Showing posts with label Gaming. Show all posts
Showing posts with label Gaming. Show all posts

Friday, July 24, 2020

Dealing with an Inexperienced 'Know-It-All' Real Estate Agent

First: I will survive a 30 day All Cash Real Estate Escrow.  (That's a fact!)

Second: I am NOT sure I will ever recover from this "New" Agent's idiocy!

He works for a local real estate company that has had a nice success rate.  I'm sure there are agents there that are competent and worthy for anyone to work with.

But, on this particular transaction, this agent has tried his best -- in my opinion -- to get my client/friend to remove me so he can be the only agent in the deal.

Why?

I don't know -- 3rd Base!



Yes!  That's how confusing this has become, and we are still NOT in an Open Escrow, yet!

Here's the background:
On Sunday just past, I receive a call from a Buyer.  He saw my plex properties on a listing service.
And, it turns out, he wants to buy two of them!  Okay.

After discussing the price points, the Buyer wanted to think about it.

A day or so later, my client/friend says he is thinking of listing the two most horrible looking, lack of curb appeal, cost ridden plex properties with someone on the Multiple Listing Service. (I am NOT a Realtor and I have found as a CRE Broker, the Multiple Listing Service is great for homes -- lousy for commercial buildings)
To me that's okay because the Seller's price is retail, and the Buyer's prices have all been wholesale. (He won't accept wholesale and I thought I would just cut my losses.)

Anyway, the buyer then disappears for a few days, then I get a Realtor form offer from this agent for that particular Buyer.  A sleazy move on the Buyer;s part, but okay.

The one offer is for two properties (which the seller owns under two different entities); and, they are low ball prices.

Turns out, the buyer called me, got first hand information on the properties, then went back to the agent to write the offer.

At First I am offended, but Hey, "It's Real Estate," said Mike Sitren.

Anyway, turns out this agent does have a lot of listings, yet I have had other Buyers who worked with him in the past tell me he tried to do things they were uncomfortable with. (That's another story for later.)

Anyway, as I try to help him understand that there needs to be two offers, and I Counter his one offer for 2 properties with 2 offers for one property each, he starts to insult me, my forms, and boldface lies about regulations. (I doubled checked with the state on a few of his pronouncements that he was sure were illegal.  They are not, according to the NVRED.)

Now, I am wondering: Is my client/friend going to sign the 'new' offers (one for each property) that the agent (reluctantly) finally agreed to write? Time will tell.

After we (I am hopeful) close this transaction, I know I will be moving on to other deals already in process!

PS: In my near 29 year experience, sleazy agents will crash and burn sooner than later.
This agent needs to go sooner.

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!

Saturday, July 18, 2020

14 down, 7 to Go!

Sounds like a Football or Basketball score, doesn't it?

Out of the 21 properties I have had listed, I have been able to sell 14 of them!

Yes, I need to replace the Sold listings with other listings, but all in due course.

I listed a portfolio of 12 Single Family Homes (SFRs) including a townhouse and a condo.

I listed three motels.

I listed a portfolio of 6 Multifamily apartments.

I still have those remaining because they are extreme value added and the Seller wants his price.
(Still working an offer that might work, though.)

In the meantime, if interested in acquiring a Las Vegas property...

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!

Monday, June 29, 2020

Luxor and Excalibur to be Demolished?

Never cared for the Luxor.

Even though you can see the top spot light illuminating the night sky from my house -- even on over case nights.
To be honest, I think I've only been inside in the life of the property maybe 6 times?

Excalibur was a place we stayed at with our kids in the 1990's before moving here.  We wanted to get a feel for the city during a Thanksgiving weekend. (That was a mistake!)

Anyway, it's a rumor these are to be turn down.



Here's the article: 

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!

Sunday, June 28, 2020

I Will Serve You With A Subpoena!

Wow!

Never thought I'd have to be subject to being subpoenaed.

But, when you are trying to market a downtrodden building, and a tenant causes the building to catch fire, I guess other Tenants consider that a violation of their rights?

This all stems from the fire, caused by a tenant using their stove to heat their studio apartment at the Alpine Motel Apartments!

Yes, I was the broker trying to sell the property As Is, Where Is.
But this plaintiff's attorney is fishing for information.

It is my understanding that you may have represented Mr. Orozco regarding a potential sale of the
Alpine Motel in August of 2019.  At the very least, I understand that you were the broker. 

Please forward to me all images, inspections, notes, contracts, agreements, emails regarding such.

Obviously, this is just an email and you do not have to respond. Unfortunately, because of COVID, I
cannot serve a subpoena at this time.  However, as of July 1, I can.  So, either you respond this
way, or, after July 1, I will serve you with a subpoena.  Your choice. 

