This morning, published reports state that the Wet 'n' Wild siteis up for grabs and plans for the multibillion-dollar Crown LasVegas development on the site are in flux. Texas developerChristopher Milam and Australian billionaire James Packer have anoption to acquire the property from Archon Corp. and have made tensof millions of dollars worth of refundable and non-refundableoption payments to keep alive their opportunity to acquire theproperty for $475 million. Another published report states thismorning that Milam reportedly hopes to maintain his interest in theproperty.

Last week, as the developers of the Plaza project, EL AD IDB LasVegas LLC, received county approvals for its site development planand special use permit, published reports were speculating that theproject may be delayed due to the dislocated credit markets. MikiNaftali, president of El-Ad Group, the parent of one of the jointventure partners, refuted those reports, saying the project ismoving 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 arescheduled to occur before the end of the year.

Also last week, Deutsche Bank notified developers of theCosmopolitan that it will begin foreclosure proceedings on the$3-billion, center-Strip mixed-use development for which it is thelender, according to Reuters. As recently as the end of February,it was reported that to fix a month-old default on its $760-millionconstruction loan from Deutsche Bank, Global Hyatt Corp. and NewYork City-based Marathon Asset Management had agreed to provide theequity necessary to keep the project moving forward toward itsscheduled completion in late 2009.