As Vegas Goes So Goes America

[RWebb]

Desert in winter or early spring - for the Oregon desert March is great.

Death Valley was fabulous after the big rains a few years ago.

[fintstone]

Did anyone ever leave the strip? Every place has a few bad parts of town where the losers go. Anyone visit the Shelby facility/museum or go to the speedway?

[group911@aol.co]

"There were 96 sales of $1 million or more with properties on the Multiple Listing Service in September in what Realtor Forrest Barbee, corporate broker with Berkshire Hathaway HomeServices Arizona, California, Nevada Properties, said is a one-month record for Las Vegas. The previous high was 74 in May 2019.

Through September, there were 502 MLS sales of luxury homes and condos, which is 16.4 percent higher than the 431 through September 2019. There were 596 luxury sales for all of 2019.

Barbee said the luxury market is carrying the existing-home market as a whole. Overall, the number of single-family home sales in the MLS is down 5.6 percent in 2020, he said.

The luxury market shows no signs of slowing. There were 160 pending sales at the end of September with seven months of inventory, according to Barbee."
https://www.reviewjournal.com/homes/real-estate-millions/las-vegas-luxury-home-market-on-fire-2161531/

Originally Posted by Steve Viegas

I would like to see one of these homes. I just looked on Zillow and it seems there are many homes for sale, but the price drops that I am seeing are along $1000.00 not $700K.

I would certainly entertain picking up a place with a 70%+ discount.

[tdw28210]

Originally Posted by tabs

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.

[astrochex]

Originally Posted by RWebb

Desert in winter or early spring - for the Oregon desert March is great.

Death Valley was fabulous after the big rains a few years ago.

Seeing thriving wildflowers in Death Valley is a surreal and spectacular experience.

[jyl]

LVS has always been the casino stock you buy for exposure to Macau. He’ll get a higher valuation as a pure play on his Macau operations, and should probably dual list in the Chinese or HK exhanges. Of course, we will then have a politically powerful US billionaire under the thumb of the CCP.

As for the Strip operations, I would think this is the time to buy rather than to sell, under the general principle of buying when things look the darkest. But maybe he has too much debt to survive. I haven’t owned LVS stock in years so haven’t paid any attention.

[tabs]

Originally Posted by GH85Carrera

As an adult I have been to Vegas one time, only because it was on the way from Sacramento, CA to home. We stayed in a old hotel in the old downtown area away from the strip. I gambled a entire quarter on the slot machine in the lobby of the hotel. Lost it all, and reminded myself why I don't gamble.

We ate at a local Burger King for dinner, and got the heck outta there early the next morning. I have never been to the strip. I don't miss it.

If Vegas is waiting on me, they are screwed. We have the worlds largest casino right here in Oklahoma. 600,000 square feet and I have never been and never will go. There is a full blown horse racing track and casino about 7 or 8 miles from my house. In 30 years I have been twice. Lost 20 bucks both times.

https://www.casino.org/blog/10-of-the-worlds-largest-casinos-the-biggest-casinos-ever/

You lost $20.TWICE!!!!!!

I probably lost $4 in the past 12 years.. i just dont go nor gamble. It does nothing for me. I went for buffets and movies.

[hughc]

Originally Posted by stevej37

With the restrictions on travel and inside buildings...I'm not surprised at all.

The question is...Who would take a chance in todays world to buy one of these huge ventures??.....with no end in sight.

Did I recently hear that Trump said after Nov 4 there'll be no more covid?

If Trump wins, we all win.

[mjohnson]

Originally Posted by astrochex

Agreed, nothing like the desert. Did you make it through the singular wonder that is Death Valley?

For our little household, DV is the sole reason LV exists - other than a close airport to the test site.

The change through the seasons there is mind blowing. Go on a bloom year in Feb/Mar and it's knee deep wildflowers. Go back on Veterans day and what once was green and fertile is now completely sterile.

And watching a sad cover band at a casino in Beatty play to one guy face down on the bar is amusing in a twisted sort of way...

The pinball place in LV is cool though!

[tabs]

Originally Posted by jyl

LVS has always been the casino stock you buy for exposure to Macau. He’ll get a higher valuation as a pure play on his Macau operations, and should probably dual list in the Chinese or HK exhanges. Of course, we will then have a politically powerful US billionaire under the thumb of the CCP.

As for the Strip operations, I would think this is the time to buy rather than to sell, under the general principle of buying when things look the darkest. But maybe he has too much debt to survive. I haven’t owned LVS stock in years so haven’t paid any attention.

