Palms and other station casinos firing everyone

[PatsFan1283]

WW2/Great Depression seemed like a good time frame given the economic dominance America has enjoyed since then. Also, lack of stability in currency fluctuation pre-WW1 (long deflationary periods which I'm sure impacted housing, although never looked it up)

If it goes down 80%, it won't be very isolated. It will mean we're in a full blown depression and housing in other major metros will be down over 30%, with the entire economy having succumbed to a deflationary death spiral.

 

[Baronman]

HATE TO TELL YOU FELLOWS.CONVENTIONS WILL BE THE LAST ONES TO OPEN . I BARTEND AT ANAHEIM HILTON. WE ARE NEXT DOOR TO CONVENTION CENTER. I DO PARTIES FROM 100-2,500 guests. IM AFRAID IT WILL TAKE A WHILE TILL THEY ARE BACK .UNLESS WE FIND CURE OR AWAY TO SLOW DOWN THIS VIRUS. STAY HEALTHY. IM GUESSING THATS ABOUT 30%OR MORE OF BUSINESS. A LOt LOSS JOBS BECAUSE OF THAT.

 

[bodyforlife]

HATE TO TELL YOU FELLOWS.CONVENTIONS WILL BE THE LAST ONES TO OPEN . I BARTEND AT ANAHEIM HILTON. WE ARE NEXT DOOR TO CONVENTION CENTER. I DO PARTIES FROM 100-2,500 guests. IM AFRAID IT WILL TAKE A WHILE TILL THEY ARE BACK .UNLESS WE FIND CURE OR AWAY TO SLOW DOWN THIS VIRUS. STAY HEALTHY. IM GUESSING THATS ABOUT 30%OR MORE OF BUSINESS. A LOt LOSS JOBS BECAUSE OF THAT.

We've been in a recovery since 2009. Is anyone doubting that at some point we'll have a recession? Of course not. But at the severity talked about and as quickly as claimed? Absolutely not.

Let's look at the situation as it stands right now. People are receiving unemployment so they have that band-aid for now (and with this Governor, maybe that goes on for another 2 months). People with mortgages have been given a 12 month forebearance so they only need to pay property tax and insurance. Mortgages were obtained with much tighter lending standards which included reasonable down payments (not what we had in 2007-2008). And Nevada is next store to the 5th largest economy in the world with many fleeing the state for greener pastures. I see no way much plays out for at least 18 months to 2 years. And again, 80% is just stupid. Anyone that has been hoping for a significant price drop for the last 5-6 years is not going to do that much better than had they just bought in the first place. You saw the value of Dave's house at the bottom and what it's market value is today. How much value will anyone get that could have just bought 5-6 years ago?

 

[PatsFan1283]

If a place has property go down 80%, you probably ain’t gonna wanna live there.

Ask the citizens of Detroit.

 

[eventhorizon]

You guys are all over the map with buying. MLS buying does not get you deep discounts. Bank foreclosures all cash is where you find the deals. The banks usually need to have an inventory of 8 years before you get the deals. I know people who bought in Fla. I bought here in LV. Good luck to all.

 

[fightgood]

The Rampart Hotel and Casino Las Vegas announced they have permanently laid off their workers. They notified their employees via voicemail 2 days ago. My guess is it's to avoid paying unemployment benefits

 

[JackStraw77]

 

[jaws2357]

Open up I'll be first in line I'm not scared.

 

[azbob]

Nobody knows what our stupid governor will do as every state around us (except Cal) has opened including the casinos in Arizona. Meanwhile, you can't even go to drive-up church in NV. I think you are right that businesses are now laying off to avoid benefits. The gig workers just became eligible to sign up for retroactive unemployment. They can get a max of around $1,000 a week. You think any of these people will be rushing back to work? I guess I should feel good as, at least, we are not Illinois.