The Las Vegas government has announced approval to build an amusement park along the strip. Not content with the usual garish, over-the-top theme prevalent throughout the rest of Sin City, the developer has decided to construct a 500-foot ferris wheel, making it the third-largest wheel of its kind in the world, and the largest one in the western hemisphere.
In addition to the Ferris Wheel, it would include six additional rides, a 20,000+ square foot conference center and nearly 150,000 square feet of new retail space. Apparently, it’s not enough to be the gambling mecca of the Northern Hemisphere – they have to try to make Dubai look sensible and fiscally conservative at the same time.[pull_right] It’s not like a vacant condo can ride a ferris wheel.[/pull_right]Las Vegas badly needs the convention space – they have hardly any room for conventions at all. Well, other than The Las Vegas Convention Center and Hilton convention rooms (which can hold the world’s largest consumer technology tradeshow), the Sands Expo and Convention Center (which can hold the largest pornography industry trade show in the United States), the Cashman Convention Center, the Mandalay Bay Convention Center, the Cox Pavilion, and the Thomas & Mack Center. But other than that, they have almost no room at all. (Source: cvent.com)
As BiggerPockets put it,
In recent years it was more like, “Oh no, here we go again.” Predictions would forecast more of the same. More foreclosures, more lost jobs, lower home prices, and more of the same old muck and mire. Even the eternal optimists had turned downright pessimistic … However, a funny thing happened on the way to Armageddon – a wee bit of optimism returned. Sure some places saw signs of hope, but Las Vegas? Surely someone is spiking the Kool-Aid.
Given the current real-estate quagmire and lack of prospects for a recovery any time soon, this makes little sense. It’s not like a vacant condo can ride a ferris wheel.