The same week that MGM’s $8.5 billion CityCenter is unveiled, the Sahara Hotel has closed two of its hotel towers for the holidays due to low demand.
This closure comes on the heels of Binion’s closing its 365 rooms downtown.
October marked the 22nd straight month of declining gaming revenues in Nevada and was the lowest single-month figure since December 2003, when casinos collected $767.4 million.
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Sahara caters to the lower-end of the visitor scale. Mostly poor folk and college student types, with a healthy dose of NASCAR-type yahoos. Now these same types are either not coming to town, or they are finding that brand new resorts are offering very competitive prices. Ergo, low demand for charmingly dumpy places like Sahara.
I have a sinking feeling that with the economic hardships there, someone will manage to construct an argument for outlawing prostitution in the state. I hate to see the loss of particular freedoms like that – Rhode Island already fell.
I thought building “useless pyramids” stimulates the economy.
Vegas is a Ponzi scheme.
Awww, come one. Vegas is built on dreams. It is a place where you can dance, drink, eat, gamble and, if you naughty boys & girls are lucky, engage in all sorts of other activiites that are frowned upon in backwater Alabama, for example.
It is, as Mr. French once remarked, the high-time preference capital of the world. As a result, when the flames of fun are not being doused by various goody two-shoe types, Vegas is actually a really fun place to be. It sure beats, say, Alabama, where I genuinely feel a little self-conscious if a smile crosses my lips. (Wat dem dar boy smilin’ ’bout? Check his papers.)
Vegas is not a Ponzi scheme. It is, sadly, a dream that will soon end. Living in this town, one hears daily of new taxes, new regulations, power plant closures (it’s dem dar Carbon again) and, worse of all, new goodie two-shoe rules being pushed by the elite. An elite, I should add, that mostly originated from somewhere else and looks down on bacchanalian blowouts.
How sad. But not a ponzi scheme. Shame on you for claiming such falsehoods as truth. Somewhere in Coppenhagen some envirofascist is happily thinking of when the lights finally go out in Vegas. Don’t join him in denigrating this fine city; instead, hope that the nightime dancing under electric lights here never stops, because if it ever does, chances are you won’t be spotting a pulse much longer either. Yep, it’s the http://en.wikipedia.org/wiki/The_Road or Vegas.
But, somebody had to borrow that $8.5B! Otherwise, why the financial system might’ve imploded.
Perhaps real estate, concrete and steel is the Fed’s newest version of absorbing liquidity? Or in this case casting it into an non-liquefiable form. Too bad it consumes so much time, resources, and energy.
Pyramids in the desert, indeed!
It will be interesting to watch these properties fall into the hands of foreign “investors” (read: Chinese, Russian, Middle Eastern and other cash rich government/oligarchs).
I’m of the opinion that after this depression is finally over (if ever?), what’s left of America will become a tourist Disneyland catering to its creditors, perpetuating the memory of those glory days gone by.
All this because too many people believe in the fallacy that instead of humans being self-controlling, an Authority controls them. Since only self-control actually exists, these people fail to act accordingly, and their systems are doomed to failure.
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