With 5,000 people moving here each month, somebody had to spill the beans!

Trump Towers Las Vegas Layoff of 20%

Just saw on a local TV station (Channel 3, NBC) that Trump Towers is planning to lay off 73 people which equates to about 20% of their workforce.  According to the report, this is due largely because the close rate for their condos dropped significantly as a result of the ongoing mortgage crisis.   According to the report, “only a small fraction of the condos have been sold.”

Interestingly, Neil from the UK and I stopped by Trump Towers about a month ago to take a quick peek.  It was weird–I expected it to be super fancy-shmancy, and I guess it was–lot’s of gold stuff everywhere–but it didn’t look very significant.  Gold? Check.  Classy?  Uh…not so much.  Neil and I both thought that if you were to compare the look of Trump Towers to that of Wynn Las Vegas, there was no comparison.  Wynn looks much more substantial, more thick.  (To be honest, I thought Red Rock Casino looked nicer.)  Granted, we just checked out the lobby and the pool (from a distance. . .peering through the workout area), but we kept scratching our heads, wondering what the money was buying folks who chose to invest in a Trump Tower condo.

Hopefully, those 73 folks will be able to find work elsewhere, perhaps at Encore or Aliante Casino.


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Comments

5 Responses to “Trump Towers Las Vegas Layoff of 20%”

  1. Lee Adams
    July 24th, 2008 5:36 pm

    That’s interesting information. Goes right along with the theme of your past couple shows regarding the housing market in LV. Just this past March, Stefanie
    Schaeffer who was head of Sales and Marketing (I think that was her correct title) for the Trump Towers, had made the statement that they were almost at capacity with over 90% of their units having been sold. Shows you how fast things can change.

    Keep up the good work!

  2. ScottW
    July 24th, 2008 6:32 pm

    What’s REALLY interesting is that Ms. Schaeffer said they were sold at 90% capacity and the NBC news bit says they sold “only a small fraction”.

  3. ScottW
    July 25th, 2008 8:05 am

    Last night NBC 3 reported that Donald Trump WAS NOT HAPPY about the reported layoffs. Called the report bu** s**t. Told the reporter over the phone that 40% of the condos had been sold.

  4. Chellie Petro
    August 5th, 2008 6:48 am

    It has always amazed me that so many homes (rental or purchases) in Las Vegas over the past few years are priced way over the middle income bracket. People had a hard time finding a place to live that they could afford and now everyone is scratching their heads wondering why Las Vegas is in the housing slump it’s in. After all, the middle class is the majority…why do builders continue to ignore the middle class? Las Vegas real-estate has been way over priced for some time now…it’s about time the prices started falling to get back to normal with the rest of the majority of America. I blame the realtors and investors for pricing the properties so ridiculously high…remember what goes around comes around.

  5. ScottW
    August 6th, 2008 8:25 pm

    It WAS crazy. We bought our house in October of 2003. Took ownership in April 2004. Within six months, the same builder (D.R. Horton) was building the exact same house on the exact same lot and asking $100k more. . .in SIX MONTHS.

    I knew that was unsustainable. . .and by the time we moved to LV (August 05), the correction was beginning to take place.

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