Casino Destroyer System
The obvious draw of a large hotel in Las Vegas is, of course, the casino. However, the LV Hilton is designed to draw business travelers, vacationers, and even families. This is part of a larger trend in the city to compete with theme hotel recreational facilities beyond the gaming tables. The Las Vegas Convention Center, one of the largest in the world with 3.2 million square feet of convention space, is naturally a draw for the hotel based on its year-round convention business, often involving attendees in excess of 100,000 a volume most convention centers could never handle. The Hilton also has more than 2.5 million hotel guests per year. Amenities include 40,000 square feet of casino space offering virtually every game imaginable, including the Race & Sports SuperBook for sports betting. The hotel also offers a 1,600-seat live theater. Other specialized features Star Trek The Experience and museum, an array of restaurants (fast food, Italian, Japanese, steak house, seafood,...
Today Scott is one of the three mortgage bankers I call when I need the straight story about real estate financing. It was Scott who, years ago, warned me of the real estate bubble being formed by the sub-prime mortgage fiasco. It was because of Scott that my wife, Kim, and I became more conservative in our real estate investments while others became real estate gamblers.
I rom what I have seen over the years, buying options on overpriced properties is the number one reason many people fail to make it in the real estate option investment business. And for most beginning option investors, overestimating the value of their first option property usually proves to be a very costly and often a fatal mistake, which generally marks the beginning of the end of their foray of investing in real estate options. You must understand that when you assign or sell a real estate option to a third party, what you are really selling is the property under option. This means that if the property under option has a purchase price that is right at or above market value, it will be nearly impossible to find anyone willing to buy your real estate option. I know an investor in Las Vegas, Nevada, who learned this lesson the hard way when he bought a one-year option for 10,000 on a former gas station, which had been sitting vacant for two years. This neophyte investor...
This example makes the point that some hotel sites are a reflection of local culture. For example, capsule hotels in Japan or casino hotels in Las Vegas reflect local values more than any other products. In identifying demand trends, the analyst needs to understand that demand may be defined by a specific amenity. Whether that is the case or a more diverse offering of amenities is involved, the specific market must be studied, of which three broad types may be distinguished
During the hot housing markets of the past few years, flipping properties has become almost as popular as the super bowl. In Dubai, UAE, where I worked off and on during this past year, investors (speculators) flipped more than 50,000 new units at premiums of 30 to 50 percent. In Las Vegas, flipping became a better bet than the casinos. Though, I now hear that market is cooling and the speculators (especially Californians) are flipping properties in Phoenix and other parts of Arizona.
During this last real estate bubble, a friend bought one property, flipped it, and made some money. That first easy success went to his head. He now thought he was Donald Trump's long lost brother. As the property bubble continued to inflate, he went on a buying spree, buying properties in Las Vegas, Miami, San Francisco, Mexico, London, and Phoenix. Today he is bankrupt and blames real estate for his problems. His problem was he knew only one type of market, a market bubble. He now knows what a real estate bust looks like. Since he blames real estate rather than himself, he has not learned much. He has wasted priceless mistakes. He fails to learn that it is after the bubble bursts that the real, real estate investors come out, and the real killings are made. The killings are made from foolish investors who got killed.
The key to guessing is to increase your odds of guessing correctly. If you're given four choices to a question and have no clue as to the correct answer, you have a one-in-four chance of guessing correctly. However, if you can eliminate one or two of the answers as being wrong, you've increased your odds of getting the right answer to one in three or one in two. Most Las Vegas gamblers would take those odds anytime.
It surprises and amuses me to see countless thousands of pathetic, puffy-eyed hopefuls robotically inserting coins and pulling at the one-armed bandits, playing the roulette wheel, or craps, or baccarat, or whatever. Just like the gamble of lottery tickets, casino games (with one notable exception) are permanently stacked in the favor of the casino. Of course this is not all there is to it There would be nothing in it on average for the casinos, and therefore there would be no profit left to pay salaries, and rent, and electricity, and advertising, and directors' fees, and staff bonuses, and vacation pay, and insurance premiums, and on and on. So, in their wisdom, the casinos added another number to the wheel a green zero. If the ball rolls into the green zero, then all bets placed are forfeited to the house. (To be exact, you can buy insurance against the ball falling on the green zero, in which case you get to keep all bets except the one placed on the...
Don't ask for 3,200 per month and hope some dummy walks in, falls in love with the place, and rents it. It just doesn't happen that way. For one thing, most tenants have done the same homework I have recommended that you do, and they know the market. Even if they haven't done the research, just by virtue of the fact that they've seen several apartments, they have a pretty good picture of what is going on. I'm not saying it never happens it does once in a while, but it's like playing a slot machine. What are the odds that your machine will be the one that pays the jackpot, and how many quarters are you willing to sacrifice to find out Any real gambler will tell you that slots are the worst odds in the casino.
Ross McCallister is a thirty-year industry expert in real estate development and finance. He is a co-partner of MC Companies and oversees investment analysis, development, construction, financing, business development, and client relations. He is a licensed real estate broker and a licensed general contractor. Ross has developed and constructed more than four thousand apartment units in Arizona and managed condominium conversions in Oregon, Las Vegas, and Arizona valued in excess of 300 million. Prior to founding MC Companies with Ken McElroy, Ross was president of The McCallister Company, a real estate syndication firm and property management company. Ross believes in giving back and has served the real estate industry on various boards throughout his career, including the Office of the Governor's Arizona Housing Finance Authority Board.
I The Problem Sellers in this category claim complete satisfaction with their home just the way it is. They don't want to clean it up, pick it up, or repair it so it works better. They feel that someone out there is willing to pay top dollar for the home, regardless of its mediocre condition. They simply want the agent to find them the right buyer. Couch potatoes are also the people who insist they always win when they go to Las Vegas.
One difficulty with identifying a market area for the lodging industry is that we cannot limit the analysis to geography. It is more elusive than residential projects, for example. The draw of a convention center may be related to the city where it is located, that is, New Orleans or Las Vegas, where amenities of the city beyond the convention center itself may serve to create a less distinct market area. Identification of market area depends on locating the factors determining its true size and scope. (Size, for the purpose of lodging properties, has to be defined as a nongeographical market as well as a geographical one for example, if one hotel can be booked online through one of the booking services, whereas another cannot, the market area for each will be quite different.) Research involves a thorough study of information from tourism bureaus and economic development agencies locally convention centers and trends in local convention business traffic studies and trends strategic...
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