New Year, New Vegas
By: Mary Thompson (Capstone President)
Las Vegas was hit hard from the economic downturn in 2008 but it seems that things are starting to once again look up for our beautiful unique city. In the construction industry, new projects mean growth. For the entertainment industry, growth means more jobs, unique experiences and of course more tourists, which will help our once struggling city tremendously.
With the New Year here it is wonderful to see so many projects blossoming all over town. Construction projects are moving forward, including one of my favorites the Shops at Summerlin. The site looked abandoned for the past five years but construction has once again started and the 106-acre site just south of the Red Rock Casino will be the home to over 125 shops. Although, the project may not open until, late this year or early next year, it will create many jobs for our city long before the first door is open.
Some of our construction clients have landed a part in the project and their growth has brought a need for more construction bonds, higher liability limits and most importantly hiring of more employees.
Major things are also happening on our beloved Las Vegas Boulevard. Bally’s Hotel and Casino is beginning to show signs of upcoming construction. The Grand Bazaar Shops will give tourists and locals alike a unique shopping experience. The concept and inspiration for the Grand Bazaar comes from Istanbul, the night markets in Asia and the spice markets in India. The shops will span over 2 acres of land in front of Bally’s featuring several restaurants, bars and of course more shopping. Some of the tenants include a butcher shop, spice market and Swarovski Crystals. The idea is to give patrons an outdoor Bazaar shopping experience right in the heart of Las Vegas.
Bally’s neighbor, New York, New York also just had its plans for an Arena approved. The renderings show a 12-story glass and steel structure with an LED screen spanning more than 5 acres. Such events as boxing, mixed martial arts and concerts will be held there. This project is projected to open in 2016.
That isn’t the only corner of Flamingo and Las Vegas Blvd that is going to have major changes. The old Bill’s Gambling Hall may look like a gutted mess but construction is starting and will unveil a new boutique style hotel and casino. When the new space open’s the legendary Drais after hours nightclub will once again reopen.
Further down The Strip, South Point Hotel and Casino announced their expansion to be called Priefert Pavilion. This new space will be an Arena, Equestrian Center as well as a professional bowling venue where the best of the best in bowling would compete. All are unique aspects to add to Las Vegas.
Then of course there is the much-anticipated opening of the Linq and High Roller Observation/Ferris Wheel scheduled for next month. This space will also host retail and restaurant space and the worlds largest Ferris wheel that will take guest nearly 30 minutes to go around just once in one of twenty-eight, 40 person cabins.
Not all the changes will take place in construction or in new buildings. Inside many Las Vegas hotel and casinos new headliners will be featured. There are some big performers that have signed contracts to perform on a regular basis. Some of the big names include, Boys to Men, Meatloaf, Britney Spears and the now Jackson 4. With these big names entering our city to perform the entertainment industry seems to once again be expanding as well. These great performers will join the already amazing list of headliners that call Vegas home, such as Celine Dion, Elton John, Rod Stewart, Shania Twain, Santana, and the list goes on.
Our once struggling city has amazing things happening. The benefit to our economy will soon be felt by many of our clients. My team and I are all excited to be here for all these changes and to have the opportunity to continue to help insure the Las Vegas Valley.
