zone operations would be exempt from the restructuring. Also off the table was its private equity division Istithmar World and Infinity World Holding, the co-owner of Las Vegas’ new $8.5 billion CityCenter hotel and casino complex.
Yet even as it tries to fence off more valuable assets, Dubai is coming under mounting pressure from creditors. Dubai World’s Istithmar lost ownership of the W Union Square New York hotel in a foreclosure auction Tuesday.
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