At the very least, demand is hereby made that you take steps to preserve all emails, notes,
inspections, letters, agreements, communications, and images related to Mr. Orozco and/or the
Alpine Motel. 

Alpine Motel Apartments

Well, I am going to talk to my golf buddy attorney to see about this.

Most likely I will co-operate because I only have a few things he's asking for. Probably best to take the high road.

"When in doubt, tell the truth!" Mark Twain

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!

Tuesday, June 16, 2020

The Local Las Vegas Motel Market

With Resorts commanding top dollar, and some even falling back into foreclosure, the local Motel scene is alive!

The reason is, even though the Resorts were shut down, the local governments understood that local motels were essential to helping keep visitors to local residents open and happening.

Years ago, my wife and I decided that it was better for relative/out of town visitors to have some visitation freedom!  
You see: Las Vegas is a destination that some want to partake in as a complete stranger; and, they want to do what could be frowned upon in other (outside of Nevada) neighborhoods.

So, initially, we booked local motel rooms for them, but they soon got the hint.
(FYI: The wife & I for years would visit "them" and be offered accommodations in a relative's house.  But, we felt we needed 'more privacy.' So, we started booking stays at local motels when we visited them!)

Thus, we maintain privacy. and visitors maintain freedom to gamble until they drop without worrying about their hosts!
To us it is a Win-Win!

So, with local motels being necessary or essential, and the resorts shut down, my listings have generated a lot of interest.

Thus, the need for qualified motel persons to contact me asap while I still have two remaining.
(Another FYI: I am currently negotiating a potential sale on one of them.)

If interested in motel income....


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!

Tuesday, May 12, 2020

"You Need To Pay My Broker!"

Developers!

All of the Developers I have worked with throughout my near 30 year Real Estate Career have always been the same: Greedy!

Recently, I have been going back and forth with a S Cal Developer, who used to be licensed as a real estate agent in California, who is now searching for Las Vegas houses (to buy and flip).

Fortunately, I have a seller client who will sell his rental houses in a portfolio all cash.

After going back and forth with the Developer, and settling on the price and terms, the developer then throws in that I have to split the procuring commission with his "broker!"

What?

Apparently, this Developer wants half the procuring commission and he found a local agent -- who I know - who is wiling to pay this unlicensed person half of the procuring fee just to have some business!


Is this sleazy?

YES!

First, it never occurred to me that the "agent" actually would be willing to do this.  (He must be hard up for money.)
Second, why would an agent/broker even want to be inserted into any ongoing negotiation post the listing agent procuring the Buyer. (This doesn't make any sense.)
Lastly, this Developer never mentioned "his broker" until the terms of the deal were set and I was drafting the contract.

Now, the Seller does NOT need to sell! (It would be a different scenario if that was the case.) And, the original sales terms have been altered from the Seller's original terms and I have a feeling (knowing the Seller for as long as I have) he is most likely NOT going to accept.

We'll see what happens.

(My wife suggested I report this to the NV RED because I know that the Developer wants and probably will get half of the procuring fee IF I go along with his sleazy deed.

If you are searching for an honest CRE Broker...

Contact David Howes: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!

Tuesday, May 5, 2020

Sleazy Real Estate Agents

Late last night, I received a call from a residential agent asking about one of my motel listings.

She and her husband are a Residential Real Estate Team here in Las Vegas.

Not surprised that a residential agent would call.  That happens a lot because residential agents think that selling a Commercial Real Estate (CRE) property will add to their mystic.  (It doesn't.)

Anyway, this morning, The "wife" emails me that they have a cash buyer interested in acquiring a small motel.  I have one listed.

I call the Owner's Property Manager (PM) and set up a tour.

As I was working on other "things," I suddenly get a text from the PM saying that a Buyer and agent are at the property asking questions.  (Now, PM and myself are the only ones authorized by the Owner to answer For Sale questions.)

Fortunately, the PM was at the motel in question and did answer property questions during the tour.
Then, they suddenly left.

In the meantime, I am calling the "wife" and asked what was going on?
She said their tour was ahead of schedule and thought just going to the property to walk around was okay. (It's NOT!)

I told her that, that was unacceptable and unprofessional behavior.  If she had been in real estate any length of time, she would know this.

FYI: If you make a schedule to tour a real estate property, and you are early, you call the listing agent to let them know you are early.  They didn't call.  I had to call them after the PM found them wandering the property and asked what they were doing?

So, if you have agents that are that lacking in management skills, you may NOT want to work with them.

