Re: W Hotel Lasvegas Casino oficially canceled
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Yet another example that the land is overvalued. It's easier to find a sucker to pay you 15m an acre than it is to try and actualy get an ROI and monetize through development. Not one single person who has a basis north of $10m/acre has actually built anything. The closest anyone's come is strategic acquisitions by Harrah's and Boyd, but it's apples and oranges.
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Word on the street (my little bird at W corporate) told me that they heard the plan was not canceled by Edge Group - it was a Starwood decision. Problem is its hard to verify because Steve Haeyer was let go of his top position at Starwood last month while receiving a 70 mil golden parachute. Nobody seems to know if he was asked to resign because of W LV, and my friends at W haven't been told why oficially, they just hear rumors like we do.
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