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Old 01-03-2010, 01:57 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,898,625 times
Reputation: 5050

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my prediction is that Mirage will sell all their properties to keep CC alive and then lose CC.
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Old 01-03-2010, 06:20 AM
 
9,684 posts, read 11,057,327 times
Reputation: 8409
Quote:
Originally Posted by mojavedxer View Post
I am pretty sure that the marketed image of extravagance and fantasy is over now. Vegas will need to reinvent itself again to survive the current economic conditions.
Agreed. People's networth are missing one zero versus 2005. We are currently in a "good enough" mode. On average, the "rich" now think they should buy a $2500 engagement ring versus $8000; they will get the $175 pair of shoes on sale versus the $400 designer shoes; fly coach versus this time versus 1st class unless they have some free miles to upgrade themselves.

And of course the short lived "rich" people are now long gone.. I'm talking about the people who made it in the boom years. You know, the guy who made $400K writing mortgages. They use to have an office of 30 with the slacker making $175K. Now the office has 5 people and the top guy is making $90K and most of them are stuggling. They won't be going to CC.

The Key word in 2008-2013 is value. People also want highend value. I decided to go to CES in a few days. A fraction of suppliers are going and I spent 2 hours searching for something nice but at a value. CC better get ready to fight on price.
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Old 01-03-2010, 06:42 AM
 
139 posts, read 457,440 times
Reputation: 84
Rich tourists, (and 90% of anyone) who goes on vacation to *relax and have fun*.

That's what Bellagio and Wynn does. And you don't have to be a billionaire to appreciate these hotels. I can guarantee you that anyone flying their own jet into Vegas would prefer to stay at a Wynn property over city center.

CityCenter looks like a piece of midtown manhattan crammed into a few square blocks. But it's missing the key ingredient of a legitimate "city" which is buzz, "culture" and excitement. Without that, it's just a bunch of slick high rise hotels WITHOUT A SOUL.

MGM management is a bunch of rubes who got suckered into paying top$ to buy "name brand" architects, and waste more millions on mediocre art that 99% of the public does not care about. Hey, but it's only shareholders, and arab money so who cares right?

They should have just turned the whole thing over to Steve Wynn, and begged him to fix the mess. Even Sheldon Adelson. At least they have a clue.

The name "City Center" implies and urban core. i.e. business offices, shopping live music, art & culture, a base of residents, variety of dining options, and a 24 hour life.

In that case, Town Center is the closest you get to that in Vegas. It's a pleasant, clean, place that caters to a mix of people. If they added some class-A office space, and gave business tax breaks for hiring office workers there, you would have a massive winner.

They should take a cue from the arabs in Dubai, and turn Vegas into a financial hub. That would be VERY easy to do at this point. Just give massive tax breaks to financial firms to move to Vegas and hire.It would be very compelling for many hedge funds and investment managers to be domiciled here since they are saving on state/city income tax AND other breaks.

Plus you have great infrastructure, and 24-hour access to hookers, alcohol, drugs, and gambling. That is a major draw for traders and bankers.


















Quote:
Originally Posted by PinkString View Post
They didn't build City Center for us locals. They built it to attract the rich tourists that like the minimalist look and high priced everything.
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Old 01-03-2010, 10:29 AM
 
Location: Beautiful Upstate NY!
13,814 posts, read 28,419,284 times
Reputation: 7615
I've been saying it since my visit in March, 2007...boondoggle. And back then, the economy was ok and the housing collapse had noy yet hit. I'll never forget the hoity-toities sitting behind that glass panelled office signing their money away and looking so high on their horses down at the regular tourists. In a way, it makes me feel good that they lost money on this deal.

Another thing I've been preaching for about 2 years, regarding the comeback of Las Vegas...The future of Las Vegas is its past. Why are the marketeers ignoring my advice?
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Old 01-03-2010, 11:37 AM
 
4,176 posts, read 6,314,833 times
Reputation: 1874
Quote:
Originally Posted by jfkIII View Post

Another thing I've been preaching for about 2 years, regarding the comeback of Las Vegas...The future of Las Vegas is its past. Why are the marketeers ignoring my advice?
Can you explain in more detail what you mean by the above statement? Thx.
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Old 01-03-2010, 11:41 AM
 
10,494 posts, read 27,149,985 times
Reputation: 6716
Quote:
Originally Posted by LIS123 View Post
Can you explain in more detail what you mean by the above statement? Thx.
I can tell you what I think he means. Back in the day, Vegas was built on value. We were known for cheap hotel rooms, food, and entertainment. Then something changed. Just like the housing bubble, Vegas got greedy and raised all the prices to ridiculous proportions. To JFK, if I am incorrect, feel free to correct me if this is not what you meant.
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Old 01-03-2010, 11:48 AM
 
Location: Paradise/Las Vegas
1,658 posts, read 7,557,329 times
Reputation: 422
Im with drunk:VALUE!!!Like I said in another thread,all the new hotels(on the strip) are all high end rich people money-wasting hotels and casinos.Only good and average places are the older strip resorts and locals casinos off the strip.It pisses me off they built something so cool but yet it draws the wrong Vegas crowd.Things like not being able to drink beer inside,dress codes and a dull atmosphere are not what Vegas is about.That's LA or SD or something.It's no shock to see it flopping.
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Old 01-03-2010, 01:10 PM
 
1,966 posts, read 4,330,865 times
Reputation: 1090
Quote:
Originally Posted by las vegas drunk View Post
I finally went to City Center for the first time last night. Now I only went to Aria, but that was enough for me. I cannot believe this place is the most expensive casino ever built in Vegas. It is dark and gloomy in Aria, and there is nothing there to set the place apart from the other casinos on the strip. I think the other MGM properties are much nicer and livelier. Planet Hollywood, and even the Flamingo blows that place away. I was wondering why all the people hired there have disappeared, but now I know the reason. Both of my friends from Arizona were also disappointed because they were really looking forward to seeing it, but they left in disgust.
We went Wednesday night and I have to agree 100%. We walked around Crystals which is an overpriced joke then we got to some gambling and between the slots which were tighter than anything and the tables (which were very empty), we couldn't win on anything. Besides it being dark, it was extremely loud.

Long story short, we won't be back. I would rather go to Bellagio or Monte Carlo if I'm in the area. Otherwise, I'm fine just going to Santa Fe.
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Old 01-03-2010, 01:48 PM
 
9,855 posts, read 10,384,376 times
Reputation: 2881
We just got back from Vegas. Went to City Center yesterday. Nothing special. I agree with LVD about it being dark and gloomy.
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Old 01-03-2010, 02:01 PM
 
2,457 posts, read 4,707,686 times
Reputation: 1406
Quote:
Originally Posted by jfkIII View Post
I've been saying it since my visit in March, 2007...boondoggle. And back then, the economy was ok and the housing collapse had noy yet hit. I'll never forget the hoity-toities sitting behind that glass panelled office signing their money away and looking so high on their horses down at the regular tourists. In a way, it makes me feel good that they lost money on this deal.

Another thing I've been preaching for about 2 years, regarding the comeback of Las Vegas...The future of Las Vegas is its past. Why are the marketeers ignoring my advice?

Because a service staff in black and whites and large men in dark suits thowing out trouble makers head first into the street will not sit well with the modern day casino execs.
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