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tabs 10-30-2020 12:03 PM

As Vegas Goes So Goes America
 
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.

stevej37 10-30-2020 12:19 PM

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.

Seahawk 10-30-2020 12:21 PM

Our Operations person, who lives in Las Vegas, tells a completely different story.

vash 10-30-2020 12:24 PM

i wonder if Lake Meads drawdown is less than usually with the diminished demand.

the industry is the casinos..i cant see how its not taking a beatdown the full social spectrum.

tabs 10-30-2020 01:09 PM

Quote:

Originally Posted by Seahawk (Post 11083017)
Our Operations person, who lives in Las Vegas, tells a completely different story.

You mean it actually worse than I represented it!!!

I know 1M homes at the Lakes are down to 270K. But in my area they are at post Great Recession highs and have been selling quickly..as inventory is low and interest rates correspond.

onewhippedpuppy 10-30-2020 01:22 PM

Quote:

Originally Posted by stevej37 (Post 11083012)
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.

Weve been to Vegas at least yearly for at least five years in a row. Id love to go back but not wearing a mask and social distancing everywhere. You reap what you sow...

Seahawk 10-30-2020 01:36 PM

Quote:

Originally Posted by tabs (Post 11083070)
You mean it actually worse than I represented it!!!

I know 1M homes at the Lakes are down to 270K. But in my area they are at post Great Recession highs and have been selling quickly..as inventory is low and interest rates correspond.

I have no idea Tabs. We chat every morning before our 0900 GTM when management and engineers vent their spleens and we adjust tasking....then throughout the day as she gently reminds us to stay on schedule.

She is my age, Filipina, worked for me when we were in the government together. We hired her when she retired and we didn't care where she wanted to live...she is a complete wonder of organizational skills and kindness wrapped in iron.

Her extended family works in the Casinos in Vegas in different roles. She simply has a different take on how the Casinos are doing from her families perspective. Hotel rooms are basically free and the casinos are busy.

Your perspective is, of course, different.

GH85Carrera 10-30-2020 02:25 PM

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/

RWebb 10-30-2020 02:30 PM

casinos are for people who don't understand statistics

berettafan 10-30-2020 02:38 PM

Only been to Vegas 3 or 4 times but what i saw was a hanging by a thread, all its eggs in one basket tourist town surrounded by worker housing. considering gambling would be the very first luxury spending item to go on most folks list of expenses in tough times i feel like Vegas is one heck of a risky play even in good times. not to mention the money/control appears to be in a very few hands with the bulk of the local economy being supported by hourly staff.

that is to say even the slightest of pushes is all it would take to topple Vegas. vegas could be razed to make a homeless shelter and i don't think i'd feel we were close to the end.

onewhippedpuppy 10-30-2020 02:39 PM

I don’t gamble and I love Vegas. So much to do and see, and if nothing else the people watching is incredible.:D

stevej37 10-30-2020 02:43 PM

^^^ exactly...you never know what you might see in Vegas.
Worth it just for that.
A couple years ago, was walking down the strip and a limo stopped and J-Lo stepped out and said 'Hi' to me. Made me feel real good!

KC911 10-30-2020 02:48 PM

I know something that you will never, ever see in Vegas....

Me :D

stevej37 10-30-2020 02:51 PM

^^^ J-Lo or KC ???
easy decision. :D

jyl 10-30-2020 02:59 PM

I used to go to Vegas often for conferences. Have never gambled in a casino, not my thing. My favorite places to stay were the Venetian and Bellagio.

pavulon 10-30-2020 03:10 PM

Isn't LV a cartoon of America?

biosurfer1 10-30-2020 03:12 PM

It's only a matter of time before they rebound. You STRONGLY underestimate the desire for lots of people to gamble.

Tahoe really hasn't opened up fully yet, but more than Vegas, and here are the results so far.
https://www.tahoedailytribune.com/news/stateline-casinos-post-nevadas-biggest-win-for-september/

pwd72s 10-30-2020 03:20 PM

Quote:

Originally Posted by RWebb (Post 11083202)
casinos are for people who don't understand statistics

Or pool players entering major tournaments. Sometimes the same. Many pool players are degenerate gamblers. That's why casinos love to host tournaments.

That said, I witnessed a decline in a local economy...when the greens pretty much did all they could to kill Oregon's timber industry. The plywood plant on one end of town closed, followed by the paper plant on the other end. It wasn't pretty. Many here lost everything. A lot of good people left the area, never to return home.

So, although I've never been there, I feel sad for many in Las Vegas. Especially those finding themselves suddenly out of a job, with mortgages they'll have to walk away from.

sugarwood 10-30-2020 03:24 PM

Quote:

Originally Posted by GH85Carrera (Post 11083192)
As an adult I have been to Vegas one time,

Yea, you didn't go to Vegas.
You went to a rest stop.

Vegas has almost nothing to do with casinos.
That's not why people under 40 go there.
They probably don't even realize there are casinos in Vegas.

sc_rufctr 10-30-2020 05:53 PM

Quote:

Originally Posted by RWebb (Post 11083202)
casinos are for people who don't understand statistics

Which is most people.

---

Vegas is on my bucket list :)

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