I think the original reason for the resort fees was to get to the top of listings whenever someone searched for the cheapest room. The feelings of annoyance and bait-and-switch happen when they are at home, not when they are on their trip. Unlike parking fees or baggage fees at the airport, they have a very easy opportunity to book a room somewhere else if they don't like it.
The other reason that made casinos liked them was it made it so easy to comp part of a room for mid-level players. Easier to take off one of the feess full, rather than a percentage.
So you're expecting that within a year or two houses will be priced at 20% of where they are listed today?
That's called worse than a depression. That's called complete and utter collapse of the housing market.
Of course that would also mean a complete collapse of Las Vegas.
That's what you are expecting?
NYC is by far the worst off - then Vegas - then Orlando - then Miami Beach
Surprised the stock market isn't down a lot more - I guess the economy was so fundamentally sound the market is treating this like a hurricane - figuring once it's gone we will rebuild in weeks and will be rolling along
Of course we always have fake news implying the virus is with us forever and a vaccine is 5 years away - blah blah blah
Uh huh, sure. I think many are actually doing better currently than if they were working and most banks are allowing forbearance for up to 12 months. But yeah, housing is going to tank in the next few months because you guys say so, lol
https://www.mortgagemedia.com/leade...a-from-past-pandemics-offer-hope-for-recovery
The good news is that the housing market has proven to be extraordinarily resilient when it comes to pandemics, recessions, economic shocks. We took a look in the report at pandemics since 2000. That included things like SARS and the swine flu. And the good news, for anybody who was in the housing market or the mortgage industry, is that while we did see transactional volume dip a little bit during the peak periods of those pandemics, home prices remained steady. In most cases, it actually went up during the course of the downturns, and continued to grow after the pandemics.
2008 was a different animal because housing caused that recession. You guys will never understand this.
I don't think anybody really can do more than guess about the depth of a crash, but yes I'm expecting a complete collapse of the Las Vegas economy.
The final % will be ugly. If tourism, conventions and foreign visitors disappear, what else does Vegas offer besides California people coming to party at the clubs?
That's exactly what Fauci, Gates & others behind the scenes are trying to achieve.......besides wanting you to take their vaccinations.
I enjoy Vegas, but it doesn't really produce anything. It's a bunch of chips and paper moving back and forth. The country is going to be in much deeper shit as other real economy industries contract. Energy, autos and aero. One positive for Vegas casino workers is that the industry is spread across the country now, so many of them should be able to find jobs as they return to the states they left years ago.
That's the mindset that I'm trying to shake loose because its acceptable to look at the opportunities a crash presents. The houses aren't going to disappear, so who really cares if a bunch of speculators and zero down payment "buyers" lose their shirt? Vegas is more boom and bust than other cities. Always has been and likely always will be. There will be others who game the rules to their advantage for a while, but all that really does is delay the inevitable. We'd all be better off if the weak hands were removed and new owners purchased at lower prices.
Same with what the OP posted. Whether or not Stations closes some of their casinos or loses them to default, it really doesn't make much difference long term. There are going to be casinos closing in Las Vegas. It sucks for the current employees, but bloated industries regularly consolidate. As TomG has posted, you pick up the pieces and make a living doing something else and possibly somewhere else too.
That's the mindset that I'm trying to shake loose because its acceptable to look at the opportunities a crash presents. The houses aren't going to disappear, so who really cares if a bunch of speculators and zero down payment "buyers" lose their shirt? Vegas is more boom and bust than other cities. Always has been and likely always will be. There will be others who game the rules to their advantage for a while, but all that really does is delay the inevitable. We'd all be better off if the weak hands were removed and new owners purchased at lower prices.
Same with what the OP posted. Whether or not Stations closes some of their casinos or loses them to default, it really doesn't make much difference long term. There are going to be casinos closing in Las Vegas. It sucks for the current employees, but bloated industries regularly consolidate. As TomG has posted, you pick up the pieces and make a living doing something else and possibly somewhere else too.
