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The next Detroit. LV or AC?

Discussion in 'Misc. Vegas Chat' started by Guardian, Dec 23, 2013.

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  1. Guardian

    Guardian Low-Roller

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  2. tringlomane

    tringlomane STP Addicted Beer Snob

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    Interesting read, but Vegas becoming the next Detroit is laughable. AC not as much.
     
  3. hillwood24

    hillwood24 High-Roller

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    I don't see a total collapse for Vegas (maybe AC), but they will both experience a serious downturn over the coming years. Both of these cities are bubbles created by the fact that gambling was historically illegal in every other state. That bubble is slowly popping as more and more jurisdictions issue gambling licenses.
     
  4. NickyDim

    NickyDim VIP Whale

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    with a 36% increase in value over the last 14 months this statement is just not true. Less than 25% now, and even with a modest gain in 2014 will see that number reduced even more, much closer to the national average.

    http://www.zillow.com/app?service=chart&chartType=geo&mt=34&dt=1&tp=5&r=18959,274346,273177&width=290&height=250"

    Why is it then, that Vegas continued to draw 42 million visitors this year. And a modest increase in gaming revenue from 2012. Maybe they should check the facts.

    http://www.lvcva.com/stats-and-facts/visitor-statistics/
     
  5. C0usineddie

    C0usineddie VIP Whale

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    I think Detroit has a different set of problems from vegas and a/c.
     
  6. Funkhouser

    Funkhouser In Charge of the Big Door

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    It's really unfortunate that a beach front resort towns like AC have not seen re-gentrification. If they had some level of entertainment like Vegas I would consider AC as vacation destination every year since I found the hotels, boardwalk, and gaming enjoyable.

    Two problems they have as a vacation destination. 1) Getting there by direct flight is limited. 2) Options of things to do when not gaming.
     
  7. Guardian

    Guardian Low-Roller

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    Lets check back in 5 years and see how much of this comes to pass.
     
  8. smartone

    smartone VIP Whale

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    Absolutely! I suspect little if any! I don't know about AC, but Vegas has it's "ups and downs" and always has.... 2008-2012 was a BIG DOWN, but even in that time period there were no major closures and several properties moved ahead with openings and planned construction. City Center opened, several downtown properties (D, Golden Gate, Downtown Grand, Plaza) continued with renovations.

    This spring watch how many construction cranes start popping-up again... I'm confident they'll reappear. I'm not predicting a return of the previous boom, but money's cheap and there's already some large identified projects ready to roll (Genting Group's takeover of the Echelon property).

    I know I tend to see things through rose-colored lenses, but god damn there's just too many people predicting doom and gloom all the time!!! If I want that, I'll turn on Fox News!
     
  9. IDoLuvVegas

    IDoLuvVegas Low-Roller

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    I have three casinos within a half hour drive, another two within an hour. One is starting to have touring performers, mostly those who used to be "big" but are now on the casino circuit. Have also been to Tunica and Biloxi more than a couple of times. We still go to Vegas at least twice a year because it is Vegas. The shows, restaurants, lounges, people watching, and vibe are not comparable. As a slot/video poker player I have as much success on the strip as I did in a Tunica and Biloxi, and close to what I have at my local places. I have had better success off-strip than strip, Tunica, Biloxi, or local.
     
  10. Kickin

    Kickin Flea

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    Comparing Vegas to Detroit shows a big lack of understanding about either Vegas, Detroit, or both.
     
  11. TomTWI

    TomTWI High-Roller

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    Last time I was in Atlantic City it was the first week gambling was legal. We stayed at Resorts International and it was so crowded you couldn't get to a table or move around in the casino. Only good thing was we lucked into a Bill Cosby show, that was worth the trip alone. OK enuf reminiscing.

    IMHO you can't compare Detroit's problems to Vegas or AC without discussing the Public sector unions and the impact of debt on taxation. I think many analysts focus only on gambling and miss the big picture. Las Vegas has much to offer in low taxes and quality of life and can attract companies Zappos comes to mind. Over the next few years I expect more companies to escape California high taxes and cost of living for places like Las Vegas. We shall see if I'm right in 5-10 years but for now I'm hanging on to my LV real estate.

