Thursday, September 11, 2008
Building Las Vegas
At a time when there is very little construction anywhere in the United States, this was the view on Tuesday morning from my window in the Planet Hollywood hotel. The residential real estate market may be in trouble -- tell me about it -- but people are still betting heavily on the future of sin.
What an amazing, only-in-America place.
8 Comments:
By 
Anthony, at
Thu Sep 11, 02:51:00 AM:
And very high on al Qaeda's list: they scouted the Luxor before 9/11.
Viva sin.
By Who Struck John, at
Thu Sep 11, 03:02:00 AM:
Once you have the construction loan, you have no prospect of a positive return on investment if you do not finish.
Commercial construction tends to lag residential construction by 1-1/2 to 2 years. Let's see how many new starts there are in 2009.
By 
, at
Thu Sep 11, 08:40:00 AM:
The project has also been plauged by accidents and negligence. Last I checked, somewhere around 12 construction workers have been killed so far. Still, it's fascinating to watch go up.
By Charlottesvillain, at
Thu Sep 11, 09:34:00 AM:
Who Struck is right. If financed, builders build. I would not want to be the bank holding this construction loan, however. There is a reason Nevada banks are starting to fail, and the over development of Vegas is the primary one.
By , at
Thu Sep 11, 09:56:00 AM:
Only in America? Looks like Shanghai to me.
jk
By , at
Thu Sep 11, 01:28:00 PM:
By , at
Thu Sep 11, 02:56:00 PM:
"Only in America."
You haven't been to Dubai, then? It's Las Vegas on Islamic steroids (well, assuming that steroids are halal or whatever). But without the gambling, of course.
By , at
Fri Sep 12, 08:13:00 PM:
A large portion of City Center has been financed this year. In fact a couple hundred million is still not secured. They just closed a billion worth a few months back. Even in bad time smart investors will back solid deals.
