Las Vegas is a city of extremes and its real estate market is no exception, especially during the height of the recession. With a volatile real estate market comes a volatile construction industry. However, this volatility was preceded by vibrancy and it appears that the vibrant Las Vegas construction and real estate industries are returning in force.
Before the turmoil that occurred within the international commercial and residential real estate markets, the city had been undergoing a period of extreme revitalization. In the years leading up to the recent economic turmoil, the Las Vegas construction industry had been developing the city into an even larger entertainment metropolis. In 2005, hotel owner and operator Steve Wynn initiated a wave of high value and high stakes investments and many credit Wynn with the origins of Vegas’ revitalization (both before and towards the end of the recession). Right now, there are over 80 high-rise, hotel, condo and other major construction projects underway in the city, many of which were begun prior to the recession.
In recent years, the M Resort was built far on the South Strip, the Encore hotel was added at a cost of $1.9 billion to the Wynn hotel complex, the Trump Tower was erected, the gorgeous Palazzo was built (a hotel and casino that accompanies the Venetian), the Hooters hotel opened its doors, the glistening South Point casino was constructed and Caesars Palace underwent a massive addition with the construction of Augustus Tower. In addition to those many construction projects, the enormous City Center project is currently underway. The City Center project, led by the MGM Mirage entertainment company, is an astoundingly large project. Under construction within the City Center complex is the Aria hotel and casino, the Vdara hotel and spa, the Harmon hotel, the Mandarin Oriental and Veer condo towers and the Crystals retail and entertainment building — all one large construction project under the City Center label.
Many believe that the city is snapping out of its most tumultuous period, as commercial real estate investments ramp up and residential real estate speculators are beginning to buy properties once again. With fresh injections of cash from developers and speculators, the city’s construction and real estate industries are looking increasingly promising. The Las Vegas construction industry has led the building of many vital improvements and shows no signs of stopping anytime soon. Needless to say, Las Vegas construction companies have been busy.