Thursday, January 10, 2008

Vegas Update

Forty Million Tourists Can't Be Wrong

Las Vegas is the Entertainment Capital of the world. Visitors are the lifeblood that drives the economy of the Valley of the Dollars. Many tourists visit regularly. Some even have second homes locally. Although Laughlin is considered Snowbird haven, Las Vegas has its share of seasonal residents. But many transform themselves from visitors to residents. How many? Best estimates are that about 5,000 - 6,000 new residents arrive in the valley each month. That adds about 100,000 newbies every 18 months or so and that has kept Las Vegas at the front of the pack in terms of new residents for 19 of the past 20 years. There is no slowdown in sight.

Residents come to Las Vegas because there are jobs - mostly in the hospitality business but construction is still a lively occupation. Six new hotels are on the docket including the Palazzo, a sister to the Venetian which had a soft opening a week ago. Not all the action is on the Strip, though. Palace Stations $ 700,000,000 Aliante Station is scheduled to open later this year providing adding 1,700 new jobs. Along Boulder Highway the Eastside Cannery, which was recently sold to an Aussie outfit, will open this year. A farmer from Illinois was considering buying some Strip property in the 1950s. He ran the sand through his fingers and laughed at the salesman. "What the Hell do you think you could grow in this?" he asked. The salesman answered with one word, "Money."

Back on the Strip The Donald will open Trump's Tower later this year - his initial foray into the REAL gaming and entertainment business. In 2009 MGM plans to open the $ 1 billion "M" hotel, resort, spa, and casino further south on the Strip and MGM's $ 7.7 billion City Center is scheduled to open in Late 2009.

According to Deutsch Bank Securities, within the next four years 18 new major construction projects are scheduled at a collective $ 44 billion. Economists say that translates to 40,000 new rooms and 100,000 new jobs. Hold on to your hats. It looks like the E-ticket ride in Las Vegas continues at an unprecedented pace.

But not only residents move into this fine community. Some the business who are following the lead of The Donald and taking Horace Greeley's advice literally include AGO restaurant which plans to move open a branch of its popular LA restaurant to the Hard Rock. From Miami's South Beach in Florida, Opium Group brings its signature brand to Las Vegas with the opening of Prive' and the Living Room to Planed Hollywood, and Chef Kerry Simon opens Simon's at the Palms.

A little blogging music Maestro.... one more time for "Viva Las Vegas."

Dr. Forgot

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