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Flight of Fancy Evanesces. Gaylord Won't Build Convention Center Complex on Chula Vista Bayfront

One of San Diego County's sillier planned projects finally went up in smoke today. Nashville's Gaylord Entertainment won't build the big, proposed, highly-subsidized resort project on the Chula Vista bayfront. It was always a question of when this project would die. Chula Vista and the port didn't have the funds, and Gaylord sure didn't. Gaylord owns four resort hotels catering to businesses -- a lousy business to be in now. But even when that business was doing well, Gaylord was losing money. It lost $1.35, $0.85, and $1.96 a share, respectively, in years 2004 through 2006, then made $2.65 in 2007 and was losing money thus far this year. The company and its touts, including the Union-Tribune, kept saying the losses represented accounting noise, but that was not so. Gaylord has $1.24 billion in long term debt and only $929 million in shareholders equity. Morningstar ratings service gives the company an F for profitability and a D for financial position. Chula Vista is in even worse shape. A Gaylord spokesman said that the problem was "funding the enormous infrastructure costs associated with the bayfront redevelopment in a manner that will generate adequate financial returns for Gaylord, the Port, and the City [Chula Vista]." Subsidized football stadium, anyone?

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One of San Diego County's sillier planned projects finally went up in smoke today. Nashville's Gaylord Entertainment won't build the big, proposed, highly-subsidized resort project on the Chula Vista bayfront. It was always a question of when this project would die. Chula Vista and the port didn't have the funds, and Gaylord sure didn't. Gaylord owns four resort hotels catering to businesses -- a lousy business to be in now. But even when that business was doing well, Gaylord was losing money. It lost $1.35, $0.85, and $1.96 a share, respectively, in years 2004 through 2006, then made $2.65 in 2007 and was losing money thus far this year. The company and its touts, including the Union-Tribune, kept saying the losses represented accounting noise, but that was not so. Gaylord has $1.24 billion in long term debt and only $929 million in shareholders equity. Morningstar ratings service gives the company an F for profitability and a D for financial position. Chula Vista is in even worse shape. A Gaylord spokesman said that the problem was "funding the enormous infrastructure costs associated with the bayfront redevelopment in a manner that will generate adequate financial returns for Gaylord, the Port, and the City [Chula Vista]." Subsidized football stadium, anyone?

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