Posts Tagged ‘The Las Vegas Strip’

More Positive Signs for Las Vegas

Thursday, September 1st, 2011

The Las Vegas Convention and Visitors Authority is predicting that Labor Day weekend will be solidly successful for our city this year. Also, the major travel websites report that New York and Las Vegas are the two top online booking destinations for the 2011 Labor Day holiday. In fact, visitation to the Las Vega Strip is up 5.1% through the first six months of this year and weekend occupancy rates are running at 92% as well.  As I am sure you noticed, gas prices have recently begun to moderate and this is very important for Las Vegas tourism. Roughly 40% of our visitors on any given weekend (especially Labor Day) are drive-in from California and other neighboring states.  How is the airport doing these days?  Passenger counts have actually risen for seven straight months at McCarran International Airport which is very exciting news. The total number for every month of this year has beaten the number for the corresponding month in 2010 and we are very encouraged by this. As always, Southwest Airlines continues to be our busiest carrier. McCarran International is also predicted by aviation analysts to be one of the top ten fastest growing airports in the nation over the next five years. Last but not least, the  Southern Nevada Index of Leading Economic Indicators recorded its second gain in a row for August. This is an especially important measurement because it tabulates economic activity throughout Greater Las Vegas and not just Strip-based spending data. Two months of positive gains are not yet enough to establish a stable upward trend but we have to make a start somewhere. Increases in valley-wide economic activity should lead to gains in employment over time and this is the most crucial factor of all in restoring the health of our community. The state of the Las Vegas economy and the eventual recovery of the Las Vegas real estate market are deeply intertwined as you might imagine, so we will be watching the Southern Nevada Index very closely over the coming months. Thus far in 2011 the signs of recovery are modestly encouraging.

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.

Plenty of Encouraging Signs for Las Vegas !!

Wednesday, April 27th, 2011

There are plenty of encouraging signs that Las Vegas is making a comeback. One of our most serious problems has been a sky high unemployment rate for the last three years, but employment across Southern Nevada actually increased in March for the first time in 38 months. Our labor market recovery still has a long way to go but you have to make a start somewhere and March was significant for that reason most of all. As one of the most prominent tourist destinations on the globe, the status of the Las Vegas economy can also be gauged by statistics from McCarran International Airport. March clocked-in as the third consecutive month of increased passenger counts and Southwest Airlines continues to be our most important carrier. In terms of overall tourist traffic for the Las Vegas Strip, February gave our city it’s 12th consecutive month of increased visitation numbers. Based in large measure on these highly encouraging data points, finance magazine Kiplinger included Las Vegas on their list of  “11 Comeback Cities for 2011.”  Without question, Las Vegas is fighting back from a very difficult phase in it’s colorful and interesting  history. It might be a good idea to remember the old adage that no one ever got rich betting against Las Vegas, a city like no other. The future looks brighter by the day …

Further Gains in Las Vegas Tourism

Saturday, September 11th, 2010

In addition to securing the number one destination choice for travelers over the Labor Day weekend (for the third year in a row), Las Vegas has shown additional signs of improvement in the tourist industry over the summer. The Las Vegas Convention and Visitors Authority reported yesterday that our July visitor numbers clocked the largest year-over-year increase since December of 2005. More than any other single source, the increase appears to be largely attributable to a summer surge of “drive in” visitors from next door California. The fortunes of  the Las Vegas Strip have always been closely tied to the willingness of Californians to jump in their cars and zip across the Mojave Desert for some neon inspired entertainment, so this should come as no big surprise. It is not at all unusual for Vegas visitors to give us a call while in town to spend a few hours looking at Las Vegas foreclosure homes and Las Vegas short sales during their vacation. As a result, we get an opportunity to collect anecdotal evidence about how people are feeling about their future economic fortunes. Our client conversations bear out what we read in the financial press, namely that people are more cautious and tend to spend less even when they take a vacation. Bearing that in mind, it seems clear that higher visitor numbers are an important first step in the economic revitalization of the Las Vegas Strip, but that real recovery will depend on a stronger economy and improved consumer confidence nationwide.

Las Vegas for Labor Day Weekend

Friday, September 3rd, 2010

Las Vegas offers such a great selection of things to do, people to see and places to go that it is no surprise that so many want to join in on the fun.  According to Orbitz.com Las Vegas is the top travel destination in the country for Labor Day weekend.  It is the third consecutive year that Las Vegas has been the number one tourist destination for the Labor Day Holiday.

Las Vegas also came in at the number one spot for AAA bookings coming from Southern Californians. Vegas.com says that Las Vegas bookings are up ten percent over 2009. Both airfare and room rates are higher than they were last year, so to see an increase is encouraging. Room rates are up five percent over last year, but down 23 percent from 2008.  The increase is especially good news in light of the fact that we have 7,500 more rooms than we did last year at this time. The projections are that there will be more people here but they will spend a little less than in previous years. But given the state of the economy, to be able to fill the rooms is still a win for Las Vegas.

The Michelle Sterling Las Vegas Real Estate Team welcomes our visitors. Taking into account today’s low prices, we encourage you to consider that second home or vacation home you’ve been thinking about. Or who knows, maybe you’ll fall in love with our amazing city and decide to relocate altogether. We’d love to be your Las Vegas Realtors and help you find that special Las Vegas Home.

Wherever you vacation this weekend, have fun and be safe.