Blurry numbers never lie.
|
Before committing capital to a project, banks and investors
usually like to know that it will be solvent. Before they
could build the Xanadu, its planners needed to secure mortgage
financing. To this end, they tapped real estate appraiser
Gary Kent to undertake a detailed look at the Xanadu's chances.
Kent examined many aspects of the planned casino, from the effects
of air travel on the profitability of gaming operations to the
correct ratio of convention space to room quantity. His
report neatly captured the fiscal realities of the Las Vegas
Strip in the mid1970s. Though his efforts could not save
the Xanadu, they provide a valuable resource for historians
and the curious. |
