Part 4/14:

Yet, around 2015, this facade began to crack. The industry adopted an "expansion at all costs" approach, fueled by record-low interest rates that made borrowing seemingly free. Billion-dollar projects such as the Madison Square Garden Sphere, Resorts World, and others lined up along the skyline, heralding a new era of extravagance. The strategy was straightforward: leverage debt to build bigger, flashier, more luxurious properties, and assume that guest numbers and spending would grow infinitely.