Dubai Gambles on New Vegas Hotel
Dubai World, a Dubai government related entity which has racked up debts of £35 billion is gambling on the future success of a non-smoking, non-gambling hotel in Las Vegas. As part of the CityCenter, which began opening in “phases” yesterday”, the Vdara hotel charges £1,200 a night and features 7,000 rooms.
Not only does the success of the company, Dubai World, hang in the balance, the business has also brought its own country on to the verge of a financial collapse. On the 30th of November, the stock market crashed when the Maktoum ruling family of Dubai, had yet to announce whether they would guarantee the debt of Dubai World. Now that the government has begun restructuring the casino’s debt, the future success of the company and country depends on the Vdara hotel.
Phil Ruffin, the owner of Treasure Island, a resort in Las Vegas, told the times that he can’t think of a “worst time to open up 7,000 rooms”, noting that “it’s going to be bloody out there”.
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