Question-and-Answer Session
I am, sir.
Robert S. Taubman - Chairman, President and Chief Executive Officer
Go ahead.
Operator
[Operator Instructions]. Your first question comes from the line of Thomas Baldwin with Goldman Sachs.
Thomas Baldwin - Goldman Sachs
Good morning, guys. This is actually a question for Lisa. I know that fee income is going to be an important component of your growth over the course for next few years. Can you just refresh us on your internal assumptions with regard to how you expect that fee income to be recognized as we move forward?
Robert S. Taubman - Chairman, President and Chief Executive Officer
Sure. First I'd like to say that these... this fee income is very hard to predict, I know we say it, but I want emphasize is that we saw it... we're seeing it right now with the current financing market. We're making certain assumptions about when projects are going to get started, when you're going to start collecting those fees, and the timing of recognition of fees depends very much on obviously when the project gets started and when it opens. So, there are many, many, many assumptions that go into trying to get some guidance. With having said that, internally we are projecting to get to about $35 million of fees over the period of 2009 to 2011. That's... we've now extended it out a year because of the delay that we've seen in Macao and even New Songdo, we had expected it to start earlier and now it's going to start in September. So, we're in the $35 million range and we expect given the 2009 to 2011 time frame that the peak of this fee recognition will happen in the middle in the 2010 year and then drop off. So, you'll have some next year in '09, peak in 2010, drop off a little bit in 2011 as you look at that total $35 million number.
Thomas Baldwin - Goldman Sachs
Okay, thanks a lot. And then related to the financing from Macao, perhaps you could elaborate a little bit on what exactly it is about the project that might be prompting the lenders to be a bit more hesitant than they otherwise would be apart from generalized risk aversion today in the credit markets?
Robert S. Taubman - Chairman, President and Chief Executive Officer
Well, I think you said it. I mean the credit markets are just terrible and I think all of you on the call know that. And it doesn't matter where the project is, it doesn't matter what kind of project it is, it doesn't matter what product type it is, the markets are tough. And the adjustments for people that expected one thing and are looking at another thing, sometimes it impacts their whole sort of perspective on the project. So, you've... there is adjustment going on all over the world, not just in this country, all over the world given these capital markets and yields at expected X amount of equity are now looking at multiples of X amount of equity and that adjustment is not always easy.
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