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The Ruins of Vegas

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  • #1

    The Ruins of Vegas


    Las Vegas' Project CityCenter, the largest private development in the Unites States, was to be 8 acres of shops, casinos, hotels, condos, and theaters. But now it looks like big portions of the project may remain in a state of half-built rubble piles for years to come, due to the current credit crisis in the United States. So what did this shining dream of real estate moguls look like before it turned all Resident Evil: Extinction?

    http://io9.com/371219/welcome-to-the...he-vegas-strip
    27
    Yes
    81.48%
    22
    No
    18.52%
    5
    Tags: None
  • #2
    Re: The Ruins of Vegas

    This story is incorrect.

    The Cosmopolitan project developer is separate from the City Center, which is being developed by MGM Mirage. (It isn't even physically connected -- the Cosmopolitan is north of the City Center, on the same block as the Bellagio.)



    City Center has nearly sold-out its condos, and is otherwise on-time in its construction. In fact, they are booking conventions for early 2010.

    Starwood resorts along with a NYC developer desire to purchase the Cosmopolitan project and develop a W Hotel.

    The Vegas condo market, generally, however, has basically collapsed:

    http://www.vegastodayandtomorrow.com/dreams3.htm
    Last edited by whitetower67; March 30, 2008, 10:52 PM.

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    • #3
      Re: The Ruins of Vegas

      Originally posted by whitetower67 View Post
      This story is incorrect.

      The Cosmopolitan project developer is separate from the City Center, which is being developed by MGM Mirage. (It isn't even physically connected -- the Cosmopolitan is north of the City Center, on the same block as the Bellagio.)



      City Center has nearly sold-out its condos, and is otherwise on-time in its construction. In fact, they are booking conventions for early 2010.

      Starwood resorts along with a NYC developer desire to purchase the Cosmopolitan project and develop a W Hotel.

      The Vegas condo market, generally, however, has basically collapsed:

      http://www.vegastodayandtomorrow.com/dreams3.htm
      Thank you zadok for the original post and whitetower for the clarification, much in keeping with the iTulip tradition of getting to the bottom of things.

      We are considering creating a photo sharing addition to iTulip, such as you see at flickr and other photo sites, to make it easier for our members to create a photographic record of the physical changes occurring at their locations around the world as the recession and eventual recovery evolve.

      For an example of how it will look, see the example site here. We'd keep it very simple and limit ourselves to two forums, Images of Recession and Images of Recovery.

      An example of the kind of photos we'd share are these photos EJ took of the massive project on the strip, the one that is now experiencing financing issues, on his trip to Las Vegas last August.




      Please vote in the poll at the top of this thread if you want to participate in such a photo sharing addition to iTulip. Thanks.
      Last edited by FRED; March 31, 2008, 08:34 AM.
      Ed.

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      • #4
        Re: The Ruins of Vegas

        Last weekend my wife and I went to see a movie and on the way out we stopped at a table in the lobby where a woman was offering free trips to Vegas. I spun a wheel much like the Wheel of Fortune, and it stopped on one of the few slots labeled “Free Trip to Las Vegas” – no surprise there.

        She then asked if I was familiar with time share presentations.

        We would have to pay the air fare and the free accommodation was in the time share. The free trip wasn’t a free trip after all. Imagine that.

        This tells me that Vegas timeshares must be grossly overbuilt if they can’t sell all of them to gamblers who are right there, and need to entice folks in Kansas City who would have to pay their own way. Can’t imagine anyone agreeing to this so called free trip.

        Oh yea, the movie was 21, story about an MIT gambling group taking advantage of Vegas casinos.

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        • #5
          Re: The Ruins of Vegas

          We have installed the iTulip photoblog here and uploaded some photos. Comments and contributions welcomed.
          Ed.

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          • #6
            Re: The Ruins of Vegas

            Originally posted by FRED View Post
            We have installed the iTulip photoblog here and uploaded some photos. Comments and contributions welcomed.
            I think you forgot to set the permissions so we can access it...

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            • #7
              Re: The Ruins of Vegas

              Originally posted by zoog View Post
              I think you forgot to set the permissions so we can access it...
              Woops! Had to reinstall it after an error and forgot to reset the permissions.

              Should all be good now... see the new iTulip Photoplog
              Ed.

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