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SkyVue site for sale

Discussion in 'Casino Industry & Development' started by Nevyn, Nov 25, 2015.

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  1. Nevyn

    Nevyn VIP Whale

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  2. UTE

    UTE Plastics

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    Bulloch managed to fail at this project after the recession - while the economy was in recovery. His Achilles Heel was putting in place short-term financing to launch the project without obtaining ongoing funds. He wrongly assumed that once he started construction, additional financing would fall into place.

    Bill
     
  3. nostresshere

    nostresshere Mr. Anti Debit Card

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    From the day it was announced, it seemed like a foolish idea. Very, very, very little walk in traffic. We love M-Bay and do stay down there,but to expect people to wander down to just ride the wheel? At least the other one is in the middle of high volumes of foot traffic.

    Just foolish.
     
  4. UTE

    UTE Plastics

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    I agree - you summarized what my stance was when I analyzed the project for a LV publication. Getting the wheel built was Bulloch's first hurdle. His second hurdle would have been making the wheel succeed. In his final proposals, he planned to wrap a mall around the wheel - arguing that such a hybrid site would be a substantial draw. However, he could not get anchor tenants to sign on. And, without those lease agreements in place, his potential financiers walked away.

    Bill
     
  5. leo21

    leo21 VIP Whale

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    He was such a braggart, too. He kept claiming he was well ahead of the Linq but no one could figure where he was going to get the money to finish.
     
  6. nostresshere

    nostresshere Mr. Anti Debit Card

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    Even if he built it before the Linq, or even if the Linq never opened, who would go down there? As the "prospective" tenants said to him: "Are you nuts?"
     
  7. UTE

    UTE Plastics

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    One of Bulloch's dramatic claims was that he had the "only set of bearings in the world" large enough to support a big wheel - making it sound like any competitor would find it very difficult to acquire their own set. He had obtained the bearings from a failed Asian venture and he paraded them around Las Vegas on the back of a truck. In reality, the company building the High Roller for CET did not struggle to have a set of bearings made to spec and delivered on time.

    Bill
     
  8. leo21

    leo21 VIP Whale

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    I wonder if the bearings are for sale, too?
     
  9. UTE

    UTE Plastics

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    A good question.

    Bulloch owed money to virtually all of the companies that provided materials to the project. If he did own the bearings, he'd have sold them to pay off debts. If he still owed money on the bearings (a likely scenario), the company that supplied them would have taken them back. In a recent article, Bulloch claims to have paid off his debts. Like any of his claims - I think that one will require some fact checking.

    Bill
     
  10. Rooster0620

    Rooster0620 Low-Roller

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    Looked to me like a race between him and Caesars to see who could build their unprofitable wheel first.

    Looks like Caesars won.
     
  11. UTE

    UTE Plastics

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    Well... yes and no.

    The High Roller is like a "halo car" put out by a car company. It draws people in. The promenade leading up to the High Roller is doing well - and that's profit for CET. So, yes - the High Roller may not financially stand on its own. But, it's now a landmark people go to see, even if they don't ride it.

    Bill
     
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