The PM did say the Buyer acted as if he was offended by the condition of the property.  He's a bottom feeder and I am truly sick of them.

The property is Value Add and does need work and is priced for that reason.

More as the Corona virus, COVID-19, rampages through the US.

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!

Wednesday, April 8, 2020

Small Las Vegas Casino For Sale!

The Owner of a Small Las Vegas Casino with 45 rooms just told me he's interested in Selling.
He said he will NOT List with any Broker, but if I bring him a ready, willing and capable buyer, he will compensate me.

So, if you can acquire an Unlimited Gaming Casino at $30 Million, contact me right away.

Las Vegas, NV

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!

Saturday, March 28, 2020

The Assignment has NOT been Received!

In almost 30 years of being a Real Estate Broker, this has happened to me less than a half-dozen times.
However, as of yesterday, this is the first time it happened within three days of closing escrow!

I have had the three Downtown Las Vegas Motels in escrow four times now.

In my attempt to ward off would be flippers, I have been diligent to overly vet prospective buyers.
Most approach as buyers interested in acquiring value add, net income properties that they can fix and operate.

However, I didn't see this one coming because the "Buyer" has acquired several properties in Downtown Las Vegas that he bought, fixed, and operates.

So, when all of the Buyer's contingencies expired, he suddenly wants to cancel the escrow -- and receive 100% of his Earnest Money Deposit (EMD) back!
WHAT?!

The Seller was just as surprised, too!  And, since the Buyer threatened to sue to get his EMD, the Seller sought his attorney's advice; and his attorney says the EMD belongs to the Seller.

Then, while discussing the situation with the Escrow-holder, she lets out that she had been waiting for the Assignment of the Escrow.
WHAT?!
Assignment of  Escrow
She tells me that the Buyer's assignment of the escrow has NOT been received.  I was stunned. Apparently, this Buyer either didn't have the funds to close (As he assured me); or his flip Buyer pulled out of the deal at the last minute.
(I think the latter.)

Now, the Buyer either has to close, or he loses his $275,000.00 EMD.

At this point, we shall proceed with caution.

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!

Thursday, March 19, 2020

SHUTDOWN!

Real Estate is a business that requires a lot in personal interaction.  Granted, most of it is on the telephone and through other electronic communicating, but it is still a personal relationship business.

Yet, truly it is a non-essential business -- except when you have an escrow that needs to close within the shutdown period.


Sigh!

Buyer wants to extend closing because he is restricted from re-entering the US; and Seller's attorney says close right away.

Somehow, as the Real Estate Broker in the transaction, I am stuck between a rock and a hard place.
(Boy do I feel squeezed.)

What to do? What to do?

Keep moving forward.

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!

Saturday, January 25, 2020

Sports Loving Investors - A Long Term Leased Sports Bar is available for your review!

Hey!

Sports Loving Investors!  There are two Las Vegas Sports Bars For Sale!

Football is back in full swing!  And, the Super Bowl is just around the corner!

With that said, these are fabulous opportunities for the correct Sports Loving enthusiast to acquire a perfect Net Leased Investment Property where local Las Vegans go to wet their whistles and make friendly wagers on the games right inside of the bar!



That's right!  These Sports Bars have sports wagering kiosks that can accept wagers on the game right at the bar location without having to go to a major resort to place a bet at a sports book!

And, these are located in these particular sports bars because of the credibility of the Tenant which is a National Credit Tenant who has a Corporate Guarantee on their lease!

These two can be acquired together or individually.  Both have a Net Leased Income of more than $20,000 per month!

AND, there is basically zero Landlord responsibility!

The Tenant pays for the building maintenance, the building's Real Estate Taxes, and Insurance on top of their  annual rent!

So, don't wait!  The long term leases and tenant financials are available.  But, I will only let those qualified get to see them.  In order to get qualified, you need to call or email me.  I suggest you do so as soon as you finish reading this so you do NOT swing and miss on this too good of an opportunity!

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!

Tuesday, January 14, 2020

Rail Served Land in Las Vegas!

Recently, I've been thinking about the Railroad.
All the live long day.

Okay, enough of that.

About a year ago, I ran into a Land Owner who resides here in Las Vegas who owns several acres of land that he is considering for sale.
One of his parcels is adjacent to a parcel that has rail service.


Now, there's no warehouse, or anything like that on the parcel; but, there is a rail spur on the vacant parcel.  This could add value to this owner's parcel if he does acquire it.


It sits there all by itself, all alone with no other rail served parcel in the area.


However, the parcel with the rail service is NOT big enough, by itself, for any warehouse development.  So, in order to build and be able to utilize the rail spur cost effectively, you would have to acquire the surrounding parcels.

