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Add to that equation lenders' reluctance to extend financing to commercial real estate developers, in general, and hotel builders, in particular.
One of the first decisions his administration made when he was elected in 2005 was to offer hotel builders four-year grace periods to repay start-up costs.
The Strip was created in Paradise, an idyllically named township of Nevada's Clark County formed by hotel builders who had already built strategically outside city limits as a means of minimising taxes, dodging regulations and avoiding utility disputes with the city proper.
Some other major urban centers provide financial aid to lure hotel builders.
Bruce Baltin, a hospitality industry consultant frequently retained by Los Angeles, said the subsidy is necessary to help hotel builders compete with housing developers for expensive downtown real estate.
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"There is nobody here -- it's a dead town," said Pierre Vigliano, 60, a hotel builder and financier who was out walking near his home.
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Without the Karpas prong, they say, Greek-Cypriot hotel-builders have little space for expansion.
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