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Placing a bet on CityCenter in Las Vegas?
Monday, July 20, 2009
You'd think that, somewhere, either in Las Vegas or London, you'd be able to place a bet on whether CityCenter will turn out to be one of the great While Elephants of our time.
There are many jobs at stake, but, it seems these days, there are far too few home buyers and spendthrift travelers to support thousands more condos and hotel rooms in Sin City.
3 comments:
It'll do great when and if it first opens up as folks run to check out this controversially hyped behemoth. The story after that is likely a sad one.
Dan,
We'll finally see how many people are willing and able to shell out 800K for a condo on the strip plus $800/month HOA dues.
My prediction: you're absolutely correct. This is hyped beyond belief. But, then again, so is housing.
Chuck Ponzi
I'm actually mixed about Vegas. It has grown to an epic size, but its focused moved from casinos to family friendly resorts. During the boom, rack rates were way overblown, especially for a city that relies on gambling. Now however, rates are much cheaper, but they could still go lower, in my opinion. This drop in rates makes Vegas somewhat on par with the price of a "stay-cation". The caveat is, if people are simply escaping to Vegas in lieu of a stay-cation and aren't necessarily living it up, how long can that business model last? My bet is, not too long.
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