Unfortunately, there's the rub.

But, I have approached the adjacent land owners about selling.  Some are willing; others no so much.  (Their prerogative. )  Some want more than top dollar, the others are content to keep their land and keep it as is.

Anyway, if interested in developing a rail served parcel in Las Vegas, and need my insight...

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!

Thursday, January 9, 2020

Tragedy Attracts A Low Balling Crowd!

Ever since the Alpine Motel Apartments suffered it's worst day ever and a resulting six people died, there has been an uptick in real estate interest for this property.

Yes, the Low Ball Flippers have contacted me about buying the property.

Alpine Motel Apartments

All have the ability to close real fast, and they are Cash Buyers -- they claim!

The problem, aside from the legal liability the Owner is going to suffer from (alleged) code violations, is these Low Ball Flippers can buy quickly -- only if the Seller would carry back a loan!

Now, I know from my years of experience, that when you are a Buyer asking for a Seller to Carry Back a Loan, you are NOT a Cash Buyer!

And, to add insult to injury, their quick buying price is way less than what the property is worth.  Vacant, the property should sell for about $3 Million in it's "As Is" state.

But, with the pending litigation, that puts this property on hold.

In the words of the Owner's attorney, "Hold for now."

In the meantime. my heart goes out to the victims caught in this tragic event.

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!

Wednesday, January 1, 2020

Five Tips about Real Estate

Happy New year, Everyone!!

Now, I didn't stay up for any of that New Year's Celebration stuff.  So, I rested well and woke up late New Year's Day.

However, I noticed someone connected to my blog from another blog.  And, checking out the other blog, she described some real estate items I think everyone should know.

https://therealestatewhisperer.blogspot.com/

Enjoy!

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!

Tuesday, December 31, 2019

Happy New Year!


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 Pleasant New Year's Eve and Day!

Tuesday, December 10, 2019

Happy Holidays Everyone!

Wishing Everyone a Happy and Safe Holiday Season!

Charlie Brown Christmas Tree!


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!

Monday, November 25, 2019

The Redevelopment of Downtown Las Vegas is the future of Las Vegas Development!

Since Tony Hsieh started buying up lots and lots of real estate parcels east of the Downtown Las Vegas Fremont Street Experience more than 10 years ago, land flippers have also been buying up property with the intent to flip to Tony's Downtown Project.

And, with the City of Las Vegas investing in widening the Fremont Street sidewalks east of Las Vegas Blvd, this area is beginning to become more pedestrian friendly,  Local businesses have high hopes this attempt to draw foot-traffic will help the businesses in this area become profitable.

AND, with businesses drawing more people, the City also hopes this will draw more development in affordable housing -- which is in such dire need in this area.

Now, The Downtown Project has built a 250 unit apartment building called Fremont 9 at the intersection of (you guessed it) Fremont and 9th Streets; and, they are beginning to develop another +/-250 unit apartment building at 11th and Ogden.

Housing is in such demand, that even older apartment buildings are being sought to provide housing developers the opportunity to cash in on this trend.

The Alpine Motel Apartments

One such opportunity is the Alpine Motel Apartments.  Don't let the name fool you.  It's NOT a Motel -- even though that's the name it was given when built in 1972.

It is and has been Studio Apartments all along.  It currently has the ability to rent out weekly.  But, the City of Las Vegas would like to remove that grandfathered ability with any new construction at this site.

Now, it is currently being rented monthly.  But, because of the run down state of the property, it is in dire need of renovation.

That's where the rub begins.

Some developers think it will be too much to renovate.  Others just want to low ball offers so they can do a lipstick on a pig and flip.

Even The Downtown Project made a low ball offer which was quickly rejected by the Owner.

Comparable Sales, though, indicate the AS IS Market Value to be $3 Million.  OR, at about $73,529 per unit.

BUT, the Seller will accept $2.8 Million.  OR, $66,667 per unit.

And, this falls right into what I think the cost of renovation could be: +/-$6,000 per unit or more.

Now, like I mention above, this property has had it's share of offers -- mostly low-ball offers that the Seller has continuously rejected.

Yet, I continue to strive toward a Closed Escrow/Sale for this property.

So, if you are ALL CASH with a QUICK CLOSE, there is a price that this could be acquired at!

You just need...

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!

Tuesday, November 12, 2019

When a Buyer needs a Seller Carry Back, the Property is being Flipped!

You spend a lot of time exerting a lot of effort marketing a property for sale.  Then, you run into a Buyer who claims (says) you don't need to work so hard. 

They're easy.  They have all cash and can close real fast!

You think your efforts are finally paying off!

Phew!  That was .... Wait!

