Leaving Las Vegas Episode VIII : The Jedi are leaving Las Vegas for a number of reasons. The main reason its Vegas is done. At least for now. The leaders & business owners in Vegas stole so much money from tourists, investors & each other that a recovery in Las Vegas is at least one year away.
Here is one example. Allegiant Stadium was publicly funded project. The problem with uses taxpayer money for a civic project is if the taxpayers leave, who pays for your project? The taxpayers in this case are tourists. Tourists? Tourist's money is icing. A city or county needs cake. Where will Las Vegas get the money to pay back the Stadium loans should there be a gap in tourism in the next 25 years? Why would the County agree to put a civic project contingent on a fickle industry like tourism? A slight downturn in the economy would result in a financial disaster. For those who do not know, the stadium was funded by the sale of personal seat licenses (tickets). The money you gave the Raiders for the stadium is being used to fund the 40% of the stadium. The other 60% comes from the Bank of America and a loan from the NFL. There are 18 months of cash reserves to handle an event such as this. However, the 18 months will be deferred payments. Next year, they will have to pay for this year plus next year. Where will Allegiant Stadium get the money top pay their bills?
That is just one example oof the shenanigans that were being played by Sheldon Adelson and his newly acquired Las Vegas Review journal. The Review Journal, like most of Las Vegans, was against a hotel tax to pay for a football team. Hotel taxes means less tourists. That's simple Econ 101 supply & demand economics. But when Sheldon bought the Review-Journal, the paper changed their opinion. They suddenly were in favor of a stadium tax. Have you ever seen Citizen Kane? If not, watch it tonight.
Eventually, the bill passed. Many were concerned. Jim Murren, the former CEO of MGM Resorts, conveyed his concerned. After October 1st, burins was dismal in Las Vegas. So Jim when he devised a plan: #MGM2020. The plan was to unload MGM’s casino's real estate to unsuspecting investors. When the shit hits the fan, Jim was going to buy back the casinos in 2025. Jim abruptly resigned in February 2020 but not before selling his MGM stocks at an all-time high.
Those who do not remember 2008 need only look at to Resort World, the Drew and several other skeletons to remind you never bank on fickle tourists for money. Resort word was purchased recently by Genting, a group from Mtaylasia.No such luck for the other building that are now approaching 15 years on non-use.
Now, the employees at Budget Rental enjoy giving tourists a hard time. That's the problem in Vegas. Thanks for watching and please subscribe to our NEW! #JediinPanamá accounts:
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