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True Regret

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True Regret

I was reading on line that outside of the City Center and one other site (Cosmopolitan?) all other large scale hotel construction has come to a complete halt and may be 2-3 years from restarting if at all.

It is easy to say what if, but you have to wonder if Boyd's isn't shooting themselves over tearing down the Stardust now . The hotel was still in very good condition and in a pretty decent location and could have at least been genernating revenue where as now nothing but a shell of a possible hotel sits. Also the loss of the Westward Ho and the New Fronteir. While neither were 4 store places, you have to think something is better then nothing.

To me a good economic person in the company should have seen what was coming. To me the City Center deal alone would have made me very suspect of building anything new till how I saw how the City Center did.

Again it is easy to look back, but you have to wonder how different vegas would be if "greed" wouldn't have ran so rampet.

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1. Re: True Regret

Obviously they regret tearing down the Stardust. After Wynn built the Mirage, plenty of folks regretted not building before him. Hindsight is always 20/20.

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2. Re: True Regret

Maybe the Stardust wasn't making any money and they were spending too much to keep it open? Look at that 80,000 seat stadium in Detroit that just sold for $500,000.

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3. Re: True Regret

Actually if they have any regrets about that project it would probably have been trading Barbary Coast for the adjacent land. They could have received quite a price from HET if they would have held out for cash.

Amazingly enough we may look back years from now and say this was the best thing that every happenned to them. Especially if they use the cash and credit they now have on hand to buy Station's best assets.

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4. Re: True Regret

I understand your POV, but after experiencing personally the crash seen in the mid 90's. The growth rate was unsustainable by any measure and anyone with a sense of economics knew it was a bubble that would pop. The trick was to know when to get out.

Unfortunately this downturn may not be able to recover, and so much was put into City Center, there is no way to ever recover the initial investment, and reflects the ignorance of the USA of negative cash flow living beyond our means. The current up trend in the economy is a result of spending money we do not have (government spending ie. cash for clunkers), and a dead cat bounce is the likely outcome. Which means a really deep recession coupled with inflation is coming. Vegas cannot survive that.

5. Re: True Regret

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