That was too easy....

And, so it goes.  You work so hard to get a fair market value offer for a property listing, and then, all of the sudden, along comes a Buyer with cash. (So, they say.)  You think your effort has finally come to fruition?  Or, has it?

This is a scenario I have run into for a long time since I obtained the Listing on several Las Vegas Properties.  I worked my marketing magic as best I can; and, then out of the blue comes a Buyer (a Flipper), who presents themselves as the key to my success.

(They claim) They are an ALL CASH Buyer who can close easily and quickly -- if the Seller can carry back a 2nd for six months to a year.

Sound familiar?

I've heard this a lot in the last year or so.  It's become so redundant, I can recite their pitch in my sleep.

The Seller, who I have known for a long, long time, is a well educated property owner with a lot of experience in owning, buying and selling real estate.

And, yes.  He buys low and sells high.  (That's the Golden Rule of Real Estate.)

So, when he told me he will NOT carry back a loan, I knew, right from the beginning, he knew the secret of a Flipper.  That is because he's a Flipper, too!

But, since I've known him, he's always been the real ALL CASH Buyer type that does pay ALL CASH and he does closes quickly. (Less than 30 days).

He isn't a Buyer who tries to get a carry back from a seller.  He pays cash, fixes the property's problems, then re-sells.

Moral of the story, if you are a flipper, and you want to steal equity, you need to do it quietly, quickly and move on to the next property in a blink of the eye.  To do that requires ALL CASH. 

Get in.  Close.  Then, Get Out.

Carry backs only keep the Seller's interest in a property.  It allows the Seller to keep an eye on what you are doing.  And, that creates the problem.  Once the Seller knows you are stealing their equity, that's when the Buyer's problems begin. 

And ALL of Your Efforts were for not.

Moral of the Story, I will keep marketing and putting my effort into finding a Buyer who wants to own the property rather than someone just looking for a flip.

It really does matter.

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!

Sunday, October 13, 2019

No one else will offer $250,000 non refundable!

This Buyer is Correct!

The only type of Buyer who would ever offer a Non-Refundable Earnest Money Deposit -- non-refundable and released to the Seller upon the Opening of Escrow -- is a sleazy Buyer!

They are the type of Buyer who think they are smarter than the Seller; Think they are smarter than the average real estate agent, (okay, maybe they are correct about that); and, they try as hard as they can to steal the Seller's hard Earned Equity.

I have a vast amount of experience dealing with these types of Buyers.  No, I don't like dealing with them because they drain my battery.

They are a waste of time.  They keep pushing the scenario of just how little the subject property is worth; yet, if they owned it, they'd be pushing just how much the subject property is worth.

So, if a property is listed for sale with me, I do my best to maximize the selling price.  Do I lose a lot of Buyers because of it?  YES!

But rest assured, they are the Buyers you, as an owner of a Commercial Real Estate property, don't want to be dealing with.

However, as the Seller of any Nevada Commercial Real Estate Property, you can hire me to list the property at a fair market value, and I will 'Damn the trenches' to find you a qualified Buyer.

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!

Wednesday, October 2, 2019

You ever get used to being lied to about Las Vegas Resorts?

About a year ago, I wrote a $900 Million 'Offer' for the Rio All-suites Hotel and Casino.  That investor needed more time to put together the acquisition money than Caesars was willing to wait.  So, it went no where.

Now, the reason the Offer I wrote was so high in price was because the land value of the 88.53 Acres which the Rio sits on his worth about $11 Million an acre.  Thus, the $900 Million offer.

After that offer fell apart, Eldorado Resorts came along with their attempt to acquire ALL of Caesars in their stock deal.  At this time, I was told by my contact at Caesars that the sale of the Rio was being put on hold until Eldorado completed their acquisition.


Ok, makes sense.  Let's wait.  (I should never have waited.)

Then, a few months later, I was shocked to read that Caesars Sold the Rio at about half of the land value for the whole property!

Even to today, I am flummoxed as to the reason they moved forward on such a low ball offer.

Now, the Rio buildings and such were the victim of the lack of Preventive Maintenance.  Before and during Caesar's Bankruptcy, they did little if anything to cure items that could have easily been fix, replaced and of in general taken care of.

Thus, the dire state of the existing structure. (As one retired casino executive said to me one time, "Duct tape on the carpet is NOT a repair."

So, all I can do now, is hope that the current buyer, who is in escrow, doesn't close and I find an equally qualified buyer to close on the property.

Are there other resorts available?  Yes. 
Are they expensive?  Yes.
Are there hotels/motels available without gaming?  Yes.

To find out more....

Contact David Howes at: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!