HA! Strip Plaza indeed!

HA! Strip Plaza indeed!

Well, it seems that the folks that tore down the Frontier are having
money troubles. Yeah, that's what happens when you want to spend $8
billion to build a megaresort & can't raise the dough (or, should I
say, DOH!). Maybe they should have kept the Frontier open until they
got the financing in place. But hey, that's just me.

http :// www .lvbusinesspress,com /articles/2008/07/14/news/iq 22330919.txt

Even if they do get it built, how long is it going to take to get $8
billion paid off? Will it ever pay for itself?

Cameron

Re: HA! Strip Plaza indeed!

On Jul 16, 11:54 am, CLM in ND <camarv...@hotmail,com > wrote:
> Well, it seems that the folks that tore down the Frontier are having
> money troubles.  Yeah, that's what happens when you want to spend $8
> billion to build a megaresort & can't raise the dough (or, should I
> say, DOH!).  Maybe they should have kept the Frontier open until they
> got the financing in place.  But hey, that's just me.
>
> http :// www .lvbusinesspress,com /articles/2008/07/14/news/iq 22330919.txt
>
> Even if they do get it built, how long is it going to take to get $8
> billion paid off?  Will it ever pay for itself?
>
> Cameron

If you assume that this recession is part of the economic cycle, and
that Vegas will eventually savor the same sort of boom that it once
had, then those investors pulling out of development projects might be
a little too short-sighted. The current conditions could be a terrific
opportunity for the right investor with the right risk tolerance - and
the right patience.

Re: HA! Strip Plaza indeed!

Patrick wrote:
> On Jul 16, 11:54 am, CLM in ND <camarv...@hotmail,com > wrote:
>> Well, it seems that the folks that tore down the Frontier are having
>> money troubles. Yeah, that's what happens when you want to spend $8
>> billion to build a megaresort & can't raise the dough (or, should I
>> say, DOH!). Maybe they should have kept the Frontier open until they
>> got the financing in place. But hey, that's just me.
>>
>> http :// www .lvbusinesspress,com /articles/2008/07/14/news/iq 22330919.txt
>>
>> Even if they do get it built, how long is it going to take to get $8
>> billion paid off? Will it ever pay for itself?
>>
>> Cameron
>
> If you assume that this recession is part of the economic cycle, and
> that Vegas will eventually savor the same sort of boom that it once
> had, then those investors pulling out of development projects might be
> a little too short-sighted. The current conditions could be a terrific
> opportunity for the right investor with the right risk tolerance - and
> the right patience.

Does anyone remember the major CA housing markets in the 80's? People
were "mailing in the keys," both literally and figuratively. Home
prices had fallen to the point where the debt was greater than the
value. California recovered and went back to insane home prices just in
time for many folk to dump them and buy a "cheap" house in LV, putting
the excess $ into safe investments like emerging technology stock,
private mortgage investment funds and banking stock. <grin>

--
Nonny

Nonnymus
I'm not who you think I am. I'm not who
I think I am. I am what I think you think I am.

Re: HA! Strip Plaza indeed!

On Jul 16, 2:02 pm, Nonnymus <nob...@cox,net > wrote:

> Does anyone remember the major CA housing markets in the 80's? People
> were "mailing in the keys," both literally and figuratively. Home
> prices had fallen to the point where the debt was greater than the
> value. California recovered and went back to insane home prices just in
> time for many folk to dump them and buy a "cheap" house in LV, putting
> the excess $ into safe investments like emerging technology stock,
> private mortgage investment funds and banking stock. <grin>

I remember it well. I bought my first house in So.Cal in 1987 for
$105,000. Sold it 4 years later to move to Oregon. I pocketed $70,000.
2 years ago the same house sold for $600,000. I wonder what it's worth
now? :)

Kurt