    TomTWI

    TomTWI
     
  12. UTE

    UTE Plastics

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    It's like the author of the article wrote it during the initial "bust" of the Recession and never kept himself informed of progress. His info and stance on Las Vegas, as it is now, is erroneous.

    Bill
     
  13. Busyman

    Busyman VIP Whale

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    You hit the nail on the head.

    Since I don't gamble as much as I used to, I don't care to go there.

    I love Vegas, however, so to all those that complain about this big interest in clubs and such, be thankful that that's one thing that sets Vegas apart.

    If another State decided to become ultra-gambling friendly and mimic Vegas, Vegas, with it's large number of casinos and money tied up, would have bubble pop like no other.

    Vegas was built on gambling. Other metro areas like Chicago, Philly, and DC already held their own without gambling. Add gambling and it's cream off the top. If the casinos failed, the cities would be fine in comparison to Vegas, where it would kill the area.

    It would be like Orlando without Disney.

    Disney tried to come to outskirts of the DC area and was bounced out. Didn't "need" it.
     
  14. nostresshere

    nostresshere Mr. Anti Debit Card

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    Detroit - nah, or is that hah?

    A/C - Been there twice. No shows. Just not exciting. Flights and transportation an issue.

    Tunica - only 3 hours. Multiple casinos, fair restaurants, etc. Okay.

    Vegas - great transportation. Lots of shows. Lots of wow. Lots of eating options. (could care less about nightclubs or shopping)


    Winner - Winner - Vegas
     
  15. leo21

    leo21 VIP Whale

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    The issue with Detroit is that they were dependent on one industry. In AC, it seems they are dependent on tourism and they are still putting all their eggs in that same basket. In Vegas, they are also dependent on tourism but they are trying to diversify their offerings in that vein. In addition, there does seem to be a recognition by at least some civic leaders that they need to grow opportunities in other industries. If the downtown projects work, Vegas may have some insulation if gaming goes bust again.
     
  16. jerseyguy

    jerseyguy VIP Whale

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    That guy should concentrate on Detroits situation.

    AC really has nothing in common with it except some urban social and crime problems on a much smaller scale. The entire Jersey Shore area is not an industrial zone except for maybe the seafood industry. Tourism and the military are the two big economic drivers.
    I honestly think AC will be ok .
     
  17. Patripman

    Patripman Low-Roller

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    Atlantic City is a dump and has been called the ghetto by the sea for so many years. We were regulars there since the mid 1980's but stopped years ago, choosing only to vacation in one of the southern Jersey shore towns 1 week a summer and not even think of going to AC.

    p
     
  18. bigdav777

    bigdav777 Newbie

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    Don't be an idiot

    Well I'm in AC and it may be tough now but very fixable but why it will never be a DTroit as we like to call it cause we have the world famous boardwalk and beautiful beaches summers are what will always keep AC going period
     
  19. Sin City Sinner

    Sin City Sinner Low-Roller

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    This could be said for almost every internet & TV (especially 24 hour) "news" source.
     
  20. ken2v

    ken2v This Space For Rent

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    Was in AC once as a kid, once as an adult. It's a hole. There is no reason -- w/ or w/o gambling -- for someone not in the near-immediate vicinity to go there given what else is available all over the states.

    As for Vegas: Every time another state has legalized gambling, some pundit called it the end of Vegas. When CA basically took the lid off tribal gambling -- and So Cal-ers in cars are Vegas' bread and butter -- some pundit called it the end of Vegas.

    Water, or the lack thereof, is a greater threat to Vegas than an increase in gambling nationwide, and there is so much invested in town that when water truly becomes a problem, a solution will be found.

    The KEY to Vegas is that it is a gambling destination first and foremost and effectively solely. It's not some place with other awesome tourist attributes that decided to put up two or five or eight casinos as additional tourist attributes. The Palm Springs area doesn't bat an eye if Spa and Moron-Go and Agua Caliente and the others go away. Shut down the Strip or downtown or the locals and Vegas takes a dive.
     
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