as Vegas Plans 5 Year 4.2% a year ago and below the
Expansion That Signals national average of 4.7%. It is
Another Building Boom In estimated that every new hotel
Development. room built creates two and one
have jobs in the private sector.
Everyone in the nation knows Las
Vegas, Nevada is considered the Las Vegas is already home to 17
entertainment capital of the of the 20 largest hotels in the
world. Las Vegas real estate has world, including 8 of the world’s
been booming for more than a top 10 largest hotels. Las Vegas
decade, yet Las Vegas still has also boosts more hotel rooms than
room to grow, with 37 percent of any other city in the world. In
land undeveloped in the fact Las Vegas has more hotel
metropolitan area and further rooms than Los Angeles, San
land swaps with BLM eminent. Francisco and New York combined!
Having just celebrated it’s 100th According to the American Gaming
anniversary in 2005, Las Vegas is Association, Las Vegas also has
poised for another boom in the highest casino gaming
development that will perhaps be revenues in the United States.
greater than any previous The number of major hotel casinos
expansion experienced to date! opening opened in the past ten
years on the Las Vegas Strip,
According to the Nevada include Mandalay Bay Resort &
Department of Employment, Casino, theHotel, Wynn Casino and
Training and Rehabilitation, The Resort. Bellagio, , New York-New
total employment for Las Vegas in York Hotel and Casino, Paris Las
2005, produced 60,000 new jobs. Vegas and The Venetian Casino
The unemployment rate in January, Resort. In addition, a number of
2006 in the Las Vegas area was existing properties on the Las
estimated at 3.9% - down from Vegas Strip have expanded during
this period, including MGM Grand plans in the works to add an
Hotel and Casino, Luxor Hotel and additional 37,000 rooms, a 25%
Casino, Circus Circus Hotel, increase and the largest number
Casino and Theme Park, and of rooms in any five-year period
Caesars Palace. Despite the in Las Vegas history. The
increase in the supply of rooms construction boom is seen as more
over the last 10 years, Vegas of a continuation of a steady
hotel occupancy rates still trend rather than an explosion in
average over 90%, making Las capacity and there is a good
Vegas one of the most profitable chance that up to a quarter of
and highest occupancy rated the new rooms like some
destinations in the world. condo-hotel projects -- will not
be built. Even if the 9,000
Las Vegas currently has nearly condo-hotel rooms on the planning
133,000 rooms and gaming revenue board are not built, inventory is
approaching $9B annually. The Las projected to increase 20 percent
Vegas Convention and Visitors between 2005 and 2010 and cost
Authority suggests that over the close to $20B dollars.
next 5 years there are building
About the Author:
Terry Barone is a veteran 27 year real estate broker and co-owner of a commercial real estate firm in Las Vegas. Terry is also the webmaster of two popular real estate web sites, http://www.PrimeSourceComl.com and http://www.LasVegasPrimeSource.com
