The Las Vegas Sun reported that some CityCenter condo buyers are trying to renegotiate their purchase contracts to better reflect market conditions. Market conditions could suggest prices almost 50% below what the buyers had already agreed to. We know of some in the gaming investment community (buyside and sellside) that are probably in this camp.
A little macro analysis might have persuaded the buyers to wait and not buy at the peak. A little more macro analysis back in the spring of 2008 would've persuaded gaming analysts to downgrade gaming as housing prices had already been falling.
We've been critical of investors and especially sell side analysts that "don't do macro". It has shown in their work over the last year and it looks like it may be adversely affecting their personal investments as well.