6 Las Vegas Projects Worth Over $10 Billion Creates 10,000+ New Jobs Thru 2020 According to LasVegasRealEstate.org
LAS VEGAS, October 25, 2018 (Newswire.com) - Las Vegas may be facing a shortage of workers as some of the largest projects to ever take place in the valley are happening at one time. Jeremy Aguero, a principal at Las Vegas-based Applied Analysis, says Southern Nevada will be about 10,000 construction workers short of planned projects in the pipeline. Build Your Future — an initiative by the National Center for Construction Education & Research meant to bolster recruitment — estimates that Nevada will need some 90,000 new construction workers over the next three years. The need encompasses everything from carpenters and electricians to pipefitters and heavy-equipment operators, all of whom fall under the umbrella of the construction workforce.
William Margita, a Las Vegas industry leader with Urban Nest Realty - LasVegasRealEstate.org, says "Las Vegas is set to see the largest amount of commercial development is its 100-year history in just 2 years". Margita has been a real estate agent in Las Vegas since 1995 and has been a recognized authority for over two decades. He mentions that two of the projects, the NFL Stadium and Convention Center, are getting 50% of their funding from the Las Vegas hotel tax and fees. Margita feels this is significant as it guarantees incoming revenue to complete the projects and secure jobs. He says that the six new developments combined will take Las Vegas into a new era, experience and lifestyle.
#1 Las Vegas Convention Center Expansion $1 Billion
One of the major improvements trending in the Las Vegas area is the expansion of the Las Vegas Convention Center (LVCC). Being known as one of the largest convention centers in the world, this 3.2 million square foot facility hosts meetings, trade shows and conventions every year with an estimation of more than 150,000 participants. The new phase of the construction center is getting started, and it is expected to be completed in 2021. This development is also increasing the demand for neighboring Turnberry Towers condos, which has less than 33 units for sale out of a total of 667. This expansion is expected to create 1400 construction jobs and more than 7,800 full-time permanent jobs. The entire project is planned to renovate the existing 3.2 million square feet and add 1.4 million square feet. This project will definitely be of huge benefit in pursuing new business opportunities by significantly growing the number of shows happening in the Convention Center. The Las Vegas Convention Center expansion could cost as much as $935.1 million.
#2 Resorts World Casino Las Vegas $7 Billion
The Resort World Casino Las Vegas (RWLV) is a resort complex on 87 acres which started with construction in March this year and is planned to be opened in 2020. The $7 billion new resort on the Las Vegas Strip equipped with a casino, hotel, retails and entertainment is designed with a unique, authentic Chinese theme and luxurious modern amenities that will amaze its visitors definitely. The Resort World Casino will consist of more than 3,400 rooms that will spread over the north end of the Strip. According to sketches, red and white are the colors that will dominate the casino with an interior including gardens with trees, fountains, and pagoda. The main theme of the Resort World Casino will be following the traditional Chinese style which will also include restaurants serving traditional authentic dishes.
#3 NFL Raiders Stadium $1.8 Billion
Las Vegas will proudly welcome the Raiders in the National Football League (NFL) Stadium which is under construction now and expected to open in 2020. The future 65,000 seat home of the Oakland Raiders is under steady progress and is expected to be the host of some huge major events which will make Las Vegas the sought after entertainment destination. There is no doubt that the relocation of the Oakland Raiders to Las Vegas and the opening of the new Las Vegas Stadium will be an enormous success for Las Vegas.
#4 Steve Wynn’s Paradise Park and New Hotel Casino $1.5 Billion
The most famous businessman in Las Vegas Steve Wynn, best-known for creating some of the most notable landmarks on the Strip such as The Mirage, Bellagio, and Wynn, is coming up with a new development. Wynn Resorts made announcements on new hotel planned on the west side of the Las Vegas Boulevard. Wynn Resorts Chairman Steve Wynn announced that the hotel would represent the new era and a new kind of experience. Purchased for $336 million, the new property is planned to have 2,000 to 3,000 rooms and is planned to be built on the site across the street from the Wynn and Encore properties by bringing a little bit different style to the Wynn’s Empire in Las Vegas.
A new Las Vegas creation is expected to sparkle in the area and become known as Wynn’s Paradise Park. Wynn’s next big Las Vegas creation is a 20-acre lagoon that is planned to be a place to host different events and entertainments. As Wynn said, the park will host water sports by day with zip lines and carousels that stretch over the man-made lake and fireworks displays by night. According to the Las Vegas Review-Journal, in an early description of the upcoming project, Wynn pictured a lagoon surrounded by new convention facilities, new restaurants, and retail, a hotel room tower, a white-sand beach, and a boardwalk.
#5 Marriott to Complete 4000+ Mega Hotel Resort
Marriott, the American multinational hospitality company, is continuously expanding their hotel empire and now opening a new resort and casino in Las Vegas, set for 2020. Known as The Drew Las Vegas, the unfinished resort by the former name Fontainebleau, started with constructions in 2007, will now be turned into a complex combined like hotel and casino and may have a walkway to the adjacent luxury Turnberry Place high rises . The mega hotel will house 4,000 guest rooms, as well as 500,000 sq feet of a space for events, convention center, and meetings. Currently, Marriott manages about 20 hotels in the Las Vegas area under their brands, however, as Tony Capuano- the global chief development officer for Marriott said: “The Drew Las Vegas will become a landmark property for Marriott International.”
#6 Madison Square Garden Las Vegas $75 Million
The concert experiences happening in Las Vegas will be soon taken to another level with the development of a futuristic Madison Square Garden music arena expected to open its doors in 2020. Developed in partnership with Las Vegas Sands, the new arena is planned to have 18,000 seats and is expected to become a massive, high-tech, sphere-shaped venue will describe a new form of entertainment and will definitely bring unforgettably, revolutionized experiences for both performers and the audience.
Obviously, new or improved developments and projects are essential for ones communities’ overall success. Although some projects take longer and have significant implications such as more traffic jam, changing individual’s habitats or simply affect the prosperity of one community while in development, they bring significant advantages into one society. Some of the main advantages include more jobs, improved infrastructure and affect the real estate market also by maintaining or increasing home values. Las Vegas, the most demanded real estate market these days is constantly becoming richer with new developments and projects coming along the way.
Undoubtedly, with all those developments coming soon, the next few years seem to be like a golden age for the Las Vegas Strip. Undoubtedly, there is no single development that makes Las Vegas, but Las Vegas continues to be famous for its diversity. Approximately, 2020 is expected to be the biggest sparkle of the Strip. That’s the year when almost all major project mentioned, all in the construction process, are expected to open its doors.
Source: LasVegasRealEstate.org
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