Posted by ROB on June 24, 2004 at 19:05:55:
They have several other condo-tels project . SO if you dont like Vegas you can do them in florida and other places
Condo-Hotel on Vegas Strip – MGM Grand - Posted by Will in CA
Posted by Will in CA on May 18, 2004 at 13:53:45:
What do you think?
First Condo-Hotel on Las Vegas Strip. I’m in. I love the concept and may buy more.
The builder is Turnberry. MGM owns the land. The six 40-story towers will be built just behind the existing MGM Grand hotel. Adjacent to the new monorail. This is the very first condo-hotel in Vegas. A no brainer, I believe.
You heard it here first.
Will in CA
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Bob
Posted by Bob on May 27, 2004 at 02:42:03:
What exactly is a condo-hotel, and how does it differ from a regular hotel?
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Don Dion
Posted by Don Dion on May 23, 2004 at 24:10:18:
Wow at $500,000 a unit you will have to get $150 a night or more to break even. Seems to me last time I was in vegas for a builders convention people were paying $38 to $75 on average and they were all talking about were to get the cheap rooms and perks. My guess is the casino’s are tired of loosing money on the rooms and have figured a way to take the rooms off their balance sheets.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by john bruno
Posted by john bruno on May 18, 2004 at 21:30:44:
Will…This has been public knowledge since December, 2003.
But…I agree with you…A good idea, although a bit pricey! Looks like the cheapest “unit” will be in the $350,000 to $550,000 range.
Why do that if you can get a room for free in Vegas if you drop a couple of grand at the crap table?
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Will in CA
Posted by Will in CA on May 18, 2004 at 13:58:44:
Just FYI, the web site is www.MGMGrandResidences.com
I am not a broker or anything, I just wanted to pass on what I consider the best deal out there. I have looked far and wide, and this (IMHO) is the best deal around. Limited supply, huge, worldwide demand. Huge upside potential.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Bob
Posted by Bob on May 27, 2004 at 02:45:58:
>My guess is the casino’s are tired of loosing money on the rooms and have figured a way to take the rooms off
>their balance sheets.
If that’s so, why are several of the major casinos building an additional 1,000 rooms each when Wynn Las Vegas will add another 3,000 rooms by itself in 2005 (and WLV is already talking about adding another tower)? I doubt they lose money on the rooms.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Will in CA
Posted by Will in CA on May 23, 2004 at 16:08:53:
Vegas is many things to many people. There are those that want the low-end, and those that want the high-end. Your guess is not correct. The high-end Vegas rooms are increasingly profitable for the casinos such as Mandalay Bay, MGM-Mirage. The balance sheets are publicly available if anyone wants to review them. Room rates increased by approx. 20 percent at the higher priced casinos.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Don Dion
Posted by Don Dion on May 27, 2004 at 10:30:28:
Do some more research into the Casino business. I have a freind that is in upper mgt with the corp that owns the desert inn. From conversations with him the avg casino makes $150 an hour per sq ft on the casino.
That said my comment was not to tell you if it’s a good investment or a bad investment. I did some quick math before ever even commenting and figured that one out. Here is just a quick guess on this property idea:
$500,000 purchase price, $100,000 down $100,000 furnishing cap of 10.5% assoc dues $350 taxes 1%. Assuming you have the $200,000 and not getting any interest on that money: P&I 2935 T 450 Assoc 350 cap 1750 total 5460.08 divided by 30days of rental a month $182.00 a night to break even on the investment.
When I commented before that the avg rates were like $39 to say $89 the comment came back that these would get a 20% premium ok so you can get on avg $106.80 per night. I am just guessing at the numbers, hope this helps you in looking at it from another direction.
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Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Andrew
Posted by Andrew on May 28, 2004 at 22:41:10:
Your upper management friend is way off. I used to work in the casinos and they dont make that much off the casino floor, not even close. They average 145 dollars per slot machine per day. And thats the strip casinos only. If you did the math you would see that a 10,000 sq. ft casino floor (which is pretty small) would make a billion dollars a month by your friends numbers. The actual total revenue for all casinos in Vegas added up together usually runs around 500 to 700 million a month. There is around 80 casinos in town total. Also steve winn bought the desert inn for 245 million and he shut it down a couple years ago, blew half of it up, and is building Le Reve (the dream) there now.
I also got a little information about these condo-hotels and looks like their prices went up as the min price now is 450k where as before it was 350K.(still says 350k on website. huh) There is a housing boom in vegas right now where people are pushing up real estate prices hardcore. People are paying 50k more than appraised value for homes. (there was just a thing on the news about it a few nights ago) Median home price 1 year ago in vegas was 179k. As of April it was 299k. Might be worth putting a deposit down on 1 or 2 and then selling them for profit when their project gets close to being finished. (they just passed some law where you can only buy 2 new homes, 1 for primary residence, 1 for investment because corps. where buying all the houses in vegas and pushing up the price.) Well anyway thats what i think im going to do. By the time they get the place finished the price will probably have gone up 30% or more.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Bob
Posted by Bob on May 27, 2004 at 12:52:11:
It’s true that you won’t break even, but $500k isn’t what it cost the casino to build that room. Besides, a hotelier’s profit isn’t just made on the room. I think they’re bad deals as investment property precisely because you pay a huge price without any ancillary profit centers.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Dorothy Harris
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Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Will in CA
Posted by Will in CA on June 04, 2004 at 14:04:44:
Indeed. I believe the second tower is going to sell out faster than the first one. Vegas is really on fire. Here is an article about Mandalay Bay’s latest financials for the past quarter:
http://www.lasvegassun.com/sunbin/stories/business/2004/jun/04/516967139.html
Huge numbers. It’s all about the momentum. With four more towers to be built, I expect that all current investors will make a nice profit upon closing of the properties. Then again, ya never know.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by John Bruno
Posted by John Bruno on May 29, 2004 at 21:39:00:
I also heard that Lost Wages is also the “foreclosure” capital of the world.
Anyone hear that?
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by Don Dion
Posted by Don Dion on May 27, 2004 at 13:16:45:
I can only assume you must have missed the original post Bob. It was from someone looking at purchasing a condo from one of the Hotel/Casino’s on the strip for $500,000 and having the Casino rent it out for them.
Re: Condo-Hotel on Vegas Strip – MGM Grand - Posted by andrew
Posted by andrew on May 31, 2004 at 20:51:40:
Ya, but i dont know why. You drive down any street in vegas and you see all these bandit signs “i buy forclosures” Even seen a billboard next to a casino that had some guy willing to “buy” someones forclosure.