You continue to be under the impression that the game has npt changed since 08. A return to the pre 08 normal.

What you do not take into considetation is at what cost that seeming normal costs. From 11T to 28T in debt, a FED balance sheet from 800B to 7.1T and Interest rates near zero for the forseeable future. With all of the worlds Central Banks doing the same thing. More to come..

[tabs]

Originally Posted by fintstone

I visited Vegas once and hated it. Spent a couple days downtown. When I lived there, it was far from that area...and, like a lot of small city suburbs in the southwest, a lot like much of CA, just a lot cheaper and a lot cleaner. Just no beach, but less taxes and less restrictive laws.

Same as s ca except the grocery stores have slot machines. Lots of good restruants and entertainment. Golf courses. Even rush hour traffic is mild.

The Tourist areas are the industrial part of town..the place where the Rubes and Chumps go.

[fintstone]

Originally Posted by tabs

Same as s ca except the grocery stores have slot machines. Lots of good restruants and entertainment. Golf courses. Even rush hour traffic is mild.

The Tourist areas are the industrial part of town..the place where the Rubes and Chumps go.

Agreed. If not for the slot machines in the front of some grocery stores and no state taxes, one would never know they were in Vegas where we lived. I only took out-of-town company to tourist spots. Where we lived was pretty darned nice. Lots of world class entertainment and food. Great restaurants at low prices. Best prime prime rib ever for burger prices. Fatburgers and In-and-Out just like CA but cleaner and less crowed. Great places for a late breakfast. One could do a lot worse.

[tabs]

Originally Posted by Crowbob

My daughter worked in a shop in Ballagio and lasted six months.

She detested every single second of it. The tourists treated the help like dogs. The people were filthy, obnoxious and rude. Plus, her boyfriend found out he had a gambling problem and dumped her for a stripper on Industrial Drive or whatever it’s called.

For three days I spent a week there.

It was inspirational. It showed me how advanced humans are with regard to their ability to make other humans give them money.

Last stop on the road to he11. Every grifter, con man, bunco artist, second story man, thug and murderer comes to LV.

cheap rooms and air fair have attracted the low lifes where mayhem on the Strip is a shot away.

[tabs]

Originally Posted by tdw28210

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.

Everybody in the world has heard of LV and is an international destination. The symbol of American excess and decadence.

[pmax]

Speaking of Vegas, looks like the impersonators are working overtime in Florida !

[stevej37]

You're saying the good times are over?

[onewhippedpuppy]

We actually had a great family vacation to Vegas. Only did one day on the strip and saw a show, but also did Hoover Dam, off-roading in a Jeep, and kayaking on Lake Mead.

[JavaBrewer]

Originally Posted by stevej37

You're saying the good times are over?

Haha, Todd and Ted with a stogie. I think nostatic rode there on his speed 4, or similar, likely all just got back from the LV buffet that Ted has been talking about for all these years. Not sure who the guy on Ted's left is. No disrespect. I think a female antagonist was there too, turned out to be cool from what I read online.

Crap, I was not there so F me.

Edit - I freaking hate Vegas, the boil on the devils butt. Miserable weather, despite horizon view empty land the homes are packed in tight, the summer is brutal, the winter you need skin lotion to avoid shedding like a snake, your neighbors are drunks or gambling addicted, and well the area just plain sucks. You will not survive without air conditioned space for most of the year. Might as well live on Mars.

[jyl]

Originally Posted by tabs

You continue to be under the impression that the game has npt changed since 08. A return to the pre 08 normal.

What you do not take into considetation is at what cost that seeming normal costs. From 11T to 28T in debt, a FED balance sheet from 800B to 7.1T and Interest rates near zero for the forseeable future. With all of the worlds Central Banks doing the same thing. More to come..

What is the impact of all that on LVS?

[tdw28210]

Originally Posted by tabs

Everybody in the world has heard of LV and is an international destination. The symbol of American excess and decadence.

Never said it wasn't. I am just challenging your "so Goes America" take. It's an outlier. An island of hedonism, heat and dust with 24 hour buffets surrounded by an ocean of work-a-day"regular" folks that are growing crops, building cars, raising kids and just generally navigating "regular" life. But it certainly is not a sentinel for the rest of America.

Don't get me wrong, I sorta like Vegas - in small doses. I've actually made a few bucks playing in small time poker tournaments there. But the wife pretty much hates it. The place makes her feel sad. I get that. Though she does enjoy the fountains at The Bellagio.