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tdw28210 tdw28210 is offline
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Join Date: Nov 2011
Location: NorCar (North Carolina)
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Originally Posted by tabs View Post
Las Vegas is one of the symbolic icons of American prosperity and wealth. the others being Detroit, New York City, Washington DC and Hollywood among others. Detroit as the heart and symbol of American industrial power succumbed long ago, now NYC and Vegas are falling as well.

Sands corporation which includes Sands Expo, The Venetian and Palazzo is owned by Sheldon Adelson has been put up for sale for 6B. Revenues have been falling and expenses are high in Vegas so Adelson has decided to sell his American assets and instead rely on his more profitable Macao and Singapore operations.

Wynns Encore resort is closed Monday thru Thursday as there is not enough business to justify keeping it open.

The local Station Casinos has shuttered it's 2 Fiesta, Texas Station and Palms locations

The RIO remains closed and maybe re purposed..then we may see other more marginal properties close down as well

With the Adelson move out of Las Vegas the speculation is that other operations will be sold off as well. Perhaps at bargain pricing? The Convention biz is non existent, and since reopening the crowds that Vegas has been attracting with lower pricing has been less savory. Crime is up dramatically with shootings and fights occurring with regularity on the Strip. Metro police have beefed up their presence to maintain some semblance of civility.

So far residential RE has held up because of the influx of people relocating from other areas.... but the fact remains that 35% of renters are not paying their rent.
LV is hardly a bellwether for the rest of the country. It's a classic haves/have not's resort town economy on a super scale. Large swaths of the US have much more diverse and essential economic engines powering their success. And in time of COVID, where people are distancing (see boat and RV sales numbers) its rather fragile, one-trick pony, mass-gathering dependent business model is under pressure.

It's likely the relocating SoCal "haves" that don't really care about ocean access that are driving "luxury" home sales - for now. Again, hardly applicable to the rest of the US.
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1987 Cherryrot G50 Coupe - SOLD
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Old 11-01-2020, 06:11 AM
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