As the financial crisis spreads quickly from Wall Street to other industries, two large home builder projects have received default notices. The problems involve developments in Las Vegas, where house prices have collapsed.

A project involving KB Homes (NYSE: KBH), Lennar (NYSE: LEN), and Toll Brothers (NYSE: TOL) has failed to make interest payments on $765 million in debt.

According to The Wall Street Journal (subscription required), the project is spear-headed by a private company, Focus Property Group.

It is not clear how many other large real estate developments involving public home builders are facing near-term margin calls, but with the falling price of real estate, the problem in Las Vegas is unlikely to be that last one. That means that already weakened firms could face a credit crisis of their own as home prices continue to drop and the potential value of homes under construction face going on the market for a fraction of what they may have brought just a year ago.

Some of the large home building company stocks have lost over two-thirds of their value over the past year, and that may only be the beginning.

Douglas A. McIntyre is an editor at 247wallst.com.

Playboy Enterprises, Inc. (NYSE: PLA) may not be doing so well, but it's still one of my favorite companies -- I'm a guy, so this makes sense. The company reported Q4 and full-year earnings today -- losses have widened, and I'm sure not a few investors out there are questioning the value of the brand.

Total net revenues saw a slight decline for the quarter, coming in at roughly $86 million. The company lost 3 cents per share on these revenues; in the previous year's quarter, Playboy actually booked a much more pulchritudinous 11 cents per share of positive net income. For the year, total net revenues didn't jump like a bunny -- $340 million versus $331 million. Net income, however, was much better, doubling to 15 cents per share. The company's year-end results benefited from a decline in interest expense, income tax obligations, and other costs. Sales of artwork were also cited by CEO Christie Hefner in the release.

The licensing operations are performing, but domestic TV and publishing are very weak. In fact, it is the publishing segment that really needs attention. It's been needing attention for a long time now -- for the year, subscription sales were down, newsstand sales were down, and advertising revenues rose by the smallest bit.

Long-term, I still have hope for Hugh Hefner's Playboy. It is an American icon, and its logo continues to propel licensing; plus, the company does have a nice presence in Vegas at the Palms Casino Resort. As Jonathan Berr reported back in November, you may want to remember that sex does indeed sell, and one has to assume that Playboy will be supplying that demand for years to come.

The metro Detroit area had the highest foreclosure rate among the 100 largest U.S. metropolitan areas in 2007, RealtyTrac announced Wednesday, in a press release. Stockton, California and Las Vegas, Nevada ranked second and third.

RealtyTrac also released statistics indicating that U.S. foreclosures increased 79.2% in 2007 to 2,203,295, up from 1,774,778 in 2006.

Detroit hard hit

Detroit registered the highest foreclosure rate among the nation's 100 largest metro areas, with close to 5% of its households entering some stage of foreclosure during the year -- 4.8 times the national average and up about 3% from 2006. A total of 72,616 foreclosure filings on 41,273 properties were reported in the Detroit metro area in 2007, up 68% from 2006. The other Michigan metro area with a foreclosure rate in the top 20 was Warren-Farmington Hills-Troy, at No. 17.

Dubai World, a state owned investment company, announced that it has increased its ownership in MGM Mirage (NYSE: MGM) to 6.5% by purchasing an additional five million shares of stock in the company.

Following the announced purchase, Lawrence Klatzkin of Jefferies & Co. told his clients that MGM is one of his top three picks and maintains a "buy" rating. According to Klatzkin, investors can expect to see Dubai World continue to add to its MGM holdings. This will continue to help keep the stock strong and definitely minimize any sort of downside risk.

Dubai, which has been swimming in money since the oil boom brought billions into the economy, has been moving fast over the past decade to branch out in its revenue streams. Seeing the end of the country's oil reserves in the near future, the country has been working hard to become one of the world's top tourist destinations, and moving into Las Vegas gaming is just one more step in the country's strategy to remain a relevant world player once the oil runs dry.

Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.

There's a lot of talk about a weak economy, the mortgage meltdown, and a credit crunch, but apparently that isn't stopping people from heading to Las Vegas. According to the New York Times, "some of the city's largest casinos are on pace for a record-setting year. In October alone, gambling revenues on the Las Vegas Strip were up 19.8 percent over the same month last year."

Casinos in other locales aren't doing so well, with some reporting declines in gaming revenues of 5% or more. Experts believe that pricey locales like Las Vegas are less vulnerable to consumer malaise precisely because they cost more -- the mortgage mess just isn't hurting people with a lot of disposable income, at least for now.

Day trip locations that target lower-income gamblers aren't faring nearly as well.

This may have broader implications for investors. If higher income consumers still have the money to drive Las Vegas gaming revenue growth, they also probably aren't going to be cutting back on luxury products like bags from Coach, Inc. (NYSE: COH), which has seen its stock beaten down by worries about consumer spending. The international tourists that are giving Vegas revenue a boost could also help luxury goods companies.

