Las Vegas Market Watch

Las Vegas Is Headed In the Right Direction

January 29, 2014
By Jodi Snyder
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$7,136,600,000 in Projects Underway!

  • 2013  $ 675,000,000
  • 2014  $ 1,131,600,000
  • 2015  $ 480,000,000
  • 2016  $ 2,350,000,000

Development is synonymous with construction and permanent jobs that will revitalize the state of our economy. Here is a gallery of the $7,136,600,000 project plans with completion dates.

DownTown Grand Hotel and Casino $100,000,000 2013

LINQ $550,000,000 (High Roller Ferris Wheel) 2014

Robert T. Eglet Advocacy Center $18,000,000 2013/2014

GALLERIA Renovation $7,000,000 2013/2014

SLS Boutique Hotel $750,000,000 2014

WAS BILLS GAMBLING HALL $185,000,000 (NO NEW NAME) 2014

MGM Entertainment District $100,000,000 2014

Federal Justice Tower $35,000,000 2014

Vada Tech $11,600,000 2014

SHOPS AT SUMMERLIN $450,000,000 2015

South Point Bowling Center $30,000,000 2015

GENTING Resorts World $2,000,000,000 – 2016 Phase

MGM Resorts / AEG ARENA $350,000,000 2016

Convention Center Redesign $2,500,000,000 – No Date Yet

Switch MegaNAP 9 No information

Konami Gaming Expansion
State-of-the-art 120,000 square foot gaming facility that designs, produces, and sells
imaginative gaming products.
No development cost information available

Several years ago, the development projects in the casino, retail, and housing industries caused the landscape to change overnight. Jobs were created and real estate was booming.

There were so many cranes in the sky that the “crane” was jokingly referred to as the Nevada state bird. Today the landscape is significantly different without the cranes. But projects are being added to the drawing board.

Many projects are in the development stage and they are creating jobs. The creation of jobs will not only help to mend our economy, it will bring qualified buyers to the real estate market again.

Unemployment to Employment

Governor Sandoval stated, "As 2014 begins, all indications suggest additional improvements with trends pointing to further job growth and a continued decrease in the unemployment rate."

In just two years Nevada's unemployment has dropped from 11.2% to 8.9%, proving that progress is being made today. Nevada has stimulated the economy by adding 14,100 jobs in three months from September to December.

Las Vegas Has A Bright Future

As we stated in a previous blog, the hedge fund investors have drifted out of our market. What has that done to the market? That has created a stable market for the typical buyer who is buying their first home, retiring to Las Vegas, moving up, or down-sizing.

Las Vegas has so many factors that make it stand out as the place to live. Las Vegas has great weather – other parts of the country are reporting sub-zero temperatures and today’s forecast for Las Vegas is in the 70’s.

Las Vegas is in close proximity to many recreation sites like Lake Mead for boating and fishing, California beaches, and the Red Rock Canyon and Charleston mountain areas for climbing, skiing and hiking.

Las Vegas has many ongoing community events from farmer markets to the performing arts. And of course the dynamic entertainment and retail community continues to bring over 100,000 visitors to our city every day. Las Vegas has tax advantages, affordable housing, over 46 golf courses, over 77 parks, and the list goes on.

Developers recently invested 24 million dollars in land. They believe. They believe that Las Vegas has a viable growth potential so they are investing in our future. It’s just a matter of time. The cranes may be back.

As the old cliché goes- “Follow the money”.

January 29, 2014
By Jodi Snyder