Las Vegas Raiders Hold Groundbreaking on New Henderson Headquarters

LAS VEGAS, NV – The news that the famed Oakland Raiders National Football League (NFL) team would be picking up their cleats and transplanting themselves to Las Vegas rocked the sports and business world. And to coincide with their arrival in Sin City – anticipated to be in time for the start of the 2020 season – work upon their new $2 billion, 65,000-seat stadium located on a 63-acre plot of land situated between Russell Road and Hacienda Avenue began in November of 2018, generating big headlines across the nation. And since the beginning of construction, work has progressed at a steady and rapid pace, with estimates putting the completion of the project on-time and within budget.

Lost among all the hoopla of the stadium, however, is another Raiders-related construction announcement this week; one perhaps not as flashy but certainly equally as important when it comes to running the sports dynasty once it arrives in its new Las Vegas home. On January 14, ground was broken on the construction of the Raiders’ new headquarters, a cutting-edge facility located in Henderson to be built upon 55 acres of vacant land adjacent to the Executive Airport. 

The headquarters will offer 323,000 square feet consisting of advanced training and workout facilities – including three practice areas outside as well as an indoor football field as well – in addition to numerous corporate offices to house the team’s management, executives, and other personnel.

The area in Henderson surrounding the future Raiders headquarters is, according to reports, in the middle of a resurgence of development, with numerous construction projects branching out and taking shape as the region continues to benefit from the booming Vegas economy and real estate market that is attracting businesses far and wide. Rounders Grilling & Gaming, a tavern franchise offering bar food, drink specials and gaming options in a “no-nonsense setup” is in the process of creating a new location adjacent to Raiders’ headquarters, with a target date of September of this year set for their official Grand Opening; the hook for customers, they say, will be a place for Raiders fans to be able to easily and comfortably watch their new hometown team play. 

The hope, of course, is for these new businesses to latch onto the increased traffic that is sure to be attracted to the area by the arrival of both the legendary sports team’s new HQ and Raiders Stadium; this is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries, including real estate, the job market, and the amount of tourism to the area. In fact, not only will the stadium be the new home of the Raiders, but also the University of Nevada’s football team as well, attracting professional and colligate football fans of all ages.

Indeed, 2020 is shaping up to be an exciting year for Las Vegas.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Downtown North Las Vegas, parts of which are still considered ‘depressed’ despite the economic boom taking place throughout the Southern Nevada region, is nonetheless experiencing a degree of growth in recent months that seems to be putting it on a course to intercept the reset of Las Vegas in due time. And one manner in which that growth is taking place is in the form of a new multi-million dollar entertainment complex that is sure to put the area on the map.

Maya Cinemas will be opening a new $75 million, 14-screen movie theater in front of the Silver Nugget Casino, an area of North Las Vegas that is considered economically depressed but that experts say is on the verge of a growth spurt, given the need for real estate in the area to satisfy the many new inhabitants that moving there. The opening of a new, state-of-the-art movie theater in the area, according to Maya Cinemas, is sure to serve as a catalyst for continued development in the under-served community, attracting more businesses and residents as its profile continues to improve.

In addition, local businesses are hoping that such an investment in their community will improve their fortunes as well, considering the increased foot traffic that a high-profile entertainment complex is sure to bring. Also, local residents, according to reports, are excited about finally getting a high-tech movie theater right in the heart of their very own neighborhood.

The theater, slated to open in late January of 2019, will feature luxury reclining leather seats situated in large-scale stadium seating, booming Dolby surround sound set-ups, a large arcade stocked with all the latest and greatest video games, snack counters stocked with a plethora of treats, and a cantina where grown-ups can unwind after taking in the latest blockbuster.

Maya Cinemas ownership noted that the impending opening of their theater in North Las Vegas has already attracted other merchants to the community; four restaurants and eleven retail establishments are already in the works in the immediate vicinity of the theater, all of which were drawn by the promise of new economic growth and development in the area, officials said.

Maya Cinemas is scheduled to open in North Las Vegas on Friday, January 18.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – As always, the real estate market in the United States can be a highly competitive one, but when looking back at the year 2018 in review, one territory stands out clearly above all the rest as the hottest market in the county: Las Vegas, Nevada.

