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Vegas to Invest $16 Billion in Development by 2025
December 11, 2018 Jim Murphy
The Las Vegas Convention and Visitors Authority (LVCVA) has released a brand new update of their periodical Construction Bulletin in which it is revealed that city’s tourism officials plan to invest $16.22 billion in developments until 2025.
This week’s document shows that a wide range of projects in Vegas will begin soon and will be financed by various developers. Looking at it yearly, projects scheduled to open in 2019 will cost $1.057 billion, those in 2020 will need $3.38 in investments while by far the biggest share of investments will come in 2021 – $7.108 billion!
Despite the warnings by certain analysts that Vegas gambling market is nearing saturation point, with the city’s casinos’ stocks dwindling down, the developers remain confident that Vegas tourism is still not an exhausted option and are committed to making investments.
Vegas On Steroids
In 2018, the biggest project spend-wise was MGM Resorts’ transformation of Monte Carlo into Park MGM which cost $450 million. Other expensive undertakings are $192 million remodeling of Palace Station, $165 million event space expansion by Aria and $152 million room renovations by The Cosmopolitan.
Speaking of current, on-going projects, the largest of them if the construction of Resort World Las Vegas. This Strip complex’s budget is astronomical $7 billion. The opening is scheduled for 2020, although it is listed under 2021 in the Construction Bulletin.
Following Resort World with a budget of $1.8 billion is Las Vegas Stadium. Starting from 2020 NFL season, the 65,000-seater will serve as a venue for Las Vegas Raiders’ home games and will be located between Russel Road and Hacienda Avenue. This franchise has recently moved from Oakland to Vegas.
Will it Become Reality?
Despite the certainty of several notable projects, like the ones outlined above, there are doubts regarding some others…
…Every potential project in Southern Nevada is listed in Bulletin – such as $69 million Palms renovation However not all of them might come to reality. For instance, All Net Resort and Arena, whose budget is $2.7 billion, is unlikely to happen because nobody has heard from the developer on this project for more than three years. In fact, the project was first proposed in 2010.
The said complex was to be built near SLS Las Vegas – it was a vision by a Nevada businessman Jackie Robinson that was to have a 22,000-seat arena, 500-room hotel and 300,000 square feet of space used for retail shops, restaurants and cafes.
As far next year goes, the most ambitious projects due to be completed are The Venetian Resort Hotel Casino ($50 million), Kind Heaven ($100 million), Hyatt Place ($60 million) and Las Vegas Ballpark ($150 million).
Source:
“Las Vegas Tourism Construction Bulletin”, lvcva.com, December 5, 2018.
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Such big investments can also go terribly wrong, if the projects turn out to be a flop. So we should wait and see how everything plays out, marketing-wise above all.