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Future of Las Vegas, NV

July 15, 2016

 Genting Resorts World

 Faraday Futures all electric auto

 

 

Today I attended a meeting, promoted by the Greater Las Vegas Association of Realtors, whose speakers were the Nevada Lt. Governor Mark Hutchison and Brian Gordon, Applied Analysis.  These two speakers gave the current and future status of Las Vegas and Nevada, and the future is very promising!

 

Lt. Governor Hutchison is a strong believer in the education of the population along with the need of close family support.  He said the state of Nevada can provide the education for the individual but the family support must come from the people themselves.  He sites that the most successful people come from the educated ranks and have closeness of family support.  Hutchison himself is a product of public schooling having attended Bonanza High School and UNLV.  He's risen through the political ranks and is a practicing attorney with his own law firm.

 

Hutchison said our Nevada tourism growth has been the best in the U.S. at 49 million visitors per year.  In 3 years the projected volume will be 58 million visitors!

 

Las Vegas currently hosts the equivalent of one Super Bowl attendance volume EACH WEEK!  Most cities are happy to get a Super Bowl volume weekend...ever!

 

Las Vegas has marketing offices in most major cities throughout the world.  The most anticipated future super market is India.  Because of the high population of India the number of middle class Indians actually exceeds the US middle class!  The Indian middle class No.1 destination is the USA and the the top three locations Indians want to visit is New York, San Francisco and Las Vegas!

 

In 2010, during the depths of the Great Recession Las Vegas lost 175,000 jobs.  As of 2016 all the lost jobs are back!!

 

Automotive builders Tesla and Faraday Futures have both committed to build auto factories in Nevada.  Both are building future electric cars and will employ thousands of Nevadans.  In preparation, the Nevada legislatures has approved schooling for future auto workers.  Metal working, welding, auto mechanics are all classes to be restored to our school systems.

 

Autonomous, self driven cars are being tested in Nevada due to the safer envirionment.  And Nevad will become the first state to have an electric car charging system available to drive the length of the state.

 

Aerospace industries Bigelow and Sirerra Nevada Space are both top notch space exploration companies residing in Las Vegas.  They will spearhead the Nevada aerospace growth.

 

In 2015 the Federal Aeronautics Administration (FAA) approved only 6 drone testing locations throughout the United States.  Southern Nevada was chosen because is has the largest continuous controlled airspace in the continental US and will allow the drones to fly without threat to commercial air traffic.  Countries from around the world come to test their drones in Nevada airspace. 

 

Brian Gordon of Applied Analysis gave his statistics on Las Vegas,

 

Las Vegas is the 5th Fastest Growing City in the US behind Austin, TX, Orlando, FL, Raleigh, NC and Houston, TX.  Las Vegas population is now over 2.1 million residents.

 

Vegas employment is back to 2010 highs but with a twist.  During the recession 50,000 construction jobs were lost and now the jobs are back replacing the construction jobs.  Construction tends to supply temporary jobs and during the boom years construction workers were building homes for other construction workers.  These jobs have been replaced with more permanent jobs.

 

Education and health care service jobs have grown the most percentage wise.  Casino and hospitality jobs are still the main source of Vegas jobs.

 

Nevada is 6th in the nation for wage growth.  This means Nevada is near the top of the nation for income increases.

 

There are currently over $18.4 billion in real estate projects planned or on-going throughout Las Vegas.  These projects are both gaming and non-gaming in nature.

 

The top projects are the $4 billion Genting project on the Strip.  The Convention Authority has torn down the old Riviera Hotel and is planning a new convention project.  Wynnn resorts will revamp the golf course and add a giant island in the rear of the Wynn.  The Oakland Raiders have promised to move their NFL football team to Las Vegas if a new stadium is built.  There are currently 9 locations proposed for the stadium up and down the Strip to past downtown.

 

Hyperloop is a new Vegas mass transit company planning to send travelers through train tubes at over 700 mph!  The first line is planned for an Los Angeles to Las Vegas section. 

 

So the future of Nevada and Las Vegas is intriguing and full of promise.  Growth is the key and there appears to be little doubt that will happen.

 

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