How did they build this? It's amazing how such structures are even conceived. Etc, etc.
Yet, when a bank forecloses on a property; OR, an owner tries to cut cost by ignoring simple maintenance issues because the owners are (desperately) trying to maximize their capital investment, they will do the usual paint and carpet to try and hide the simple problems that slowly erode the property to the extend that this erosion effects the property's mechanical systems and so forth to the point of decay thus effecting the buildings structural integrity.
Okay, this just means that the lack pf preventive maintenance has eroded the property and thus are no longer able to supply comfort to the tourist staying at the properties.
Such is the case at two well known Las Vegas Resorts.
Yet, the companies that own these properties currently, want top dollar for them.
Recently, I had the privilege to meet with a long time, very experienced casino-hotel operator who has his own opinion about both properties.
His reaction after viewing the properties was surprising, yet not surprising. He referred to both as, "It's a tear down!"
He stated that the only value they have left is in the land.
And, after touring the properties, I am in agreement.
What is that old saying? If you put lipstick on a pig, it's still a pig? That applies here.
Sure, the owners want as much as possible to be rid of these problem properties they have continued to throw money at. But from the very beginning, the fact they they continued to throw money at them was in reality wasting money. (They should have known better.)
If you want to know which properties I am referring to, email me your contact information, I will send you my Non Circumvent, Confidentiality Agreement, then we will continue this discussion.
To Contact David Howes try: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!