The Tropicana is just not competitive anymore given the growth of Las Vegas.

Despite the phenomenal growth of Las Vegas, the construction talent pool is not deep enough to provide the needed labor to build all currently announced projects. We believe if all announced and anticipated projects were to proceed before the end of the decade, a significant portion would not get off the ground given the limited depth of the construction talent pool, most importantly subcontractors.

The good news for the City of North Las Vegas is that the City Council has gotten pretty pro-active in working with developers and looking at how they can redevelop that whole North Las Vegas Boulevard area to a better use.

We are definitely slowing down and charging a lot more for it. We are out of Las Vegas. We are very much out of Miami, and we are hesitant in New York City.

Las Vegas has never been hotter, which shows in the gaming numbers through the end of the year. The casinos had record revenues of nearly $1 billion a month in gaming win, which is the best the state has ever seen.

All three factors are contributing to the deceleration in demand for Las Vegas (as a destination).