“Bidder for Fontainebleau says Las Vegas probably a bit overbuilt” — caption for Las Vegas Review-Journal story about Carl Icahn‘s F-bleau acquistion. “Probably a bit overbuilt” … now there’s a masterful understatement.
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well someone had to say it.
It would be interesting to plot on a graph, over the last 60 or so years, the cycle of boom and bust in Las Vegas vs. the country as a whole. Hotel rooms would be a key variable. My guess is that there is a very close parallel with Vegas being a little more exaggerated and predictive that most other indicators of the national economy. Of course, gambling has spread greatly over that time, but there is still something special about Las Vegas as an indicator. Of course, Las Vegas is overbuilt — so is the rest of the country except for, say, North Dakota and much of Utah. There are empty canyons of condos in Washington, DC — one of the strongest markets in the USA.