News
Visitors in Long Beach discover the grandeur of the Queen Mary, with a hefty price tag
Long Beach visitors find a royal Queen Mary, at a whopping cost
Long Beach, California, is home to a historic and iconic ship known as the Queen Mary. This majestic ocean liner has a rich history dating back 90 years and has played host to countless celebrities and royalty, including the Duke and Duchess of Windsor, Bob Hope, and Elizabeth Taylor. However, the grandeur of the Queen Mary comes at a cost – a hefty cost that the city of Long Beach has been shouldering for the past eight years.
According to city records obtained by The Times, Long Beach has spent a staggering $45 million on repairs for the Queen Mary in the last eight years. These repairs have been necessary to keep the aging ship operational and on a path toward profitability. Costs include more than $3 million for rust and hull repairs, as well as $3.35 million for bulkhead repairs and removing lifeboats.
Despite the significant financial investment, Long Beach officials remain optimistic about the future of the Queen Mary. In 2021, the ship generated over $12.6 million in revenue, with profits exceeding $3 million between June and October. City officials project a “modest profit” of $3.6 million for the end of fiscal year 2024, marking a turnaround for the once-struggling vessel.
The city’s efforts to preserve the Queen Mary have not come without challenges. Private operators reported more than $31 million in losses between 2007 and 2019, prompting Long Beach to take control of the ship in 2021. Since then, the city has completed at least 25 major projects on the Queen Mary, funded primarily through revenue generated by the ship or related subleases.
In addition to internal funding, Long Beach has secured external support for repairs. A $12 million agreement with the Port of Long Beach, which transferred control of 14 acres of city property to the port, has helped finance repairs and renovations on the Queen Mary. The ship’s profitability in recent years has further bolstered city officials’ confidence in its future success.
Visitors to the Queen Mary can expect to see improvements and expansions in the coming years. Hotel capacity has been increased to 200 rooms, and onboard activities now include 22 guest tours, exhibits, and other attractions. Planned upgrades for 2024 include hotel room renovations, elevator upgrades, and the repair of the ship’s third smokestack.
The Queen Mary is not only a historic attraction but also a key component of Long Beach’s future development plans. City officials are eyeing a 43-acre space adjacent to the ship for a world-class entertainment and mixed-use development venue. The ship’s revitalization has been accompanied by a resurgence in live music, special events, and music festivals at the Queen Mary and Harry Bridges Memorial Park.
Despite ongoing repair needs, city officials remain hopeful about the Queen Mary’s future. Recent studies suggest that the estimated $289 million in needed repairs may be less than initially thought, providing a glimmer of hope for the ship’s continued success. Long Beach Mayor Rex Richardson expressed optimism about the Queen Mary’s future, envisioning a brighter future for both the ship and the surrounding land.
In conclusion, the Queen Mary stands as a symbol of Long Beach’s rich maritime history and a testament to the city’s commitment to preserving its heritage. Despite the challenges and costs associated with maintaining the historic vessel, Long Beach officials and visitors alike see the Queen Mary as a royal gem worth preserving at all costs.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
-
News2 weeks ago
Kevin McCarthy, former House Speaker, seeks revenge
-
News2 weeks ago
Juno discovers massive lava lake on Io
-
News2 weeks ago
Possible Future Colleague of Trump: David Lammy, a Close Associate of Obama
-
News3 weeks ago
Additional Perspectives on the 2024 Eclipse: Views from the Moon and Earth’s Orbit
-
News3 weeks ago
House speaker receives additional request from GOP member to resign or be ousted
-
Entertainment2 weeks ago
Bethenny Frankel reveals that her mother Bernadette Birk passed away from lung cancer
-
News2 weeks ago
Voyager 1 Communications Restored by NASA
-
News2 weeks ago
Is now the right time to invest in gold as prices have cooled?