If Coach won't see its sales and margins hurt by an economic slowdown, the stock is cheap.

This post was part of the AOL Money & Finance Best & Worst of 2007 feature. The voting has now closed and readers have chosen the Dubai as the breakout city of the year. Be sure to let us know in the comments if you are pleased with this result.

What are breakout cities? Cities that seemed to pop up in news stories with uncommon frequency, that have developed a cachet, that appear on the itinerary of early adopters. For your consideration here are four outstanding, very different candidates for this honor. Which whets your travel appetite?

Dubai City, U.A.E.
Nothing helps build a city quicker than petrodollars and a monarchy devoted to world-class projects. Dubai has all of that and more. The city that calls itself the "City Built For Tourism" is known as the home of the world's largest free-standing hotel, the Burj Al Arab. This ultra-ultra-luxury, 1,000-ft. tall hotel with a profile evoking billowing sails has quickly become the symbol of Dubai.

Under the vision of the ruler Mohammed bin Rashid Al Maktoum, Dubai has used its free-trade zone status to also develop into a world center for business. Having the world's largest manmade harbor and an airline that serves as a hub for the Persian Gulf region (with a new one under construction) helps, too. Dubai's acceptance of other culture's mores has helped turn it into a popular tourism destination, as well.

It seems Chicago, home of Wrigley Field and the Sears Tower, has hired a marketing firm to explore the potential of offering naming rights to public property, programs, and other assets as a way of raising revenue. The city hopes to begin attracting corporate sponsors as soon as next spring. Any proposed sponsorship will have to be approved by an advisory committee made up of civic leaders, whose job it will be to ensure the integrity of the city's brand image.

Chicago isn't the only city to consider offering naming rights. New York has partnerships with Verizon Communications (NYSE: VZ), and Pepsico (NYSE: PEP), and the Las Vegas monorail is sponsored by Nextel (NYSE: S). Winnipeg, Calgary, and Toronto also have similar programs.

Chicago is no stranger to naming rights issues. The city has already attempted to sell naming rights to the Chicago Skyway, which links the city to the Indiana Tollway. Many White Sox fans decried the name change of New Comiskey Park to U.S. Cellular Field, and an attempt to sell the name of Solider Field ultimately went nowhere. Many Windy City shoppers still haven't forgiven Macy's Inc. (NYSE: M) for changing the name of State Street institution, Marshall Fields.

But Chicago hasn't yet found itself in the embarrassing situation that Houston did after the naming of Enron Field. I wonder if there was an advisory committee to protect the integrity of Houston's brand image?

According to The Wall Street Journal, "Major properties on the Las Vegas Strip are now offering lavish commitment ceremonies to same-sex couples (though same-sex marriage is illegal in Nevada), as well as special hotel and entertainment packages geared specifically toward gay and lesbian travelers. Some resorts have mandated sensitivity programs to teach employees how to make gay and lesbian travelers feel welcome."

It's hard to imagine what took them so long. By ignoring the gay market, Las Vegas casino operators were failing to capitalize on their perfect market: Single people who like to have fun and, because they tend not to have families to support, have more disposable income. Research also shows that gay men spend 30% more than straight men. If Las Vegas wants to remake itself into a world of pricey cuisine and luxury shopping, this is the market to target -- not coupon-clipping senior citizens.

But why is this just starting to happen now, as most experts say it is? Fear that Bible-trumping prudes would be offended if gay couples were part target market of Las Vegas promoters? If so, that could be the reason for the city's decline in glamor, and utter loss of cultural relevance.

Perhaps targeting the gay community is the beginning of Las Vegas' rebirth.

Las Vegas Sands (NYSE: LVS), a leading international developer of multi-use integrated resorts operated by Sheldon Adelson, is recently down $10.62 to $133.97.

• Morgan Stanley said that preliminary Macau gaming revenues are up 55% YoY versus its estimate for 70% and below the Street's estimates.
  
• LVS October option implied volatility of 57 is above its 26-week average of 41 according to Track Data, suggesting larger price fluctuations.

Wynn Resorts (NASDAQ: WYNN) operates Wynn Macau & Wynn Las Vegas.

• WYNN is recently down $13.23 to $152.72.
  
• UBS Warburg downgraded WYNN to Sell from Neutral.
  
• WYNN overall option implied volatility of 54 is above its 26-week average of 43 according to Track Data, suggesting larger price fluctuations.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Las Vegas Sands (NYSE: LVS), a leading international developer of multi-use integrated resorts operated by Sheldon Adelson, is recently up $4.42 to $142.73. LVS October option implied volatility of 56 is above its 26-week average of 41 according to Track Data, suggesting larger price fluctuations.