Based on home price growth alone, Vegas reigns supreme as the biggest housing market of the past year, and part of that status can be directly attributed to its relatively low cost of living not only when compared to much of the country – Vegas remains one of the cheaper metropolitan areas in the country to live – but especially when directly compared to its immediate neighbor: California. California boasts some of the highest home prices and cost of living in the nation, and it’s that crucial fact about its housing market that makes Southern Nevada that much more attractive not only to tourists, but to people and families looking for a new place to live that is affordable.

However, it’s not just the affordability factor that made Vegas’ real estate market so hot in 2018; a number of other factors functioning in tandem helped with that. Major job creation, coupled with diversification in multiple industries in the region, is another contributing reason. After the recovery from the housing market crash of the mid-2000’s, Vegas saw a variety of companies and businesses settle down within its borders; companies and businesses that need qualified workers, and because of that the city quickly saw an influx of new transplants from across the country, effectively kick-starting the local real estate market that has been otherwise sitting dormant for nearly a decade. With that demand, housing prices started to quickly climb in the region, although nonetheless remaining at levels comparatively lower than the much of the rest of the country.

For example, let’s compare median single-family home prices in Las Vegas to California. In the third quarter of 2018, a home in Vegas came in at approximately $294,600; when compared to the same home type in Los Angeles – $628,900 – and San Diego – $650,000 – and Orange County-Anaheim – a whopping $830,000 – it’s easy to see why Las Vegas suddenly becomes a very attractive alternative, even with its own real estate market currently on the rise.

Vegas also overtook Seattle, Washington as the king of the fastest-growing home prices, with 13 percent jump in September 2018 over the same month one year before. Vegas’ real estate market had previously peaked back in 2006 before the burst of the housing bubble, and while prices locally have recovered and grown significantly since then, they are still 20 percent below 2006 levels. If ever there was a time to buy in a rapidly-growing marketplace, now is clearly the time and Las Vegas is clearly the place.

Thinking about relocating to Las Vegas? Need some ideas on what areas fit your family best? New home recommendations? Las Vegas apartments, condos even nightlife and entertainment? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Summerlin Developer to Construct New 14-Story Hotel Next to Las Vegas Ballpark

LAS VEGAS, NV – Even though it is currently still in the works, the upcoming Las Vegas Ballpark is already seeing satellite businesses begin to pop up around it, and one of the most prominent is being constructed by Summerlin developer Howard Hughes Corp. in the form of a new, 14-story hotel.

Las Vegas Ballpark is a baseball stadium under construction in Summerlin, Nevada for the Las Vegas Aviators of the Triple-A Pacific Coast League. The stadium site is located near the intersection of South Town Center Drive and West Sahara Avenue. Construction of the $150 million stadium began in 2018 and is expected to be completed in time for the Aviators’ 2019 season. It will serve as a replacement for the team’s previous home at Cashman Field, where the team has resided since 1983.

Howard Hughes Corp. has recently submitted plans calling for a 267-room hotel to be built on a 4.3-acre lot south of the ballpark on Pavilion Center Drive, situated across from Summerlin Mall in Las Vegas’ downtown area. According to plans submitted to Clark County – whose commissioners still have to vote on the proposal – the hotel would include various amenities for guests, such as a restaurant bar and spa located on the roof.

The hotel, if approved and built, will allow residents and tourists accommodations that allow easy local access to places such as Downtown Summerlin, the City National Arena ice rink, Red Rock Resort – a 64-acre, 796-room hotel, which would be a competitor – and, of course, the Las Vegas Ballpark itself. 

The proposed hotel would not offer gambling on the premises and would strictly offer only rooms and spa/entertainment options for guests, which Howard Hughes Corp. representatives say there is a growing demand for in Las Vegas, especially in areas located near the suburbs. The smaller size and subsequent ease of access the hotel would provide when compared to competitors would also be appealing to families and those visiting relatives in Summerlin and other nearby communities, Howard Hughes Corp. reps said. In addition, those looking to stay in a quiet, non-gaming hotel, while having the option of being able to patronize gambling establishments nearby – such as the aforementioned Red Rock Resort – would also find the proposed hotel to be appealing.

