The housing market shouldn't take too long to recover in Vegas. The town is a sea of cranes! Commercial construction is booming and the largest private investment in Vegas history......with tens of thousands of jobs to follow. An estimate is currently 113,000 just in the hospitality industry by 2012, and the resulting jobs that will create in the community.
These projects will start to open beginning in 2008, starting with Eastside Cannery. Cannery Casinos was recently purchased by Australian media and gaming giant Melco PBL, owned by the Packer family. They have also purchased partial ownership of Turnberry's Fountainbleau next to the Riviera, and next to that the recently approved Crown Las Vegas on the former Wet & Wild waterpark site. They had partnered with Texas developer Chris Milam who had been trying for the 2nd. tallest building in the world at 1888'. The FAA recently approved a height much shorter, 1064' and slightly less than the Stratosphere Tower, but still would become the tallest 'building' in Las Vegas.
After the Cannery opening there will also be the opening of Station Casino's Aliante Station in North Las Vegas. Late in 2008 Steve Wynn plans to open Encore, an all suites addition to his property. Following these openings will be MGM's City Center, a massive $7.8 billion project between the Monte Carlo and Bellagio. Dubia World recently bought into 50% of the property and will also be involved with Kerzner International (Atlantis Bahamas) that have already signed an agreement for phase 2 on the north Strip, across from the Sahara.
Another property, Cosmopolitan is also under construction between part of City Center and Bellagio. Across the street Planet Hollywood is building away with their tower by Westwood. Just down Harmon at the Hard Rock, their $850 million expansion is underway with new a new tower and expansion of the podium level. Although not under construction, Robert 'FX' Sillerman has purchased the 18 acres on the corner where Harley Davidson Cafe now stands, and has announced he plans to have an Elvis themed and asseted property there.
Back to the north Strip, there were two casino implosions in 2007. The Boyd Gaming's Stardust went first to make way for the $4.8 billion Echelon Place. Later that year the Frontier was brought down after being purchased by the Elad Group that among other properties, owns the Plaza Hotel in New York. They have been fast tracking the site and the needed approvals to get underway.
Of course with all these new rooms and more visitors, the Las Vegas Convention Center felt they needed to expand. The $890 million project is underway and should be completed by 2012. Of course McCarran airport also has to expand to meet these rising numbers. Already the 5th busiest airport, it is racing to build a 3rd. terminal to handle the traffic flow. A good thing, as Las Vegas has been projected to become the leading worldwide travel destination in 2008, beating Los Angeles for the first time. With all that a second 'Ivanpah Airport' to the south is already well into the planning stages and construction hoped to begin by 2011 and completed by 2017.