Is there a light at the end of the tunnel? (condos, crime)
U.S. TerritoriesPuerto Rico, Guam, U.S. Virgin Islands, etc.
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There are strange things happening in an island that for all purposes seems to be on the brink of bankrupcy and massive abandonment.
1-There is a new multi-million dollar Mall + Hotel and casino being built for consumers far and beyond Walmart and 99 cent stores.
2-There are still million dollar Condos holding their own.
3-Cruise ships have returned to San Juan, some making it their home port.
4- Hotels are full to 90% capacity during high season.
5- New air routes to Bogota and Madrid have opened or will soon open again.
6-Just read a headline in Caribbean Business that the Government put in bids to attract Boeing to build it's 777 airliner. Although far fetched, who knows?
And finally, to top it off this:
Hedge-fund, private-equity fund investors flock to Puerto Rico; drawn by attractive economic incentives, confidence in the island's recovery ( Caribbean Business)
The Caribbean, in general, seems to have a wide gap between the filthy rich and the utterly impoverished. Puerto Rico and USVI have a ton of very wealthy, so this is no surprise. However, the gap remains and that's what we see most. In most of the US, the land is so vast that you could live day to day and never step foot in a poorer neighborhood...but the Caribbean is so small, it's all jumbled together and blocked by iron gates, guards, spikes and barbed wire.
I think it is no surprise that the large companies are heading to PR and growth is happening in the Caribbean. Despite all of the issues faced by PR and USVI, the tourists still flock bringing in millions...it makes sense. :-)
I don't understand the OP. The private sector and tourism have always been strong in Puerto Rico thanks to American investors and tourists coming from the mainland , it could be better if the Puerto Rican government gets out of the way and stop over-taxing and over-regulating the middle class down there. The problem with Puerto Rico is the government which the middle class gets screwed.
The poverty is Puerto Rico is not the same as the poverty in many Latin republics.
The Caribbean, in general, seems to have a wide gap between the filthy rich and the utterly impoverished. Puerto Rico and USVI have a ton of very wealthy, so this is no surprise. However, the gap remains and that's what we see most. In most of the US, the land is so vast that you could live day to day and never step foot in a poorer neighborhood...but the Caribbean is so small, it's all jumbled together and blocked by iron gates, guards, spikes and barbed wire.
I think it is no surprise that the large companies are heading to PR and growth is happening in the Caribbean. Despite all of the issues faced by PR and USVI, the tourists still flock bringing in millions...it makes sense. :-)
You've hit it on the nail Boricua Rosa. One of the reasons why many folks foul mouth Puerto Rico is that its small and they bump into poverty and squalor everyday.
In many cities of the US poverty and squalor is dispersed like it is in New York, ( East New York), Miami ( Liberty City) Los Angeles ( East LA) Washington D.C. Hartford Conn. etc. etc. Detroit is a special place, its already beyond help, at least in my life time. Puerto Rico has a lot of things in its favor, it has tourism, a UNESCO protected old city and a middle class, which is gradually leaving, but that's another story.
About iron gates, I saw them in the housing projects of Havana, of all places. I thought that a police state would be more controlled, however they told me that residents had to put up bars because of excessive burglaries, so much for crime only in Puerto Rico. LOL
I feel nothing but good things about the ops post
reason being US has withdrawn some of its oversea balances (from countries like india etc)
which can lead to a period of excess
instead of such a method its strengthening its land mass/base hence all the best to puertoricans
may your immediate vicinity benefit from your prosperity
A new Hyatt hotel and Casino will soon open in Bayamón, of all places. Bayamón is certainly not a high end municipality, a hotel and casino, what for?
A new Mega Mall just got approval in Guaynabo. The Venezuelan owned Sambil Mall with 300 + stores, will rival Plaza and will give stiff competition to the luxury Mall of San Juan being built near Isla Verde. Sambil just finished another Mega Mall in Santo Domingo and Curaçao and was delayed in San Juan because the Fonalledas, owners of Plaza , took them to court. If states like Mississippi, Oklahoma, Nebraska and a lot more have higher per capita incomes than Puerto Rico, Why not build these consumer palaces there?
Why is all this being built? Do they know something we don't. With the bad press Puerto Rico has in the U.S. with crime , migration of the middle class, and government bonds practically in the junk bond status, What's going on?
Bayamon is the 2nd largest city in Puerto Rico and lots of business in the city . It makes perfect sense for Hyatt to open a Hotel and Casino for jobs and revenues.
Even the Native-Americans have their Hotels and Casinos in their reservations and most that I seen are not in a high end municipality but they sure make lots of revenues.
by the way, the people in upper management and research/investment teams of these companies have access to all kinds of information and data and when they decide to put a hotel/casino and malls in a town, they have done their research and unless the economy suddenly tanks they are right 9 times out of 10. That's why they invest lots of money in research and background.
Many Puerto Ricans like to drink, eat, gamble, dance and go to shows and that's on the entertainment side, you have the business side of job conventions and fairs and school activities. It makes perfect sense to put a Hotel and Casino in the 2nd largest city in Puerto Rico, I wouldn't be surprise if they open more.
I'm not surprised at all that they would place that in Bayamon, plenty of people there and I'm sure they have done their research, like Rush says.
Puerto Rican's do enjoy entertainment, fully!
My mother in 75 years old and she loves the slot machines, Im a Black Jack person myself but elderly people love slot machines for some reason.
You put slots machines in a nice Hotel in Bayamon with live bands, drinks, food and shows and they will come to spend their retirement money with their friends and they have a blast and that's just the retired folks in Bayamon (2nd largest city in Puerto Rico) who don't want to drive to San Juan in the traffic all the time. Then you have the younger generations with the dancing and meeting people. On the Business side, you can have all kinds of activities there. Im sure school dances and graduations will be always booked.
you put a buffet and they will come everyday, elderly people love buffets too.....lol......Hyatt made a good business investment.
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