ACCESS LASVEGAS MGM’S CITY CENTER NIGHT RENDERING- SCHEDULED TO OPEN LATE 2009
AUGUST | SEPTEMBER 2008
YOUR ACCESS TO THE LAS VEGAS MULTI-FAMILY HOUSING MARKET
The Next Boom Approaches ... Ready For High Occupancy Problems? Multi-family housing owners may have big problems soon, high occupancies. Ready for those problems? Despite high gas prices, falling home prices and an economy which resembles the aftermath of an earthquake, Las Vegas is still a sea of cranes. Construction is booming and the largest private investment in Las Vegas history continues, with tens of thousands of jobs to follow. An estimate is currently weighing in a massive 113,000 by 2012. Jobs, money and another speculation of “more” is on the horizon. The next tidal wave of the “bigger, more extravagant” Las Vegas is rolling in, and with it will come a flood of occupancy problems. Yes, occupancy problems. Follow the thought process below: Huge projects will start to open beginning in late 2008, starting with Eastside Cannery. Cannery Casinos was recently purchased by Australian media and gaming giant Melco PBL, owned by the Packer family. They have also purchased partial ownership of Turnberry's Fountainbleau (next to the Riviera)
and the recently approved Crown Las Vegas, on the former Wet & Wild water park site. They partnered with Texas developer Chris Milam who had been vying for the 2nd tallest building in the world at 1888'. The FAA recently approved a height much shorter, 1064' and slightly less than the Stratosphere Tower, but still would become the tallest 'building' in Las Vegas. After the Cannery opening there will also be the opening of Station Casino's Aliante Station, in North Las Vegas. Even later in 2008 Steve Wynn plans to open Encore, an all suites addition to his property. This would bring the room total to 10,000+ for the Wynn projects. Also, a 20-acre lake (twice the size of Bellagio’s lake) with special effects, will fill the gap between the convention and the existing hotels. The Exhibition hall and ballroom will be on the lake. CONTINUED ON PAGE 4