I was completely shocked after reading an article titled “Las Vegas? Surely someone is spiking the Kool-Aid” that I found on the blog Housing Doom. This entry tells the reader about one company’s plans to build an amusement park in sin city. Keep in mind the market for real estate in this here is one of the worst in the country. Home prices have dropped more than 50% according to zillow.com, an online real estate database. The foreclosure rate is also staggeringly high.
Many income-generating properties have been losing money or closing down over the past few years. Clearly, it’s not the right time to develop a theme park in a city where real estate is in limbo. I think the overly optimistic company behind this project is making a huge mistake. Many expected the newly built City Center to revive Las Vegas, but it too is struggling to fill its rooms and make a solid profit. This multibillion- dollars hotel’s lack of success makes it clear that property development should be put on hold until the market recovers.
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| A sketch of the proposed amusement park |
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