Summerlin is a wealthy master-planned community in the Las Vegas Valley of Nevada, located near the Spring Mountains and Red Rock Canyon. It is part of Clark County, takes up approximately 22,500 acres of land, and boasts a current population of nearly 100,000 residents.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – There are currently two monorail stations in the planning stages in Las Vegas, and one of them is conformed to be servicing the upcoming MSG Sphere at The Venetian facility, an appropriate melding of a futuristic transportation mode and an equally-futuristic concert facility.

Clark County has recently received plans from the developer of the project, calling for a 60-foot tall, 11,119 square-foot monorail station that will feature platforms on both sides – north and south – of the existing monorail track that passes through the 19-acre MSG Sphere site. The monorail station will provide access via a 1,100 foot-long pedestrian bridge that is also in the works, slated to connect the MSG Sphere with the Sands Convention Center.

The MSG Sphere, a joint venture between Sands Corp. and Madison Square Garden, will be a 400,000-square-foot, 18,000-seat, 360-foot-tall globe-shaped arena slated to be constructed on 63 acres of property located behind the Venetian Resort Hotel Casino on the Las Vegas Strip. A futuristic music and event venue, the MSG Sphere will feature an exterior with 36 miles of variable intensity LED lighting, enabling the structure to allow outside spectators to peer through a transparent façade to watch the concert within; at higher lighting intensities, outside vision will be obscured. Ground was broken on the project in September of 2018, with construction expected to be compete in 2021.

The construction of the monorail station is expected to incorporate painted steel, metal panels, metal guardrails, glass doors, and metal roofing, with support columns made from concrete. The current estimated price of the station is not publicly known.

A second monorail station for Las Vegas is also in the works, with a station and track extension planned to connect the MGM Grand and Mandalay Bay with the upcoming 65,000-seat Las Vegas Raiders stadium, a $1.8 billion project that is currently under construction. The price tag of this aspect of the monorail expansion is purportedly in the neighborhood of $23.6 million, and is expected to take approximately 18 months to complete once started.

Upon completion of the new stations and extensions, the Las Vegas monorail system’s track will span five miles comprised of nine stations, offering both local residents and visitors an easy and effective means of transportation to a variety of locations throughout the city, including hotels, casinos, dining, retail, and entertainment venues, in addition to all of its major convention centers and, of course, the MSG Sphere once it is completed.

Looking for relocation information on the fast-growing Las Vegas market? New home recommendations? Las Vegas apartments, condos even area nightlife and entertainment expectations? Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Las Vegas boasts a diverse and wade array of residents, and one of the segments of this population that is growing at an especially rapid rate is Asian-American contingent; currently drawn to the Southern Nevada region from areas of the country including California, New York, and even Hawaii, Asian-Americans are making up an ever-increasing segment of Vegas’ residents due to the many opportunities that are being offered by the city’s rapidly-rebounding economy and job market.

Developers are looking to take advantage of this demographic by recently announcing an increase in construction in Vegas’ Asian-American district, particularly in the form of new retail and business-related projects on Spring Mountain Road. Recently, local dignitaries turned out for a groundbreaking event in that will signify the kick-off of work on a 33,000 square-foot plot of currently-vacant land that, once development is complete, will offer new office space, restaurants, and more to local residents.

Special effort will be given to making maximum use of the available space, the developer noted, as land is scarce for new projects in this area; Spring Mountain Road represents a very busy roadway that travels through the very heart of Vegas’ Chinatown district, and as a result conditions are tight.

The event included a festive scene as Asian-themed celebrations incorporating dancers, dragons, and authentic music ushered in the commencement of work on the project, located in the vicinity of Spring Mountain and Jones. Developers noted that the design of the upcoming business and retail complex will make use of a modern yet distinctively Asian aesthetic in an effort to attract both younger and older members of Vegas’ growing Chinese population. The new retail and business opportunities are expected to lure in one of the most desired demographics in the region – traditional families as well as tech-savvy millennials.

The new project, according to the developer, should usher in a fresh new vibe to the region and attract a younger, hipper demographic; in addition, the fresh construction and design elements should inspire neighboring businesses – including some that have become somewhat run-down over the years – to follow suit and invest in a serious facelift.

After the recent groundbreaking, project managers for the development have said that construction should start kicking into gear within several weeks. The first new business tenants are tentatively expected to move in and open their doors by December of 2019, if all goes according to plan.

