Tax cuts restore large building project in Las Vegas

Bloomberg:
For New York developer Steven Witkoff, the tax overhaul signed today by President Donald Trump will have an immediate effect: he’s plowing ahead with his plan to develop the stalled Fontainebleau resort in Las Vegas.

“Now, we’re not going to be patient,” Witkoff said in a phone interview. “We’ve basically pressed the ‘go’ button to do everything necessary to finish design on the project and take down a construction loan.”

As soon as it became clear to Witkoff that the bill had a good chance of clearing both houses of Congress, he began seeking financing for as much as 60 percent of the estimated $3 billion in development costs, he said. He plans a resort with 4,000 rooms, a casino and a restaurant on the property, purchased for $600 million in August, more than seven years after billionaire Carl Icahn acquired it out of bankruptcy. The project will create 6,000 hotel jobs and 5,000 construction jobs, Witkoff said.
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One part of the law that spurred th3e action was the ability to immediately write off the expense of capitol investments.  While the construction jobs will not go on forever at this project the hotel jobs should be long term.  The Democrats threats to roll back the tax cuts could, unwittingly, actually spur more investments like this.

This is a real-world example of how Democrat tax policy has stymied growth in this country.

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