Tuesday, June 14, 2011

Sahara Las Vegas - The Firesale


I've stated before that the current economic system is very wasteful.  it operates off of supply and demand rather than the value of something.  The value of clean water is worth less than polluted water.  Why? Because they can sell you bottled water at a hefty markup.  In the end, it makes a few people some profit at the cost of everyone else.  Resources for bottled water (labor, energy, and materials) get used up in the economy, unnecessarily, where there was no need beforehand.  Clean water and air?  The best things in life are free.

What type of an economic system takes a perfectly viable entertainment property and declares it a teardown and worthy of mothballing? Here is a multimillion dollar investment that is said to be worthless.  It is the Sahara casino in Las Vegas.  In most countries, this property would provide an outstanding entertainment experience.

The finance that caused the physical property and its resources to be destroyed shouldn't have taken place.   Its victim is a functioning, innocent, entertainment venue, that cost a lot in terms of resources (materials and labor) to build.  If it had stayed with the original owner, the debt would've been paid off and the Sahara would still be open.  Instead it exchanged hands numerous times in the ponzi scheme, until the debt load could no longer be serviced.

Anyways, check it out:
[Link] Sahara Las Vegas to bite the Stardust but first the firesale...
[Link] Sahara Las Vegas to bite the Stardust but first the firesale... - Part 2

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