leaving las vegas

guter bericht von dem zusammenhang von kasinos und immobilien
in diesem fall station casinos stn




http://yahoo.smartmoney.com/barrons/index.cfm?story=20060726

auszüge:

The trouble is, just as the housing boom has helped propel the stock, so too could a housing decline send the shares reeling. And make no mistake: This stock, with a market value of $4.1 billion, is a slave to the housing market and the local economy. It went nowhere for several years after the company's initial public offering in 1993, then suddenly came to life in 2003, just as the housing frenzy was gathering steam. Since then, Station's stock has soared in tandem with home prices.

With the Las Vegas real-estate market now looking overheated, the stock's long run may be coming to an end. If home-price appreciation slows or reverses, local residents will start feeling less flush and, as a practical matter, will have a harder time refinancing their homes to take out cash. The construction industry, Vegas' second- biggest employer, will retrench, sending ripple effects far and wide. Consequently, folks will be less apt to splurge on a night out at a Station property, where the offerings include not only gambling but dining, movies and even ice skating.

"We've got 400 to 500 houses in the $500,000 to $600,000 price range that have never been lived in and are sitting on the market for over a year." In fact, a full 40% of all the area's homes for resale aren't even occupied, according to First American Title Co. That's usually a sign of a market that has been inflated by speculative fever.

The disappointment will be especially keen if the housing market takes a sustained turn for the worse. According to the Cleveland-based banking firm National City, Las Vegas' homes are now 42% overvalued, based on income levels, historical prices and other factors.

passend hierzu hat gestern boyd gaming (byd), heute harris (het) und auch penn national gaming (penn) gewarnt.

einmal mehr wird deutlich wieviel in den usa an dem leidigen thema immobilien hängt. erstaunlich das trotzdem noch immer darauf gesetzt wird das dieser faktor durch andere ausgeglichen werden kann. leider sagt niemand welche sektoren das sein sollen.

die chancen auf ne saftige rezession in den usa steigen von tag zu tag.

gruß
jan-martin