Casino Giants Fence in Florida, Las Vegas Gains New Distinction

by Jack Prophet | Nov 4 2011

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Casinos to Serve as Homeless Shelters- Free Smokes and Booze!
There was more grim economic news from Las Vegas last week just as the good citizens of Las Vegas were about to breathe a sigh of relief and hit the casinos  themselves for a little baccarat  or blackjack . The city of Lost Wages was awarded another dubious honour in addition to being the unemployment capital of the U.S.- it now holds also the record for most home foreclosures in the country. Currently 1 in 39 homes in the city of Las Vegas is in a state of foreclosure.

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Although there appears to be a slow economic turnaround happening on the Strip it doesn't in the end represent the fortunes of the rest of the city. Having gone from having the lowest unemployment rate in the country in 2006 at just over 6%, to having the highest in the country five years later at over 14% also doesn't help. The net effect of course shows up in the home real estate market which has correspondingly tumbled as a result. In addition the economic downturn has spilled over into corporate realty with office space vacancy at almost 20% while the nationwide average sits at 12.5%.

What makes the figures even more alarming in the private housing market is that over 50% of all homes are considered to be “underwater”, which means that they are worth less than the amount of their current mortgage. This has led to the phenomena of people simply walking away from their homes which are considered negative equity. Ultimately they will get a better return from a roulette  wheel.
However all is not lost and if there is one city that can take a punch and come back for more than it is Las Vegas. This seems to be a matter of right sizing as the city conforms to new economic realities and runs leaner and meaner.

Upcoming Casino Battle Will Be Like a Transformers Movie but with Better Acting
In another case of you heard it here first it appears that the gloves are off in Florida as mega casino corporations Genting Group  and Las Vegas Sands  openly prepare to do battle now that the expanded gambling bill is about to be tabled in the legislature. The bill would see Florida move away from a patchwork of gambling initiatives that currently includes First Nation casinos, dog track casinos, and Jai Alai wagering, to full on Las Vegas style casino properties.

It was rather amusing to watch both parties pretend that they were happy simply opening hotel resorts on the ultra-expensive Miami waterfront and “hoping” one day that that they would be able to also build casinos there. Now they are starting to take potshots at each other as the state gambling authority publicly announced that there would be three Las Vegas style casinos allowed in the Miami- Dade County area. Ultimately the competitive undercutting is not necessary as it is virtually a lock that both Genting and Las Vegas Sands, who also currently run the only two casino resorts in Singapore, will get the green light in Florida.

What is an unknown at this time however is who will get the third? Logical contenders would be the MGM group or perhaps Caesars. Wynn International just got the go ahead to build a second casino in Macau so one could assume that their funds are tied up there, and not many other casino companies have the ability to foot the anticipated 2.5 billion dollar construction bill for each casino and resort. It will be interesting to see who joins the fray!

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