LAS VEGAS, NV – After a series of construction projects throughout 2018 aimed at increasing its appeal, Lake Las Vegas has emerged at year-end as a place for people to call a full-time home, finally shedding its reputation as merely a weekend retreat for those able to afford a second home ‘away from home’.

Initially, after the Southern Nevada region began to recover from the mid-2000’s burst of the housing bubble, Lake Las Vegas was one of the slowest Master Planned Communities to show any sign of a rebound; as of 2014, developers shied away from constructing homes there initially, but as time went by and more and more demand for housing began to grip the area, builders began to give Lake Las Vegas a second look. Currently, there are now ten communities within Lake Las Vegas that have homes on the market, ranging from moderately-priced dwellings to luxury custom lots. In addition, there are even plans in the works to construct a 55+ community, slated to potentially open by the end of 2019.

Clearly, developers have turned around when it comes to what Lake Las Vegas has to offer the Southern Nevada real estate market; the 3,600-acre development – complete with a 320-acre, man-made lake – is in the midst of a construction boom, and a lot of that new success is due to efforts by owner John Paulson to change Lake Las Vegas from a vacation spot to a legitimate community where families and individuals would live year-round.

Part of the plan to rehab Lake Las Vegas’ image is to make it more family-inclusive were the development of numerous amenities that would illustrate the community as more than just a weekend resort town, and developing homes that catered to a variety of different income levels in order to make it more inclusive and attractive to buyers. As a result, more and more buyers are seeing Lake Las Vegas as a place for their primary residence as opposed to simply a getaway.

Another large factor that has opened up Lake Las Vegas to serious home buyers is the linking of U.S. Highway 95 to an extension of East Galleria Drive, opening up an easier, more direct access to retail shopping and entertainment options for residents. In addition, the construction and opening of Stevens Elementary School along that route has also proven to be an allure for families with children. The addition of new businesses such as a supermarket and sports club have also helped to draw new buyers in.

Indeed, things at Lake Las Vegas as 2018 comes to a close have taken a 180 degree turn over the previous year; whereas the region was formerly seen as a weekend retreat for wealthy individuals, Lake Las Vegas is now a permanent home to more and more people than ever before. In fact, many individuals are purchasing homes there and turning to areas such as Utah and Idaho for second home options. And as more development continues as Lake Las Vegas, its reputation is expected to continue to draw in buyers looking to make it their primary residence.

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – Construction projects in Las Vegas have been ramping up in recent months through an effort to satisfy the growing demand for both housing units and new space for the city’s business sector, and developers in the region – especially when it comes to the in-progress Las Vegas Stadium – have been turning to U.S. military veterans in order to get the job done.

When asked why vets were figuring so heavily into the expansion of Las Vegas’ housing and industrial communities, developers cited several aspects that military training typically instills into its members – most notably, a soldier’s intense sense of leadership and teamwork, reports say. There are no specific laws or requirements governing the hiring of those who have engaged in military service, but nonetheless employers in the construction field have been actively seeking them out in large numbers to assist in completing their many projects…especially the Las Vegas Stadium, future $2 billion home of the Las Vegas Raiders NFL team.

The contractor behind the stadium – Mortenson Construction Company – noted that three percent of man hours of work put in by subcontractors on the site by the end of September 2018 were by veterans and as time goes by and more veterans are hired, that number is expected to rise significantly. After all, the strict discipline and structure that military men and women was taught while serving their country can be a big part of achieving success once they rotate back to their civilian lives.

A-1 Concrete Cutting and Demolition, a Las Vegas-based firm that is involved with work on the stadium, currently boasts of a team made up of approximately 30 percent ex-military members; the company’s owner, Joe Monteiro, notes that it’s one of the main things he looks for when it comes to potential hires, citing the innate toughness displayed by many vets and how it translates into the quality of their work.

“In construction work, you need team players. You don’t need a guy that thinks he knows it all and can do it all, because you can’t,” he said. “If you don’t have your co-workers working alongside of you, they’ll bury you, and how they bury you is by not performing or making you look bad.”

The Caesars Forum convention center, a $375 million project, is currently in the midst of construction; PENTA Building Group, the general contractor responsible for it, features a workforce made up of over 15 percent of military vets, and is on the lookout for more at any given time, according to PENTA’s marketing manager Tim Putnam.

“We understand there’s great talent in the military,” he said. “It’s great being able to say we’ll help them transition to civilian life, and hopefully we gain a great employee in the process.”

