KVBC is reporting that Trump Tower in Las Vegas, the condo project from The Donald, is laying off 20% of its workforce.
This comes shortly after an article from Steve Friess where he predicted doom and gloom for the golden clad property.
I stayed there this Spring and while I'm not interested in going back, we had a nice time.
Thanks to Mike for shooting me the story this AM.
Comments
During the construction phase alot of commentors made excuses that the location back off the strip was not a problem and lack of a casino and activities no big deal. Now when reality sets in, one can really see that it is a big yawner. It will have a low occupancy level and not be a great investment.
I personally think the condo-hotel scheme will be one of the great failures of the housing boom. It costs too much to let someone else manage your condo-hotel room (and still make any money), and nobody is going to pay top dollar to stay in your place if you take the do-it yourself route and post it on craigslist or something like that. within 5 years i bet the place will lose the trump name, become a condo OR hotel. Or possibly some sort of time-share or apt complex.
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