Las Vegas strip doing well

April 11th, 2010 by Ken

An old adage for writers say “write what you know.”  I know that I just came back from a week in Las Vegas, and from what I can see, Vegas is returning.

That’s not to say that the recession and the housing market haven’t hurt Las Vegas businesses, because they have.  But business on the Las Vegas strip is flourishing.

Casinos, which make more than half of their money now from food, lodging and entertainment, were full of crowds this past weekend.  While some of the more expensive shows had 3/4 full houses, many of the smaller shows were packed.

It might have been just a spring break crowd, but the casinos and the streets were full of young people.  Not just college kids, but kids in strollers, being pushed by parents. 

Crowds of people on the streets, for the Bellagio fountain, were shoulder to shoulder.  It was a busy week for the The Strip.

The new City Center project appears to be about 80 percent complete.  Two new hotels, a new casino and several condo towers rise from this complex fronting on The Strip.  The newest casino, the Aria, while not full, did have large numbers of customers.

This multi-billon dollar project was started just at the peak of the construction boom, and nearly fell apart when money dried up to finish the work.  It was only when Dubai came through with a few billion dollars more, was the project finished – – or nearly finished.  It looks however like the condos are less than 20 percent filled, and condo prices have hit the skids.  A $1.5 million condo in 2007, now goes for about $350,000.

Outside of the strip, many business are hurting.  The city has lost nearly 100,000 people in the last two years and the number of foreclosed properties is still running high.

But, on the The Strip, Las Vegas continues to thrive.  And, a banner in the airport reminds us “Remember, what happens here, stays here.”

Posted in Business, Informational, The Real News

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