Usually, when a 'Want-to-be Casino owner' comes to town, and they acquire a 'casino property' for the "it's a good price" reason, I become very skeptical about them.
The reason is that just after closing, they finally come to the realization that they bought the wrong property in the wrong location for more than it is worth!
This happened in Atlantic City, too! Buyers of Casinos there -- with very little knowledge about the casino business in general -- were claiming they were able to buy a casino 'for the right price' and then for some strange reason, just after closing the sale, they found that they weren't making any money. And, the cost to run the casino was much higher than they anticipated.
Just so everyone knows: Not all casinos are going to make money.
It is well known that Atlantic City's casino problem has been compounded by that fact that local casinos in states surrounding Atlantic City were the primary reason for Atlantic City's casino demise.
In Las Vegas, there is only one area where you will be spending Billion$ for a property; and will have to in turn invest more Billion$ to bring the property back up to tourist standard to attract them to your property. (But, most buyers believe that just by putting paint and carpet in will suffice -- when it doesn't.)
Even in the State of Nevada, there are examples of casino properties that have been hurt by California casinos. Take Laughlin, NV for example.
Laughlin, NV casinos went into overbuild mold that -- well just wasn't needed.
http://www.reviewjournal.com/business/laughlin-s-abandoned-emerald-river-resort-remains-eyesore
Now, are there resort casinos worth acquiring? Of course!
Right now, there are properties worth buying. You just have to have the Billion$ to be able to acquire them. You have to have the capacity to close, and, you will have to re-invest money into bringing them back up to date!
Recently, a motel owner asked me to meet him because he wants me to help him to turn his (poorly located) motel into a high rise resort casino. I told him there is a severe lack of funding for high rise projects. He wasn't convinced that I was telling the truth. (I hate when that happens.) So, he is moving ahead.
So sad. Because he is going to invest thousands into architectural fees and permits to find he has an expensive time restricted county approval with no ready and willing buyers lined up -- because the banks foolishly fell for the first wave of condo/hotel tower ownership, and lost big time on it. It was all a waste of money.
Now, if you still have the itch to acquire a Las Vegas Resort Casino Hotel, and you have Billion$ burning a hole in your pocket, and no matter what anyone tells you, you still have a Resort Casino Hotel is in your sites, then you had better contact me; or, click on the Las Vegas Casino Information button. Download my form, sign it and email it back to me.
Then, we can start discussing which properties would be ripe for acquisition.
PS: European Casino Brokers don't have the internal contacts in Las Vegas that I have.
The reason is that just after closing, they finally come to the realization that they bought the wrong property in the wrong location for more than it is worth!
This happened in Atlantic City, too! Buyers of Casinos there -- with very little knowledge about the casino business in general -- were claiming they were able to buy a casino 'for the right price' and then for some strange reason, just after closing the sale, they found that they weren't making any money. And, the cost to run the casino was much higher than they anticipated.
It is well known that Atlantic City's casino problem has been compounded by that fact that local casinos in states surrounding Atlantic City were the primary reason for Atlantic City's casino demise.
In Las Vegas, there is only one area where you will be spending Billion$ for a property; and will have to in turn invest more Billion$ to bring the property back up to tourist standard to attract them to your property. (But, most buyers believe that just by putting paint and carpet in will suffice -- when it doesn't.)
Even in the State of Nevada, there are examples of casino properties that have been hurt by California casinos. Take Laughlin, NV for example.
Laughlin, NV casinos went into overbuild mold that -- well just wasn't needed.
http://www.reviewjournal.com/business/laughlin-s-abandoned-emerald-river-resort-remains-eyesore
Now, are there resort casinos worth acquiring? Of course!
Right now, there are properties worth buying. You just have to have the Billion$ to be able to acquire them. You have to have the capacity to close, and, you will have to re-invest money into bringing them back up to date!
Recently, a motel owner asked me to meet him because he wants me to help him to turn his (poorly located) motel into a high rise resort casino. I told him there is a severe lack of funding for high rise projects. He wasn't convinced that I was telling the truth. (I hate when that happens.) So, he is moving ahead.
So sad. Because he is going to invest thousands into architectural fees and permits to find he has an expensive time restricted county approval with no ready and willing buyers lined up -- because the banks foolishly fell for the first wave of condo/hotel tower ownership, and lost big time on it. It was all a waste of money.
Now, if you still have the itch to acquire a Las Vegas Resort Casino Hotel, and you have Billion$ burning a hole in your pocket, and no matter what anyone tells you, you still have a Resort Casino Hotel is in your sites, then you had better contact me; or, click on the Las Vegas Casino Information button. Download my form, sign it and email it back to me.
Then, we can start discussing which properties would be ripe for acquisition.
PS: European Casino Brokers don't have the internal contacts in Las Vegas that I have.
Contacting David Howes is easy -- either by:
davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88
AND Follow David on Twitter: @DavidAHowes
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