Is Las Vegas Going Under?
August 23rd, 2010
Source: (Excerpt Below) http://www.huffingtonpost.com/2010/07/27/nevadas-economic-misery-m_n_661043.html
It’s hard to find a home bought before 2009 that isn’t underwater and very few landlords, when running credit checks, look for foreclosures or short-sales on a tenant’s record. Otherwise, a manager couldn’t fill a building.
Nevada has a greater concentration of economic misery than any other state. The state’s unemployment rate, which in June edged up to 14.2 percent, has risen faster during the past year than it has anywhere else, and nearly six percent of all homes across the state’s desert landscape received a foreclosure filing in the first six months of the year.
While the concentration of misery may be greater in Nevada, it was caused by the same unchecked housing bubble and unregulated financial gambling that brought pain to the rest of the country. If present trends go unchecked, Nevada is America’s future.
The jobless rate would likely be much higher, say residents, if Nevada were not such a transient state. When folks lose their jobs and their homes, they often pack up and move in with relatives…”Nevada was pretty much a growth economy for most of the past two decades,” says Steven Horsford, the Nevada State Senate’s Minority Leader, a Democrat who represents North Las Vegas. “When the financial crisis hit, it disproportionately affected Las Vegas because of our growth rate.”
Horsford says the local economy is struggling not because fewer tourists are coming to Vegas, but because the people who do come are spending less money. (A cab driver complains that he doesn’t have many fewer customers, just more families haggling over the $60 fare.) Horsford said Vegas needs to switch from relying on casino tourism to green energy and medical tourism.
“We were used to being able to help virtually all segments of our population get a job if they wanted a job, have benefits, earn money to put their kids through college — we called it the Las Vegas dream,” he says. “From a leadership standpoint, knowing that two-thirds of all homes are either upside down or are in foreclosure is one of the most humbling realities we are dealing with.”
The decay in Vegas doesn’t stay there: It reverberates throughout the state. “Coming Soon” signs have been pulled down across the city, because nothing is coming soon other than more foreclosures. The Nevada landscape is pockmarked by empty condos and casinos, some of them fully built and sitting there empty, others are shells frozen in time. When analysts talk abstractly about Wall Street sucking capital out of the real economy, these stalled construction projects are the on-the-ground reality. “60% Reduced Prices” promises one empty condo development…
Duration : 0:5:14
This was an in room video that I hosted and produced for Alexis Park Hotel and Resort in Las Vegas.
Das Hotel Motel 6 Tropicana bei http://www.urlaubswerk.de/Las-Vegas-Hotel-Motel-Tropicana/%24G92090/AP1-20t-HO?aid=trivid + Hotelbewertungen, Last-Minute Reisen und Pauschalreisen zum Hotel
Paris Las Vegas is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA. Its theme is the city of Paris in France; it includes a half scale, 541-foot-tall (164.6 m) replica of the Eiffel Tower, a sign in the shape of the Montgolfier balloon, a two-thirds size Arc de Triomphe, a replica of La Fontaine des Mers, and a 1,200-seat theatre called Le Théâtre des Arts. The front of the hotel suggests the Paris Opera House and the Louvre. The Paris is linked via a promenade to its sister property, Bally’s Las Vegas, through which it is linked to the Las Vegas Monorail. A unique architectural aspect of Paris Las Vegas is that the back legs of its Eiffel Tower actually come down through the ceiling into the casino floor. In fact, it was planned to be full scale, but the airport was too close and the tower had to be shrunk.
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Looking at the South end of the Las Vegas strip toward the Excalibur from our hotel room in the New York New York..
My trip to Las Vegas, NV
Justin Cole (cousin of Aaron Auxier aka Ritz) guest stars on Sin City 90210 as he shares interesting information about the tragic fire at MGM Grand Hotel & Casino in 1980. This video was shot as a school project for Justin’s college fire class in Los Angeles, California.
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