Busted flush: Las Vegas on a losing streak

Four years ago Las Vegas was the fastest-growing city in the US. Now it's America’s foreclosure capital

Las Vegas on a losing streak
Image 1 of 5
The distinctive sign of the Sahara hotel is dwarfed by the shining blue Fontainebleau, a $2.9 billion hotel and casino development that went bankrupt in 2009 Photo: Jane Hilton

Sitting in the poolside restaurant at the Trump International hotel in Las Vegas, my eye was taken by a saying by the inimitable 'Donald’ etched into a floor-to-ceiling mirror: 'As long as you’re going to be thinking anyway, think big.’

Opened in 2008, the Trump International stands back from Las Vegas Boulevard, the main thoroughfare known as the Strip. With its 1,250 rooms and 50 penthouse suites on 64 storeys, the Trump is far from being the largest of the steroid-pumped hotel resorts along the Strip – it does not even boast a casino – and yet, standing in its perfect isolation, its windows clad in 24ct gold, it resembles nothing so much as a huge shimmering tombstone, a metaphor for the near-death experience that Las Vegas, where 'thinking big’ is what they do, has gone through in recent years.

Beside the Trump Tower is a vacant lot that was once the site of the New Frontier hotel. Opened in 1942 – the second hotel to open on the Strip, and in Las Vegas terms a building of outstanding historical importance – the New Frontier was the scene of Elvis Presley’s first Las Vegas appearance in 1956, and was briefly owned by Howard Hughes. In 2007 it was imploded – in the traditional Las Vegas style – to make way for a new $8 billion luxury hotel, provisionally named the Las Vegas Plaza, which was originally scheduled to open in December 2011. But the developers, hamstrung by the financial paralysis that has engulfed the town, have yet to break ground.

Beside the deserted site stand the skeletal steel foundations of another mega-resort, the Echelon. This was once the site of another historic Vegas casino, the Stardust, which was blown up in 2007. Plans for the Echelon include five hotels, a convention centre and a shopping centre, but construction was halted in 2008 when the American economy went into chronic relapse. The project’s owners, Boyd Gaming, say it will take several years and a further $4.8 billion to complete. Work will not be resuming any day soon.

Across the street stands the uncompleted shining blue tower of the Fontainebleau, a $2.9 billion, 3,889-room, 68-storey hotel, condominium and casino development. Building halted in 2009 when the Fontainebleau became the largest commercial construction to go bankrupt in the US. The property eventually passed into the hands of the corporate raider Carl Icahn for a song; the local rumour is that he is waiting for the price of steel to rise, when the hotel will be imploded and sold for scrap.

 

Read More

Views: 1337

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

TOP CONTENT THIS WEEK

Latest Activity

Twilight Zone posted a video
16 minutes ago
Twilight Zone favorited Chris of the family Masters's blog post Brandon Smith - We're Headed For 1929 Repeat
55 minutes ago
Twilight Zone favorited Central Scrutinizer's blog post MONSANTO FOUND GUILTY OF CHEMICAL POISONING IN LANDMARK CASE
58 minutes ago
Twilight Zone favorited Hyper Loose's blog post Medical Doctor Tells How Death Will Occur due to Taking the CV 19 Vaccine
1 hour ago
Twilight Zone commented on cheeki kea's photo
1 hour ago
Twilight Zone posted photos
1 hour ago
Twilight Zone commented on cheeki kea's photo
Thumbnail

INTERNATIONAL WOMANS DAY

"Fortunately those born male can celebrate by identifying as "women" thereby nullifying…"
1 hour ago
Hyper Loose posted a blog post

Medical Doctor Tells How Death Will Occur due to Taking the CV 19 Vaccine

Medical Doctor Exposes Mass Eugenics Extermination Called 'Covid-19 Vaccine'…See More
2 hours ago
Patrick C Conway favorited Phyllis Maka's blog post Two huge con jobs: Homeless tents in San Francisco, and the latest "covid relief bill" - Jim Stone
3 hours ago
cheeki kea commented on Chris of the family Masters's blog post America's Frontline Doctors
"I hope the petition works. I was reading info on a site today concerning the grave concerns that…"
4 hours ago
Chris of the family Masters posted blog posts
5 hours ago
cheeki kea commented on cheeki kea's video
Thumbnail

Career-Limiting Move (The Most Career-Limiting Thing You Can Do)

"This ad is utter bull shit And Racist towards asian women in this case. You international…"
7 hours ago
cheeki kea posted a video

Career-Limiting Move (The Most Career-Limiting Thing You Can Do)

What’s the most career-limiting thing you can do? It turns out that if you’re a woman, it’s having a baby.There’s a clear and obvious cost to women and their...
7 hours ago
cheeki kea posted a photo

INTERNATIONAL WOMANS DAY

Man have I seen some crap today sisters.
7 hours ago
Phyllis Maka posted blog posts
8 hours ago
Central Scrutinizer posted a blog post
12 hours ago
Central Scrutinizer posted a video
13 hours ago
Central Scrutinizer favorited Chris of the family Masters's blog post Brandon Smith - We're Headed For 1929 Repeat
14 hours ago
Central Scrutinizer commented on Chris of the family Masters's blog post Brandon Smith - We're Headed For 1929 Repeat
"Buckle up kids & the Fasten Seat belts light is now on folks... won't be a repeat.....…"
14 hours ago
Twilight Zone commented on Phyllis Maka's blog post Schumer: "Unity, unity, unity. That's how we passed this bill." Bill passed without any support by Republicans.
"It seems that's the story they're pushing.  Joe called it "bi-partisan",…"
15 hours ago

© 2021   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted