Las Vegas Real Estate

High Rise Tower Market News

Las Vegas real estate with the numerous high rise towers under construction & nearing completion,  on &  near the world famous Las Vegas strip is forever changing the Las Vegas skyline as we know it.  The article below is courtesy of KLASTV.com, reflecting on our Las Vegas real estate market and the high rise growth on the strip, as 2007 comes to an end.

Edward Lawrence, Reporter
Despite National Economy, Las Vegas Continues to Grow

Updated: Dec 27, 2007 06:28 PM PST

Las Vegas seems to be immune to the sluggish national economy. While our foreclosure rate leads the nation, other major economic indicators in Las Vegas are all up from last year.

The national economy is supposed to be down, yet look at all the construction going on in Las Vegas. Palazzo will be open in January. Encore opens at the end of 2008. Project CityCenter opens in 2009 and Echelon is set to open in 2010 -- just to name a few.

That means 46,000 new jobs in just the next two years. The secret to success -- Las Vegas constantly re-invents itself.

Bill Feather, Executive Vice President of hotel operations at Planet Hollywood said, "Our demographic loves the plasma's in the rooms, loves the games, loves that every suite is different. No matter how many times they come, they get a different suite."

The bigger the budget the more people seem to be drawn like moths to flames.

Feather's property is finishing a $300 million make-over. Some of that changed the casino. The money spent there completely changed the style of the rooms. The suites are each designed differently to be retro and modern. The feel is old Hollywood with a modern edge to entice the guests.

Running $2,000 and up per night, the rooms are all sold out from Friday through New Year's Eve. You would never know looking there, that the national economy was in the dumps.

In fact, the occupancy rate on the Las Vegas Strip for the first 10 months of the year is higher than 91-percent and up from last year.

Kevin Bagger from the Las Vegas Convention and Visitors Authority says the Las Vegas secret formula has been the same for the past 20 years. "Built it and market it aggressively and they will come," he said.

And they have. Visitors to Las Vegas are up almost one percent, putting us on pace for another record.

"There can never be too much in Las Vegas," says Feather. "I think the success of the destination shows. CityCenter across the street, Trump opening down the street."

"We sort of push through when there are recessionary times or difficulties. There is constant effort to constantly fill those hotel rooms night after night after night," said Bagger.

The re-invention offers something new each time someone comes back for a return visit.

The Las Vegas Convention and Visitors Authority says people are canceling other vacations, but still keeping their trip to Las Vegas. This area offers an escape tourists seem to take an advantage of.