Archive for August 26th, 2011

New Developments on the Las Vegas Strip

Friday, August 26th, 2011

It will be some time before the skyline of the Las Vegas Strip is again dotted with construction cranes the way it used to be during the boom years. While a 20-year construction binge has come to an end (for now), this doesn’t mean that things have gone dead on the most dynamic street in America, not hardly. The emphasis now is on making the most of what we already have and that involves a continuous cycle of upgrades and improvements. Here are some examples of what is going on in a city that is supposed to be dead in the water. Between now and the end of the year the Bellagio will complete a $70 million project to upgrade and renovate every room in the hotel. Caesars Palace recently announced that the Centurion Tower will be completely transformed into a 180-room Nobu boutique hotel complete with opulent Japanese elegance and of course a Nobu restaurant and lounge for the finest Japanese dining in the world. A new project has also been announced that will create a retail, restaurant and amusement venue across from Mandalay Bay (spanning 11 acres) complete with the Skyvue Las Vegas Ferris Wheel at 475 feet with 40 viewing cabins. Last but certainly not least, the “Linq” has just been announced by Caesars Entertainment as a $550 million fully financed “open air” entertainment village right across the street from Caesars Palace. The completion date is 2013 and will also include a massive Ferris wheel aptly named the High Roller. All of these projects will generate hundreds and hundreds of construction jobs during the building phase and as many or more once they become fully staffed and operational. All of this is welcome news for the Las Vegas economy and the Las Vegas real estate market due to the fact that they both suffer from a number of ailments but none more prominent and significant than a currently weak job market.