LAS VEGAS-Three major Strip projects, one under construction and two scheduled to start in the next year, are in question, if not in doubt, due to the credit crunch. News reports over the past few days have questioned the likelihood of near-term starts for two multibillion-dollar projects–the $6-billion Plaza development on the former site of the New Frontier and the $5-billion project planned for the former Wet ‘n Wild site across the Strip from Wynn Las Vegas–and the financial stability of Ian Bruce Eichner’s $3-billion Cosmopolitan project under construction next to the Bellagio.

This morning, published reports state that the Wet ‘n’ Wild site is up for grabs and plans for the multibillion-dollar Crown Las Vegas development on the site are in flux. Texas developer Christopher Milam and Australian billionaire James Packer have an option to acquire the property from Archon Corp. and have made tens of millions of dollars worth of refundable and non-refundable option payments to keep alive their opportunity to acquire the property for $475 million. Another published report states this morning that Milam reportedly hopes to maintain his interest in the property.

Last week, as the developers of the Plaza project, EL AD IDB Las Vegas LLC, received county approvals for its site development plan and special use permit, published reports were speculating that the project may be delayed due to the dislocated credit markets. Miki Naftali, president of El-Ad Group, the parent of one of the joint venture partners, refuted those reports, saying the project is moving forward. The partnership, which also includes Property & Building Corp., a subsidiary of Israeli-based IDB Holdings Corp., says design completion and the start of the excavation are scheduled to occur before the end of the year.

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