Las Vegas Changed With the Market to Great Success
During the late 2000’s, the Las Vegas area was devastated by the economic downturns, especially the US gaming market. Since Las Vegas’ main industry revolves around this market, the Las Vegas Strip was forced to reinvent itself to survive. From new dining options to new lodging choices to new offerings in entertainment, all of these options helped the Las Vegas area to survive and come back even stronger.
Las Vegas isn’t just bright lights anymore! With new real estate developments happening nonstop, the city is showing that it’s able to keep with the rest of the country.
Las Vegas Turning Itself Around
While Las Vegas made many changes in the type of businesses that they offered, they also came together and made a community. This was largely due to the efforts of such groups as the Downtown Project, as they worked to help give the area more of a community feel. This helped build optimism in the investment community, which has led to many new projects and many stalled projects coming under development. Some of the most noticeable projects include:
- The MGM Arena, which will be completed in 2016. The focus is on landing an NHL team and the arena can also host basketball events, concerts, and more.
- Resorts World is being constructed on the previous Stardust property. This is a stalled project that is being relaunched by a new company and is scheduled to open in 2018.
- The Las Vegas Global Business District is a huge expansion of the existing Las Vegas Convention Center.
- The Lucky Dragon Casino and Hotel will offer a new hotel with almost 19,000 square feet of casino space. This offering will cater largely to Asian gamblers with games that they prefer.
- The Las Vegas Club will continue removing its focus from gaming by trimming its casino floor to make room for a CVS or other drug store.
While tourism is a huge part of Las Vegas, it is not the only part. Commercial spaces are also seeing some changes. These include:
- The Downtown Summerlin is opening in October and the next phase will offer residential units.
- Other office, retail, and residential units are also being planned in several areas, including on the property that was once known as Manhattan West.
Even though the Las Vegas gaming market, as well as real estate market was not looking too healthy just five years ago, it has turned itself around to the delight of investors. These investors are reaping the rewards of their faith in the market and will continue to do so as long as more developments are planned and completed.
Las Vegas has always been known as a bright and exciting city,
and it has shown that it is also enterprising. With their focus on giving the city more of a community feel and changing the way that it offers certain services, it is staying fresh for the millions of tourists that come each year. From new commercial offerings to new gaming establishments to changes in style and substance, Las Vegas has shown that it can stay relative to what the community needs and the tourists want.