If you are considering relocating in or around the Las Vegas area, which clearly is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and home relocation questions you may have.

LAS VEGAS, NV – In the midst of a booming economy that is drawing in both businesses and tourists at a rate not seen in years, the famed city of Las Vegas has been experiencing sweeping changes in the form of rampant construction and renovation projects that seek to expand the scope of the city’s offerings – from business to pleasure and everything in-between – to an unprecedented degree.

A number of venues related to industry event hosting have sprung up recently, with business travelers soon to be able to take advantage of the amenities of the state-of-the-art, luxury MGM Grand and Park MGM conference centers. The all-new, $130 million MGM Grand is due to open up by the end of 2018, and will feature 850,000 square feet of space spread among three stories; the remodeled Park MGM opened this past July, and boasts a number of high-tech meeting spaces.

Meanwhile, the heavy-hitter of the online world – Google – is making a major investment in Vegas, with plans to open a new data center in Henderson, scheduled to open in 2020. The facility, which would support Google services in North America such as YouTube, Gmail, and more, will potentially create 50 jobs or more; Google plans on investing $600 million into the facility over the next two decades.

Meanwhile, those visiting Las Vegas for pleasure as opposed to business have some new options for their stay as well; the Waldorf Astoria Las Vegas Hotel and Residences recently underwent a series of renovations and an overhaul to its design, and now features almost 400 guest rooms, 200 residences, and in contrast to many hotels in Vegas, does not offer gambling on the premises.

The Palms is another property that is experiencing a complete makeover to all of their luxury suites, and MGM Resorts recently announced that they will be conducting regular and ongoing renovations and redesigns to all of their properties in Southern Nevada, both on the Las Vegas Strip and off in an effort to remain competitive in a very busy and congested marketplace.

This degree of activity in Las Vegas is nothing new, but the overall scope and amount have reached a fever pitch in the last year due to the rebounding economy and real estate market in the region, following the housing bubble burst of the mid-2000’s that left the city in a financial slump for nearly a decade. But the recently-reinvigorated marketplace has proven to be attractive for big business as well as tourism, and local developers are taking notice…and sinking millions of dollars into modernizing the landscape of Vegas.

If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV –  The Wynn Golf Club in Las Vegas, closed since late 2017, is currently eyeing 2019 as a date for its grand re-opening, laying to rest previous plans that would have seen the high-end, 130-acre golf course torn down in favor of re-development.

Originally, Wynn Resorts’ vision for the property occupied by the Golf Club – which cost patrons upwards of a whopping $500 to play 18 holes – was a total bulldozing of the site to make way for all-new amenities to accompany the construction of an adjoining 400,000-square foot convention center. New features to be erected upon the property where the Golf Club once stood would have included a 38-acre lagoon, a hotel featuring over 1,000 rooms, a casino, and a beach that would have allowed attendees to engage in numerous water sports such as skiing and parasailing.

However, while work is going forward on the convention center – something that experts say Las Vegas needs more of as the city becomes home for a growing number of businesses during the current economic boom – Wynn Resorts officials have re-thought their idea at re-developing the Golf Club and have set the property to re-open nearly next year.

Part of the reasoning for Wynn Resorts’ decision is the purchase of a 38-acre plot piece of land next to the Las Vegas Strip that company heads note would be a superior location for the convention center amenities, paving the way to keep the Golf Club at its current location. In addition, Wynn Resorts’ has noted the loss of significant revenue that the Golf Club brought-in while open, and are interested in restoring that revenue as soon as possible.

Of course, some changes to the luxury course are slated to take place before that happens; some parts of the existing property have been impacted by construction efforts on the convention center and an overhaul/makeover to the Golf Club is in the works. Wynn Resorts has reached out to the original designer of the course to create an all-new 18-hole course that will be completed and ready to go in time for the convention center’s anticipated completion date in 12 to 18 months.

Already, design work on the new course is complete, with work recently commenced; Wynn Resorts officials note that the course will be restored and made available. The Wynn Golf Club has effectively dodged a bullet, experts say, as property values in Las Vegas at the moment are booming and developers are looking for any and every scrap they can find in order to construct the much-needed housing and business/industrial space that the city needs.

