From ME, an
anecdotal report on the Las Vegas economy.
Due to low occupancy, some hotels are literally closing down floors or whole towers. The Mirage, which is a pretty big and usually-successful place, has closed down more than a dozen floors due to low occupancy. The Sahara and I think the Riviera have closed some of their floors, as well. Binion's has shut down all their hotel rooms and is just operating the casino part of its operation.
[...]
I somehow got on the mailing list for a new condominium complex a mile or so off The Strip and they were sending me messages, urging me to purchase a one-bedroom condo for $350,000. The same folks are now trying to get me to buy the same condo for $125,000.
There are counter-indicators as well, but ME explains:
So I don't know what's going on there and you kinda get the feeling that the companies building (or not building) all these projects don't know, either. There's a casino term for a gambler who's mindlessly throwing out — and therefore, generally losing — money in the desperate hope of getting some outlier of a lucky break. They call that "streaming" and that seems to be what's going on with the financiers in Vegas these days. They're streaming.
Streaming yellow down their pants, maybe.
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