in the fall of 1999, my spouse, daughter, and i, went to Las Vegas for a vacation. We hadn’t been there for a couple years so we had been completely shocked on a cab ride from the Mirage to Mandalay Bay when we drove by way of the newly renovated MGM Grand. long gone became the giant lions head front; replaced by a greater traditional front and a bronze statue of Leo the Lion to hold with the Lion theme.
The inn had best opened in 1993, which to me, became nevertheless a totally new lodge. Why in the world could they spend thousands and thousands to renovate a five year antique inn? I don’t forget first finding out the motel on a go to in 1996 and being enchanted with the Wizard of oz.theme. With the yellow brick street walk-via complete with the cornfield, apple orchard, and haunted woodland, in addition to audio-animatronic figures of Dorothy, the Scarecrow, the Tin man, the Cowardly Lion, and the depraved Witch of the West. It changed into all still so new and intricate so why spend hundreds of thousands to exchange it all?
The cabbie instructed us that the Asian gamblers have been staying away in droves. on foot thru the mouth of a lion became considered horrific good fortune of their subculture and created terrible feng shui. I stated to the Cabbie that those upkeep should have price hundreds of thousands and i couldn’t get my head around it. The cabbie simply chuckled and said “In Las Vegas, it doesn’t count how an awful lot it charges. You simply need to hold the gamblers coming again and spending. that’s the handiest component that topics in Vegas.” I wager he changed into right!
Later that week, my daughter Laura desired to test out the MGM Grand adventures theme park. It was wonderful! This was a full size awesome subject park. but it became additionally empty. Laura had usually dreamt about having an enjoyment park all to herself. This was a dream come proper for her. We had a large fully staffed entertainment park all to ourselves. We went at the water raft journey five instances due to the fact there was no lineup. there has been no line up for whatever!
And once more, I couldn’t reconcile my simple understanding of real world economics with the truth of Las Vegas. Why could a inn assets lay our a fortune to fully body of workers an empty over-the-top subject matter park. this will most effective be possible in Las Vegas where the profits from gambling could make a few very strange and outstanding matters feasible!