Las Vegas Places Its Bets on the Future
This month, Boyd Gaming announced that it will demolish its Stardust hotel -- one of the last of Las Vegas' old-school casinos -- to make way for Echelon Place, a 5,300-room resort slated to open in 2010.
Echelon Place joins nearly 100 major construction projects in Vegas either underway or in the planning stage. Last year, 4,500 condos and townhouses were sold in the Las Vegas area, many for more than $500,000. Indeed, Las Vegas is one of America's fastest-growing cities, owing its appeal to job growth, agreeable climate (so long as you have air conditioning), plentiful real estate and appealing lifestyle. While the tourism and gaming industries keep Vegas humming, its economy is diversifying; Ford Motor Company is one company that has moved a regional distribution center to Vegas.
UPDATE: The Herman Group notes that Las Vegas is benefitting from a nationwide surge in the gambling business, being fueled by a generally strong economy and a willingness among consumers to take bigger risks with their money.