If you are considering moving to the Las Vegas area which is currently experiencing growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – The expansion of the Las Vegas Convention Center – an ongoing project that is estimated to carry final costs upwards of $1.4 billion – continued last week when the Las Vegas Convention Center District Committee recommended the approval of a contract for builder representative to take charge of the final phase of work, with the Las Vegas Convention and Visitors Authority (LVCVA) board of directors set to vote on the matter on November 13.

Cordell Corp. is slated to oversee the final phase of the expansion and renovation of the Las Vegas Convention Center, a project that will take the form of a three-story building with the first floor encompassing exhibition halls, a main lobby, a food court, kitchen, office space, and storage; the remaining two floors will house meeting and conference rooms, support spaces, and roof-based 25,000-square-foot outdoor terrace that can host a number of different events. The expansion is slated to add 1.44 million square feet of space to the convention center.

Cordell’s bid for the work is the form of a $13.5 million contract that the LVCVA is expected to approve.

The ongoing labor has seen the relocation of power lines to better serve the needs of the venue, and the excavation of the previous parking lot area in order to produce a suitable space for the construction of an adequate foundation for the building, consisting of columns of concrete reinforced with rebar. Two smaller buildings – a visitor center and restrooms – were demolished to make way for the project, and the Paradise Road pedestrian bridge adjacent to the property will be connected to the new building once construction is complete.

Project officials currently contend that construction is on-schedule for completion by January 2021, with the hopes that the new exhibition hall will have the ability to host that year’s International Consumer Electronics Show.

The expansion was started, according to LVCVA officials, due to the fact that the existing Convention Center has simply outgrown its current configuration, inhibiting its ability to evolve and grow. The new construction and renovation to the property is expected to allow the facility to better host the many trade shows, conventions, and special events that take place in Las Vegas on a regular basis. With the growing economy and job market in the region over recent years, there’s more of a need than ever to accommodate the influx of new businesses and organizations which need a venue for their events.

Once the new building is completed, work will shift over to the Convention Center’s four pre-existing exhibition halls, with a two-year large-scale renovation plan slated to enhance and improve every aspect of these facilities. Expected additions are food carts, restaurant and bar facilities, retail sales, and live entertainment venues.

If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.

LAS VEGAS, NV – Resorts World Las Vegas is a project that has been in gestation for so long that many experts were starting to doubt that it would ever actually see the light of day. After the official groundbreaking in May of 2015 – with a projected opening date of mid-2018 – little progress had been made in erecting the Chinese-themed casino and resort. However, in recent months, the oft-delayed project has seen considerable results, and the revised opening – now scheduled for 2020 – seems like a realistic goal if the current pace is maintained.

Build on the former site of the Stardust situated on the Las Vegas Strip, the property had been sold to the Genting Group for $350 million in 2013, with Resorts World opting to build off of a pre-existing structure left behind by an attempt to develop the property in the mid-2000’s. Resorts World Las Vegas, upon completion, is expected to come in at 21,847,314 square feet in size, which will include four towers containing a total of 6,538 rooms; the estimated cost of the project could cost up to $7 billion.

However, experts began to question the validity of the project when, as of early 2016, little in the way of progress had been made in terms of construction on the site. Genting Group responded to naysayers, attributing delays to the complexity of the project and the company’s overall purchasing power being adversely affected by falling global currency values. A revised timetable was presented to the public in May of 2017, noting that the opening was now slated for 2020; after numerous delays and logistical issues sorted out, work on the mega-resort began in earnest by March of 2018, and concrete results finally followed soon afterwards.

As of late October of 2018, the hotel building – which will be 60 stories when finished – is currently built up to floor 35, and the construction site is replete with numerous cranes operating continuously with over 1,000 workers scurrying about – and several thousand more expected to join them next year – as they carry out their tasks. This is a far cry from what the site looked like just one year ago, when there was little progress to speak of.

When finished, Resorts World Las Vegas is, according to Genting Group, to feature numerous amenities for guests, including a 175,000 square-foot casino; a 4,000-seat theatre; retail, dining and convention space; a rooftop sky park and observation deck; an aquarium, movie theatre, bowling alley, ice skating rink, and an indoor water park; a panda exhibit, and more.

If you are considering relocating to the Las Vegas area which is experiencing huge growth and a booming job market,  give us a call at 702.376.7379 so we can answer any real estate and tenant related questions you may have.