And at first glance, anyone who’d driven past the abandoned, beat-up office complex on Durango Drive at Hacienda Avenue the past few years might lump this with the rest, figuring it was just another rundown project that flopped with the economy. But this mess had nothing to do with the recession.
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Spanning 26 acres of beachfront property, the latest project by a subsidiary of MGM Resorts won’t have slot machines or poker tables, but will boast 1,000 rooms, a “dazzling” theater and a snorkeling area. It will also be in Dubai — a Middle Eastern city the company knows all too well.
The stadium for the Raiders, which would be backed by $750 million in taxpayer funds, isn’t the first project to get pitched for the Russell Road and Dean Martin Drive site.
Mortgage lenders may not be as slaphappy as they used to be, giving money to basically anyone who wanted a house. But in the past few years, with the economy mending and the housing market pulling itself out of the dumps, they’ve opened the vaults wider and wider.