Belden (NYSE: BDC) designs, manufactures and markets signal transmission solutions for data networking and specialty electronic markets. BDC is recently up $3.74 to $52.03 on overseas takeover chatter. BDC has a market cap of $2.1 billion with June quarterly total revenue of $549 million. BDC call option volume of 1,240 contracts compares to put volume of 193 contracts. BDC October option implied volatility of 47 is above its 26-week average of 37 according to Track Data, suggesting larger risk.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Last Friday we learned that O.J. Simpson had been questioned over a break-in at a Las Vegas casino, and today the ex-NFL star had his arraignment hearing today, and was granted bail of $125,000. When we looked at this Friday the details were still fuzzy, but the events of the break-in now point to much more than just a break-in snatch and grab.

In court today O.J. had the following charges handed down to him:

• Kidnapping
• Robbery with use of a deadly weapon
• Burglary while in possession of a deadly weapon
• Coercion with use of a deadly weapon
• Assault with a deadly weapon
• Conspiracy to commit kidnapping
• Conspiracy to commit robbery
• Conspiracy to commit a crime

If you ask me, "The Juice" got off pretty easy with only $125,000 in bail considering the amount and severity of the charges. The crime occurred last Thursday and O.J. has been in custody since Sunday. Reports indicate that O.J. was subdued during the hearing, and did not enter a plea on the charges.

This post is part of our Money Face-Offs feature. Let us know who you think comes out ahead in this head-to-head match-up, and check out our other Money Face-Off posts.

In this corner, hailing from Beverly Hills and Las Vegas, is 91-year old billionaire investor Kirk Kerkorian, one-time amateur boxer know as "Rifle Right Kerkorian." And in the other corner, hailing from New York, is 71-year-old corporate raider and activist private equity investor, Carl Icahn, who is never afraid to go toe to toe with an opponent.

Let's get ready to rumble.

Round One begins: Kerkorian drops out of school and becomes a pilot. He gets his start in business buying surplus planes after World War II, as well as Las Vegas properties, becoming the landlord of Caesar's Palace. Icahn, meanwhile, establishes his reputation as a corporate raider during his hostile takeover of TWA in 1985, and becomes one of the inspirations for the character of Gordon "Greed Is Good" Gekko, the antagonist of the 1987 film Wall Street.

In case you missed it, ex-footballer and tabloid icon O.J. Simpson is making the news again today. Las Vegas police have confirmed they questioned him regarding a casino hotel break-in that occurred last night.

O.J. Simpson was one of the most liked American celebrities once. He was a former Heisman Trophy winner, an ex-NFL star, and an actor (who can forget his Naked Gun performances?), but he fell from grace in dramatic style following the 1994 murder investigation of his ex-wife Nicole Brown Simpson and her friend Ronald Goldman. While he was eventually found not guilty of the charges in his criminal (and highly televised) case, he will probably never shake off the stigma of the event, and he was later found liable in a wrongful death civic suit.

The current investigation involves a break in that took place at the Palace Station Casino last night. While there are no official details on what, if anything, was taken out of the hotel room, some reports indicate there were sports memorabilia in the room and that one auctioneer had reported that O.J. was simply taking back articles that had been stolen from him.

Las Vegas Sands (NYSE: LVS) -- volatility elevated. LVS, a leading international developer of multi-use integrated resorts operated by Sheldon Adelson, is recently trading near its all time high. LVS has a market cap of $41.5 billion. Unconfirmed chatter is circulating that LVS could announce a potential secondary stock offering. LVS October option implied volatility of 48 is above its 26-week average of 40 according to Track Data, suggesting larger price fluctuations.

Build a Bear Workshop (NYSE: BBW) -- volatility elevated into EPS and Strategic Alternatives. BBW, a company providing make-your-own stuffed animal, interactive retail entertainment experience, is recently up 40 cents to $17.44. BBW is expected to report EPS on 10/18. On 9/11, Buckingham Research reiterated its Accumulate rating on BBW and lowered its price target on BBW to $25 from $29. Buckingham Research says, "the company is addressing weakness in the top-line with more frequent introductions of new product and more targeted marketing." BBW announced on 6/28/07 it retained Lehman Brothers (NYSE: LEH) to assist in potential strategic alternatives to enhance shareholder value. BBW September option implied volatility of 54 is above its 26-week average of 40 according to Track Data, suggesting larger price risks.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Las Vegas Sands (NYSE: LVS) volatility Elevated into Macao Resort Hotel opening. LVS opened the Venetian Macao Resort Hotel today. Sheldon Adelson, chairman & chief executive officer, said "it is no overstatement to say that the opening of Venetian Macao represents a massive paradigm shift for Macao and the future of tourism development in Asia." Goldman Sachs (NYSE: GS) says "the scale is enormous and the detail impressive." LVS over all option implied volatility of 44 is above its 26-week average of 39 according to Track Data, suggesting larger price fluctuations.

Ameristar Casinos (NASDAQ: ASCA) implied volatility Elevated at 43. ASCA, a Las Vegas based gaming and Entertainment Company, is recently down $0.55 to $28.39. ASCA has a market cap of $1.6 billion with long term debt of $878 million. ACSA over all option implied volatility of 43 is above its 26-week average of 37 according to Track Data, suggesting larger price risks.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.