Word: overbuilt
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...sold out to Bally's for a record $440 million. The timing of Wynn's departure from Atlantic City was perfect: within a few months the overbuilt resort began a long slide. By then, Wynn was already focused on his plans for the Mirage in Las Vegas. To build the 3,000-room hotel, he pushed the company's total 1990 debt load to more than $1 billion. He spend $45 million to build a golf course exclusively for high rollers that he lined with 21,000 pine trees trucked in from California and Arizona. The risk paid...
This is the new metaphysics of work. Companies are portable, workers are throwaway. The rise of the knowledge economy means a change, in less than 20 years, from an overbuilt system of large, slow-moving economic units to an array of small, widely dispersed economic centers, some as small as the individual boss. In the new economy, geography dissolves, the highways are electronic. Even Wall Street no longer has a reason to be on Wall Street. Companies become concepts and in their dematerialization, become strangely conscienceless. And jobs are almost as susceptible as electrons to vanishing into thin...
...other hand, the airfare sale has created a huge demand for unprofitable, cheapskate travel. And chances are good that more fare wars are coming. Travel companies fear the auto industry pattern, in which consumers refuse to buy at anything but desperation prices. The U.S. hotel industry is severely overbuilt. Nearly 2 out of every 3 full-service hostelries have been losing money for the past two years. And while all the major chains are competing to offer the best summer bargains, few expect the sudden uptick to do much for their profits...
...most disappointing giveaway in the President's budget was the shortsighted handouts to the real estate industry. At a time when the U.S. is dramatically overbuilt in commercial real estate -- some large cities are so overstocked with vacant offices it will take 10 years to fill them -- it makes little sense to add tax incentives to encourage more building. Bush no doubt wants to shore up the sagging fortunes of developers and the home values of middle-class voters, but it is hard to see how adding more mini-malls and * office complexes to the landscape will help either constituency...
...make the coming decade the most difficult ever faced by America's institutions of higher learning. By the year 2000, many educators predict, the country will have leaner universities and a smaller system of higher education. But that may be appropriate. In the past 20 years, too many colleges overbuilt, too many aspired to do too much, and as a result, too many are competing frantically -- and wastefully -- for the same students. "We need more community colleges and fewer research universities," observes Duffey of American University, "and there should be more liberal- arts schools focusing on undergraduate education." A smaller...