That's City Center. I think it may be the biggest single real estate development in the country, with about 17 million sf on 75 acres.
But City Center development has started and stopped many times before the economy crapped out. Last June it stopped because of a strike after the sixth death on the site. They've been plagued with safety problems -- with several workers being killed in falls.
My recollection is that construction had been stopped twice in the last few years when I was in Vegas due to financing issues.
In short, this project has been plagued by problems that had nothing to do with the economy.
Still, the economy is hurting Vegas badly, it is clear. The crowds were down a good bit when we were there recently, and Caesars -- normally the most expensive place on the Strip -- is already trying to get us back with free rooms, food, shows, and air travel. In normal times, we'd do good to get comped rooms there. It is bad.
They're in the gambling business, and they gambled. It won't be a shock if they lose.
The good news about City Center is that it isn't just a strip casino -- they have all kinds of property -- a big casino, a hotel, but also condos and apartments. A five year problem could turn it to a pile of rust, I guess -- but I'd bet that doesn't happen.
We get rid of Obama in 4 years.
By the way, that jobsite was very busy a couple weeks ago. |
