The Las Vegas economy is poised for continued gains. Today we learned via the Las Vegas Convention and Visitor’s Authority (LVCVA) that Las Vegas visitor-ship reached 3.78 million just in October 2015 alone. Click here to view the report. That represents a 5.6% increase year to year. Significant increases in convention attendance played a part in the higher visitor numbers. With more visitors comes more opportunity for growth on the Las Vegas strip. In addition to the forthcoming Genting Group property “Resorts World”, several other projects are under development or have broken ground in Las Vegas this year. The Lucky Dragon hotel (picture above) is being built just north of the Las Vegas strip near the Stratosphere. Also under development is the new Ālon Las Vegas, a hotel-casino project led by Australian billionaire James Packer and former Wynn Resorts executive Andrew Pascal. This will be located on the site of the old Frontier hotel.
For sports fan, nothing is more exciting than the forthcoming (and monumental) new MGM/AEG arena between New York New York and Monte Carlo resorts. Check out a live view of the construction here. It is being built behind a brand new outdoor park and entertainment complex that will provide for a plethora of “pre-game” shows and activities (including live acts). This will be a true state of the art arena that will have 20,000 seats and is being designed with NHL hockey in mind. For college basketball lovers, it will host it’s first basketball game between our local UNLV Runnin' Rebels and the Duke Blue Devils next December. A re-match of those infamous early 1990s Final 4 match-ups.
Exciting things are afoot in Las Vegas that will continue to drive visitor-ship and property values in the future.
The Cunningham Group
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