“Goldman is making a decent long-term investment in where the Strip is heading. The Stratosphere and the land could be more valuable imploded and built up with something else.” — gaming analyst Robert LaFleur, then with Susquehanna Financial Group, on Goldman Sachs‘ 2007 purchase of the Stratosphere (and three locals casinos) for $1.3 billion.
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There is a reason Carl Icahn (who sold the Stratosphere and 3 local casinos to Goldman Sachs in 2007 for $1.3 billion dollars) and Phil Ruffin (who sold 30 acres of land where his hotel The New Frontier was to the El-Ad Group for $1.2 billion dollars in 2007) are billionaires: they know when to sell (and buy). Since 2007 the price of land available on or near the Strip has probably dropped 60 to 70 percent in price. In 2007 it was a sellers market, now it is a buyers market.
Seems pretty ridiculous now! But his comment was not off for 2007. King Carl played this one brilliantly!
I’m thinking Sami boy still believes that regarding his Sahara investment.
Yes. Carl Icahn made out like a bandit. And are these Goldman Sachs people the same Wall Street wizards who helped drive Goldman Sachs and the world’s economy into the ground? I ask because I am surprised that the Stratosphere is still in business — after being acquired for 12 Times earnings.