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Las Vegas - Moving in the Right Direction

by Administrator on Apr 12, 2017 Real Estate 1350 Views

Let me start by saying that I'm not a sportsman, and while I have attended some Phoenix Suns basketball games and the odd football and hockey game in the past I'm simply not spellbound by the games or the players.  That doesn't mean that I do not see their popularity. 

It's common knowledge that the mix of gaming and entertainment in Las Vegas has turned decidedly toward entertainment over the past years.  That's why places like the Container Park have been developed and why shopping square footage continues to expand.

At one point in time I remember Las Vegas casino operator comments that were critical of any other venue beyond the casino floor and gambling there.  It was short sighted even then but if you make your living on the casino floor you can't argue with the logic.  Those times are gone however and almost everyone understands that when something plays in Vegas people stay in Vegas.  An example of this has been well established via professional boxing.  If they announce a major fight hotel room prices begin to go up immediately.  There are so many people who fly in from all over the world that it is astounding.

There were many locals who did not want to see the Las Vegas Speedway developed, they saw it as a distraction that would take business from the Strip.  I have never seen a study since it opened on that subject but I haven't heard anyone speak negatively about it.  I think it was good for the overall economy and good for the casinos.

With the pending relocation of the Raiders I think that Las Vegas has finally come to its senses.  There was more that was needed at the Las Vegas core than gaming, shows, shopping and restaurants.  While not my thing, professional sports are central to the economies of several major entertainment cities like New Orleans, Miami and New York City.  If Las Vegas wants to see filled those thousands and thousands of hotel rooms it's my opinion that they need the draw of professional sports.

I agree that Las Vegas will offer players an opportunity to debauch themselves and that players with little or no control will ultimately have problems here, but no one has to accept an offer of excess.  There are no sin police about so players will just have to find a way to keep themselves in check.

Since the casinos effectively run this town it will be different to see a venue that offers some pride of ownership to the citizens of Las Vegas and Clark County.  I don't know that many will be able to afford attending professional football games given the competition from Strip visitors.  It's always been that way, you pay $ 500 a person to see an entertainer who was charging $ 200 a person in Denver last week, I guess it's part of the price of living here.  It's kind of like having to pay $ 12 to park your car at the Mirage even though you live a couple of miles away, welcome to Vegas!

So the economic future of Las Vegas from an appraiser's perspective looks bright.

Update: I have heard some arguements from others with a different view.  They see only the problems and costs associated with the Raider's relocation.  So my viewpoint is not shared by everyone.

For more appraisal information contact Glenn J. Rigdon MA, MRICS, ASA is a Las Vegas / Henderson Nevada based appraiser who can be contacted via email or via his business website known as Appraiser Las Vegas  (http://www.appraiserlasvegas.com), or you can also click on “Contact Us” on the home page of this website or visit my public profile at LinkedIn at http://www.linkedin.com/pub/glenn-rigdon-ma-mrics-asa/1a/30b/879/

Article source: http://www.appraisalarticles.com/Real-Estate/4648-Las-Vegas-Moving-in-the-Right-Direction.html

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