Come on guys, LOL. I've lived either full or part time in Vegas for 47 years (Junior High in 1962, LOL). Wild ride, that's for sure. My oldest brother, Larry, started at Binion's Horseshoe in 1959. We own Bugsy Siegel's 1933 Packard Limosine (leased it out for an upcoming "mob exhibition" starting in October I think), so let me pass along some observations. Good, Bad, and Ugly. For decades, extremely low housing costs. Example, one of our houses bought in the 1980's, valued the same in 2000. I bought another house in 2001 for $206K (4bd, 3 ba, pook, spa, 100 trees, big lot, average neighborhood)...in 2005 it was "worth" about $550K (shoulda sold, LOL)...now "worth" about $325K or so. The 1970's were "good" - the 1980's were crazy good, and the 1990's were extreme excess (except for that "Vegas if a family town now" which lasted about 1 year, LOL), too friggin good. It "had to go on forever, right?" - well, actually, no it doesn't. When we saw 1000 sq. ft. condo's pre-selling for $2million, we just shook our heads, and said "just wait, this is nuts." Stupid (or just greedy) speculators started to notice all these cheap houses (especially those coming from Ca., talk about crazy house prices) (quick side note: "Grandma's" house (90 year old lady), home bought in 1950 in Long Beach for $10K. 900 sq feet, 2 bd, one bath, she was offered $500,000 in 2005, we kept it for "sentimental' reasons, talk about stupid, LOL). Back to topic. These "speculators" were getting interest only loans, leveraged to the max, expecting a "quick flip" (when they started to have TV shows about house-flipping, geez, gotta be the end)... well, just like other investors, they bought at the top, got killed with downturn, so we turned into the bigest foreclosure state in the Union. Investors started to ask for their deposit money back on the stupid condo's on the Strip, they stopped building, finished a few, but still many undone. Fact of life, we deal with it. My son, Union electrician (IBEW), gainfully employed on the City Center Project (fingers crossed as I type, LOL). Prices were too damn high on hotel rooms, people started to think this was NYC or something (talk about high, talk about high food prices and waiter tips...geez, I can only afford to go out while there if Goldman Sachs pays, LOL..... room rates are much cheaper now, whoda thought? ) We attracted all those guru type chefs, heck even our Civic Center restaurant is either Emeril or Wolfgang Puck (not sure). The IPO's, and LVS, WYNN, Kerkorian, all "outsmarted themselves" in my opinion. But, don't count Vegas out just yet. These same type people are alive and well, getting some bargains on land and buildings. And, for whatever reason, we have the top Headliners here for cheap, really cheap... Vegas will survive, it may have re-invent itself again. Believe it or not, my brother Bob (who, you may not know, is 10 years older, but about 10 years healthier and smarter too), has stewarded a pretty grounded family overall. Still living in that 1980's (very modest) house, 3 of 4 kids trading for a living..with their own money, no big daddy cash upfront, really. My wife is and has been for 25 years, an inner city 2nd grade school teacher. Our schools have been cut back, so she plows a bunch of her own money back into supplies "just for the kids." So, to sum up. Not at 100%, not at 20%, I say about 50%, flattened out, cautious optimisim... and more opporunities than many places around the Country. And no State Income Taxes. (sorry to ramble on, when I see "Vegas" here on ET, I tend to just babble on....much like you New Yorkers tend to at times, LOL). I have to tell my NY friends that there actually is "life West of the Mississippi, LOL. All the best, Don
AGAIN WRONG:Â@I argued growth on a relative basis. You seem to have series issues with keeping your thoughts organized. Are you the 150k/year plumber by any chance? ;=)
Oh yeah, forgot to post this....only in Vegas sign I saw as I was taking my laundry to the laundromat.... Don
70% of the rooms in A.C comped. Waiting 40 minutes to play craps...WOW I live an hour's drive away and down there almost every week in the summer, never saw anyone wait for a table unless it was a $5 table cheers john
This is simply not true and you should stop deluding yourself. Both states are hurting and are banging their heads against the wall regarding budget shortfalls. A.C. is a shithole and is not an indicator of the economy. It's not going anywhere, since being a shithole casino strip, it will always have business & action.
I always pay attention to what you have to say, whether it be about trading on the Opening Orders Thread or anything else you care to post about. What I take from what you had to say, is that you and your family believe in living below your means, at least not beyond your means. And that says it all, business and Gubmint, spent and continue to spend a whole lot of money they did not and do not have. What is more their idiotic practices encouraged a whole lot of other good folk to spend money they did not have. I guess us humble traders who have traded in more than a couple of different decades, took our risks and continue to take our risks FULLY understanding that is our risk, and expect to cover our mistakes however costly, because we have lived our lives believing that we had no other choice, it we stumbled and fell down there would be no bailouts.
1) I never mentioned the state budget, was talking about the local economy (restaurants, bars, lounges). The upper end of Bergen and Hudson counties are doing fine. 2) Agreed, AC is a shitbox. However, people are back at the tables throwing money around again. Was there in late December and it was deserted. Things aren't that bad if people can pack the casinos.
The only times I see or hear about the Casinos being busy is on holidays, which there aren't that many of. Most AC casinos are BK, and many LV casinos are operating in or near BK.