Skip to main content

a city built on sin and excess can only go tits up when the economy crashes...

No great surprise here - most over-rated city in the world I reckon, even more fake than the oases built in the desert like Dubai and Doha. Casinos and clubs charging $20 for a drink do nothing for me....

Las Vegas in crisis

Party Over


AS MAYOR of Las Vegas for almost 12 years, Oscar Goodman has made it his mission to personify what he calls this “adult playland” in the desert. He prances through the casinos with scantily clad showgirls draped on each arm (although he is happily married). He claims to drink a bottle of gin every night (but “never before 5pm”). In his office he sits on a carved throne and gives visitors a symbolic gambling chip that depicts him, with his trademark Martini glass, as “the happiest mayor of the greatest city in the world”.

Alas, much of this, like most things in Las Vegas, is purely show. This is not merely because the famous Strip of hotels and casinos that accounts for more than half of all gaming in the state is deliberately (for tax reasons) just outside the city limits, and thus beyond Mr Goodman’s remit. More important, few residents of Las Vegas would any longer agree that their city is either great or happy.

Nevada has America’s highest unemployment rate. In Las Vegas, unemployment has risen more this year even as it has flattened in the rest of the country; it peaked at 15.5% in September. Nevada also has America’s highest foreclosure rate. In Las Vegas more than 70% of homeowners with mortgages owe more to the bank than their houses are worth. This desert valley, which once represented the most extreme pleasures in American consumerism, now has the most severe hangover.



Good example for a town mayor...

(with thanks to @garynaylor999 for linking to the article)

Comments

Popular posts from this blog

Spot-fixing - you will never, ever be able to stop it

According to this report , IPL tournaments so far have been rife with spot-fixing - that is fixing minor elements of the game - runs in a single over, number of wides bowled etc. The curious part of that article is that the Income Tax department are supposed to have found these crimes. What idiot would be stupid enough to put down 'big wad of cash handed to me by bookie' as a source of income? Backhanders for sportsmen, particularly in a celebrity- and cricket-obsessed culture like India are not rare. They could come from anything like turning up to open someone's new business (not a sponsor, but a 'friend of a friend' arrangement), to being a guest at some devoted fan's dinner party etc. The opportunities are always there, and there will always be people trying to become friends with players and their entourage - that is human nature. This form of match-fixing (and it's not really fixing a match, just a minor element of it) is very hard to prove, but also,

It's all gone Pete Tong at Betfair!

The Christmas Hurdle from Leopardstown, a good Grade 2 race during the holiday period. But now it will go into history as the race which brought Betfair down. Over £21m at odds of 29 available on Voler La Vedette in-running - that's a potential liability of over £500m. You might think that's a bit suspicious, something's fishy, especially with the horse starting at a Betfair SP of 2.96. Well, this wasn't a horse being stopped by a jockey either - the bloody horse won! Look at what was matched at 29. Split that in half and multiply by 28 for the actual liability for the layer(s). (Matched amounts always shown as double the backers' stake, never counts the layers' risk). There's no way a Betfair client would have £600m+ in their account. Maybe £20 or even £50m from the massive syndicates who regard(ed) Betfair as safer than any bank, but not £600m. So the error has to be something technical. However, rumour has it, a helpdesk reply (not gospel, natur

lay the field - my favourite racing strategy

Dabbling with laying the field in-running at various prices today, not just one price, but several in the same race. Got several matched in the previous race at Brighton, then this race came along at Nottingham. Such a long straight at Nottingham makes punters often over-react and think the finish line is closer than it actually is. As you can see by the number of bets matched, there was plenty of volatility in this in-play market. It's rare you'll get a complete wipe-out with one horse getting matched at all levels, but it can happen, so don't give yourself too much risk...