I recently read an interesting article in TIME in which author Joel Stein takes a trip to Las Vegas to see how the "heart of the American Dream" is doing in the wake of a real estate bust. Here's a description of what he describes as the devastation on the Strip:
"As I turn out of my hotel's full parking lot, veering onto the Strip, I come across something rarely seen in Vegas: frozen construction projects. I pass cranes abandoned at the site of the Echelon, a huge, multibillion-dollar project of four hotels that is now just three buildings of nine floors of concrete and steel beams sitting idly on some of the most expensive real estate in the country. I pass three more abandoned sites—63 empty steel floors of the Fontainebleau, a sad unfinished shell that was supposed to be Caesars Palace's Octavius Tower and two cranes halted on a structure that was supposed to be a St. Regis condo building...I never realized an economic defeat could look so much like a military one."
Stein's journey to the suburbs is equally disheartening, as its full of homes for sale, many of which are falling into disrepair or occupied by squatters.
What was especially interesting, though, was that despite the dismal scene, Stein encounters optimism from the people on the street, people who "still talk as if he or she is about to go on a winning streak".
Stein also interviews Sheldon Aldelson, chairman of the Las Vegas Sands Corp., whose stock price dropped from $144 to $1.42 last March, and now stands at about $12. Despite his losses, Adelson is confident that in the long run, the recession won't change the way Americans spend, won't change the viability of Las Vegas.
"There's no way this world will change. There's no way people are going to stop doing things they want to do," Adelson told TIME. "People aren't going to say, 'I'm going to see Old Faithful or the redwoods instead of taking a trip to Vegas. Or I'll go to Cape Cod with a book.' I don't think they're going to do that."
I think it's so interesting to read his comments, especially considering all he's lost in the recession. But at the same time, his thoughts may be ones to take with a grain of salt. After all, I'd hardly say he's hit rock bottom, like so many other Americans have who have lost everything.
What do you think? Will the recession ultimately change Americans' mindset on extravagance? In terms of meetings, do you expect to be going back to resorts, scheduling tee times, and coordinating five-course dinners for your attendees, or have you scaled back for good?
"As I turn out of my hotel's full parking lot, veering onto the Strip, I come across something rarely seen in Vegas: frozen construction projects. I pass cranes abandoned at the site of the Echelon, a huge, multibillion-dollar project of four hotels that is now just three buildings of nine floors of concrete and steel beams sitting idly on some of the most expensive real estate in the country. I pass three more abandoned sites—63 empty steel floors of the Fontainebleau, a sad unfinished shell that was supposed to be Caesars Palace's Octavius Tower and two cranes halted on a structure that was supposed to be a St. Regis condo building...I never realized an economic defeat could look so much like a military one."
Stein's journey to the suburbs is equally disheartening, as its full of homes for sale, many of which are falling into disrepair or occupied by squatters.
What was especially interesting, though, was that despite the dismal scene, Stein encounters optimism from the people on the street, people who "still talk as if he or she is about to go on a winning streak".
Stein also interviews Sheldon Aldelson, chairman of the Las Vegas Sands Corp., whose stock price dropped from $144 to $1.42 last March, and now stands at about $12. Despite his losses, Adelson is confident that in the long run, the recession won't change the way Americans spend, won't change the viability of Las Vegas.
"There's no way this world will change. There's no way people are going to stop doing things they want to do," Adelson told TIME. "People aren't going to say, 'I'm going to see Old Faithful or the redwoods instead of taking a trip to Vegas. Or I'll go to Cape Cod with a book.' I don't think they're going to do that."
I think it's so interesting to read his comments, especially considering all he's lost in the recession. But at the same time, his thoughts may be ones to take with a grain of salt. After all, I'd hardly say he's hit rock bottom, like so many other Americans have who have lost everything.
What do you think? Will the recession ultimately change Americans' mindset on extravagance? In terms of meetings, do you expect to be going back to resorts, scheduling tee times, and coordinating five-course dinners for your attendees, or have you scaled back for good?
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