Don't Call It A Come Back!
Las Vegas is a city where fortunes can me made and dreams can come true, however, due to the recent housing bubble many view the city as one in decline. Ladies and gentlemen I'm here to tell you -- we're back!
In 2007 when the housing bubble burst Las Vegas was one of the hardest hit cities in the world. With housing prices declining by more than 50 percent in some cases and unemployment hovering around 14 percent Las Vegas locals were scared. Many people had put their life savings into houses that were now worth pennies on the dollar. Americans had less money to travel and tourism took a huge hit.
For most cities tourism is such a small part of the economy that it doesn't have a huge effect but in a city where tourism reigns supreme, money was disappearing at an alarming rate. Casinos saw gaming revenue drop precipitously and between that and the loss of construction jobs money was tough to come by.
Fast-forward six years and Las Vegas is on its way back up. Investors are back in the mix and buying up bargain houses with cash offers helping house prices to increase by over 20 percent vs. 2012 numbers. While this makes it difficult for the family looking to get a loan, it is a clear sign that the housing economy is recovering.
While gaming revenue is still shy of years-gone-by, revenue from nightlife has remained consistent throughout the last several years. It seems that despite the economy (perhaps in spite?) people still need to hit Vegas for a few nights of fun. Revenue for the clubs and pool parties has continued to grow year after year with some clubs posting numbers over $80 million annually in 2012.
All told, 2013 has been a great year for Las Vegas and the state of Nevada. With revenues and construction on the rise, it is a great time to come have some things happen and stay in Vegas. Several big openings are still on the horizon with The Linq, Downtown Grand, and The Quad set to make their debuts soon.
In the nightlife and pool party scene we've had the following newcomers:
Hakkasan is the new $100 Million mega club at MGM. This behemoth features five stories. The first two are the restaurant and the top three are the nightclub. With over 80,000 square feet you're sure to find a spot you'll love.
Light Nightclub is the Cirque de Soleil inspired nightclub at Mandalay Bay Hotel. This club has two levels and has Cirque performers jumping out of the ceiling, bouncing off the walls, and mixing in with the crowd throughout the night. It also features a truly mind blowing light show!
Sapphire Pool and Day Club has brought together two of many a man's favorite things: Strippers and swimming pools! Having spent a reported $10,000,000 on the space it seems worth every penny.
Day Light at Mandalay Bay is situated on the Mandalay Bay property but in a separate space from Light Nightclub. The design and layout of the pool area has been taken directly from Ibiza's Ushuaia. They also have a pool party called Eclipse (Wednesday night only) if you like the water but hate the Sun.
Coming Up in 2014
If you haven't recovered from your last Vegas trip yet you might want to wait until early 2014 to see our newest boutique hotel "Gansevoort Hotel". Formerly "Bill's Gamblin' Hall and Saloon" and also home of the world famous Drai's Afterhours club, it promises to re-imagine the space with a full-scale, and much needed, interior update.
If a boutique hotel doesn't fit your style perhaps the new Delano Las Vegas would be a better fit. Based on their success in New York and South Beach you can expect top-notch service and amenities.
The Comeback Kid
Las Vegas has done a great job of reforming itself as necessary. In the 90's Vegas did a great job of getting away from the family themed vacation and has now firmly seated itself as the party capital of the world. During the upcoming months the city will continue to roll out new reasons for you to come back and see what's new. Until then, Vegas baby!