How are casinos built?

[seriousplayer]

Does anybody know how casinos are built? Who finance the building casinos?

[bigplayer]

Like any other business, casino operators get loans and lines of credit from large banks and investments from other interested business associates or get major financial firms to sell bonds for the purpose of financing construction...the loans are then paid back over some set schedule from operating profits. (Or in the case of the construction of the Venetian, Sheldon Adelson just refused to pay or delayed paying the construction bill until most of the contractors were on the edge of bankruptcy and were willing to settle for a fraction of the original bill.)

[falling star]

Or in the case of the construction of the Venetian, Sheldon Adelson just refused to pay or delayed paying the construction bill until most of the contractors were on the edge of bankruptcy and were willing to settle for a fraction of the original bill.)

He must have to be tied down when a player cashes out more than he started with.

[seriousplayer]

bigplayer when you say loan from banks it would help if you are more specific because there are certain loans that casino cannot get like the SBA loan since it is a gambling enterprise.

[MaChWi55]

Was just watching "Build It Bigger" on the Discovery Channel. It was an episode from 2007 or 8 about the building of the Palazzo.

[Roswell Crash Survivor]

Or in the case of the construction of the Venetian, Sheldon Adelson just refused to pay or delayed paying the construction bill until most of the contractors were on the edge of bankruptcy and were willing to settle for a fraction of the original bill.

I believe you, it sounds exactly like a decision Adelson would make.

In his shoes, I wouldn't have pushed it that far. I've learnt from experience never to unnecessarily antagonize men with access to heavy machinery and explosives. Even more so when you have a glimmering 30-story immobile target. Desperate and vengeful people are incredibly unpredictable.

Sure, the insurance might pay out for repairs to the physical building etc. but can you imagine all the civil torts from the victim's families? Not to mention the precipitous drop-off in patronage after the carnage goes on the 6.30 news nation-wide.

[Frostbyte]

In his shoes, I wouldn't have pushed it that far. I've learnt from experience never to unnecessarily antagonize men with access to heavy machinery and explosives. Even more so when you have a glimmering 30-story immobile target. Desperate and vengeful people are incredibly unpredictable.

I disagree. Desperate and vengeful people will predictably act in a desperately vengeful manner. The specific form of this acting out is probably influenced by their possession of heavy machinery and explosives along with the plans for said glimmering thirty-story immobile target.

[Pghgator]

What Adelson did is actually quite common in commercial construction. He squeezes the GC (general contractor) and claims less than satisfactory work, or that changes weren't approved. The GC is then forced to negotiate/accept a lower payment or sue. The reduced amount is then passed on to the sub contractors who are often replaced with another (there is always someone willing to do the project) the GC loses some money but generally is less harmed than the subs. I've seen it firsthand. They (developers ) screw the banks throughout the process by Inflating project costs, get additional funding, then skim from the bank loans,(you can call it the spread- they get bank money, squeeze contractors, keep the difference for themselves) they could care less if the project is successful...they even purposely default on the loan...who cares. The banks don't want the project, the developer launders the money to other projects and personal accounts, and then in some cases, "buys" the property back under a shell or partnership at a reduced rate. Great stuff. Why do you think we are in this crisis now...

[stopgambling]

"businessman" !!!!!!Are they cheating the system then ???,I rather not say any bad words ,and i do not have much of a vocabulary.

[21forme]

Getting back to the OP, sometimes financing can't be gotten in the US. I believe it was Foxwoods that wound up obtaining their original financing from Malaysia.

[metronome]

(Or in the case of the construction of the Venetian, Sheldon Adelson just refused to pay or delayed paying the construction bill until most of the contractors were on the edge of bankruptcy and were willing to settle for a fraction of the original bill.)

Sounds like Jerry Jones

[Frostbyte]

I believe the Luxor (though it's the exception, not the rule) was actually built entirely out of MGM's cash reserves.

[Roswell Crash Survivor]

Start watching at 0:20. It might be fiction, and he is waxing poetic. The thing about artists is that they use lies to tell the truth.