Las Vegas Awash in Sweeping, Ongoing Changes; Renovation, Construction, Business Investments
LAS VEGAS, NV – In the midst of a booming economy that is drawing in both businesses and tourists at a rate not seen in years, the famed city of Las Vegas has been experiencing sweeping changes in the form of rampant construction and renovation projects that seek to expand the scope of the city’s offerings – from business to pleasure and everything in-between – to an unprecedented degree.
A number of venues related to industry event hosting have sprung up recently, with business travelers soon to be able to take advantage of the amenities of the state-of-the-art, luxury MGM Grand and Park MGM conference centers. The all-new, $130 million MGM Grand is due to open up by the end of 2018, and will feature 850,000 square feet of space spread among three stories; the remodeled Park MGM opened this past July, and boasts a number of high-tech meeting spaces.
Meanwhile, the heavy-hitter of the online world – Google – is making a major investment in Vegas, with plans to open a new data center in Henderson, scheduled to open in 2020. The facility, which would support Google services in North America such as YouTube, Gmail, and more, will potentially create 50 jobs or more; Google plans on investing $600 million into the facility over the next two decades.
Meanwhile, those visiting Las Vegas for pleasure as opposed to business have some new options for their stay as well; the Waldorf Astoria Las Vegas Hotel and Residences recently underwent a series of renovations and an overhaul to its design, and now features almost 400 guest rooms, 200 residences, and in contrast to many hotels in Vegas, does not offer gambling on the premises.
The Palms is another property that is experiencing a complete makeover to all of their luxury suites, and MGM Resorts recently announced that they will be conducting regular and ongoing renovations and redesigns to all of their properties in Southern Nevada, both on the Las Vegas Strip and off in an effort to remain competitive in a very busy and congested marketplace.
This degree of activity in Las Vegas is nothing new, but the overall scope and amount have reached a fever pitch in the last year due to the rebounding economy and real estate market in the region, following the housing bubble burst of the mid-2000’s that left the city in a financial slump for nearly a decade. But the recently-reinvigorated marketplace has proven to be attractive for big business as well as tourism, and local developers are taking notice…and sinking millions of dollars into modernizing the landscape of Vegas.
If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market, give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.