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View Diary: Las Vegas on Black Friday (18 comments)

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  •  or the hedge fund takeover (3+ / 0-)
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    kaliope, WI Deadhead, Azazello

    Wall Street took a bath in Vegas in 08. In the mid 90's, Wall Street analysts saw that Vegas casinos were making 30 cents on the dollar every year. The banks made billions of dollars available to upgrade the gaming properties. Since the casinos make the most money on the high rollers, they invested heavily on high end amenities. Lots of new ultra lounges, celebrity chef restaurants, giant hotel suites, expensive shows and acres of swimming pools. Problem is that the only thing that generates solid revenue is the gaming floor. All of those other things operated at a low or negative return on investment. All this made the casinos operate at a much lower rate than 30 cents on the dollar. The hedge funds are swooping in and buying distressed properties at fire sale prices.


    i just baptized andrew breitbart into the church of islam, planned parenthood, the girl scouts and three teachers unions. - @blainecapatch

    by bobinson on Sun Nov 25, 2012 at 08:01:13 PM PST

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