Luxury hotel may be razed BEFORE it sees 1st guest in Vegas!!

[copperkid3]

http://realestate.yahoo.com/promo/de...d-opening.html

Give us the 'inside' scoop Nevada.......


Hope you didn't put a down payment on those missing condos.......

[poppy]

Originally Posted by copperkid3

http://realestate.yahoo.com/promo/de...d-opening.html

Give us the 'inside' scoop Nevada.......


Hope you didn't put a down payment on those missing condos.......

Haven't seen him in a few days. Maybe his friend is sick again. Anyway, he probably won't care about the hotel because they wouldn't have had $5.00 prime rib dinners.

[Energy Rebel]

Wow.
Talk about stupid and wasteful.

[Shrek]

Just SOP when dealing with real estate traded by the inch, potential repair costs and a glut of vacant properties adding to overhead.

Generally a community memory is short and they may forget the proposed non gaming condos between the time the tower is razed and cleared and the next economic high roll period when the property owners can devise a strategy to build on it in a more profitable way. The referenced article mentioned that 20% down payments on only half of the units had been recieved. With word of structural issues selling the other 50% would have been difficult.


Once the current memory of the unfinished towers is gone and the economy has improved, new casinos or expansions of existing ones will fill the void funded primarily by tourist dollars left behind after spending a month in town one weekend.

[Bluesgal]

Originally Posted by Shrek

Just SOP when dealing with real estate traded by the inch, potential repair costs and a glut of vacant properties adding to overhead.

Generally a community memory is short and they may forget the proposed non gaming condos between the time the tower is razed and cleared and the next economic high roll period when the property owners can devise a strategy to build on it in a more profitable way. The referenced article mentioned that 20% down payments on only half of the units had been recieved. With word of structural issues selling the other 50% would have been difficult.


Once the current memory of the unfinished towers is gone and the economy has improved, new casinos or expansions of existing ones will fill the void funded primarily by tourist dollars left behind after spending a month in town one weekend.

Yep, it's all the bottom line. Cheaper to take it down than fix it in today's market.

[copperkid3]

Originally Posted by Bluesgal

Yep, it's all the bottom line. Cheaper to take it down than fix it in today's market.

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that got us into the present 'problem' we have, with the general economy: i.e., bailing out banks, rescuing Gooberment Motors, etc.