Back from LV after a few days of meetings and catching up with a college friend that moved his practice back to Princeton (from AZ...he loves the Reno area). It was great to get some sun.
I must say, if you have to deal meet anywhere in LV and loath the strip, try the Red Rock Resort. It's a billion dollar local's casino and true resort. We never left. Great rooms/suites, every one with a view of the strip or the red rocks, great gym, even better spa. The restaurants we tried were very good and not overpriced. It is connected to a cinema with IMAX, arcade, a kid zone for day care. Very functional and business friendly.
An interesting article in their local paper talks about the over $10Billion (yes Billion) worth of casino/resort product coming on the market over the next few years. After visiting again, I am still convinced that gaming still remains recession proof. As previously discussed, LV is best of class when it comes to foreclosure filings in the US. Maybe there is a bright spot. After the market comes to an end of this correction cycle, there will be opportunity. These projects are predicting well over 100,000 new jobs created by these mega casino/resorts. That can lead to the creation/growth of support industries and businesses, creating an upward trending fiscally. LV is an anomoly. It has the potential to set it's own market. I truly hope the gamble these developers are taking truly pays off. Again, we do not live in a bubble, it will benefit all!
To get back on point, our discussions over the weekend had to do with the global housing market. It put into perspective, again, the global, not international, community we live in. Aside from the US, Great Britain, Spain, France, Japan, amongst others were discussed in detail. We are in a global real estatt slump...we are not alone (not that this should make you feel any better).
Is there light at the end of the tunnel? Yes. I'm just not sure if it's the sun or an on-coming freight train. No one know. You. Me. The talking heads on the tube. No one knows. I do know that the correction is far from over, the recession is here, let's see if we can avoid a depression (maybe one of the pharmies can come up with a pill for that. Lord nows, they seem to have a knack for creating new maladies just to keep us popping those colorful little treats!!).
As I have stated all along, prudence should be the mantra. If you're under water, get to the surface and out of the water as quick as prudently possible. If you're not, now's not the time to jump in.
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