bullmarketboard.com
Thread: Caesars Palace in Vegas Filing Chapter 11 Bankruptcy
Quote Originally Posted by My401K View Post
I can't say that I am surprised to hear the news that Caesars palace in Vegas is being forced into a chapter 11 filing by it's creditors. I had heard rumors that things were not good in Vegas from many of the snow bird condo owners. If they do not have a condo in Florida they have it in Vegas. The prices of the Condo real estate was dropping like a lead balloon and jobs were tightening up.I have been hearing all sorts of horror stories from these owners trying to dump their sinking investments. Caesars laid off quite a few people a few years back, and all the great building jobs were drying up.
Things have changed, more states have gambling now. I know here in New York we have more Indian casinos then ever. I can't say I am surprised to hear that such a large part of the Vegas strip might be going to take a big hit. Granted they do still have a serious convention industry and they have launched a very aggressive advertising campaign for tourism. Is Caesars just one of those places that might be to big to fail? What do you think is the jewel in the desert going to be a ghost town?
I wish I had a crystal ball; however in lieu of one, I'll simply go by what I saw recently in Atlantic City. The "Vegas on the east coast" is a skeleton, a shadow of its former self. Partly a victim of the changing economy, as well as the proliferation of legalized gambling in neighboring states. However, in my opinion, the coup de grace has got to be the legalization of internet gambling in New Jersey. As for what caused Caesar's in Vegas to file for bankruptcy, I can only imagine.
powered by Readability
No comments:
Post a Comment