Dive Brief:
- More than $5 billion in new construction and development investments in Las Vegas in recent years have given Sin City yet another facelift, which is expected to expand the city's investor base in the years to come, according to Finance & Commerce.
- While glitzy new developments still feature Las Vegas staples like casinos, nightclubs and venues for big-name acts, investors are intent on making the city the place to be during daylight hours as well by amping up the level of food options – fast casual to fine dining – and focusing on features like green space, daytime recreation opportunities and a wider variety of retail. The shift away from the nightlife aspect of the city has spurred restaurants and other businesses that previously shunned Las Vegas to consider investments there.
- One of the benefits area businesses hope to reap from a more "fully evolved city" is a steady stream of locals, which have mostly avoided sharing the Las Vegas Strip with its 50 million annual visitors.
Dive Insight:
New construction, renovations and expansions in Las Vegas have created thousands of construction jobs there and are expected to continue to do so.
One of the most high-profile projects planned for Las Vegas is the new $1.9 billion stadium for the NFL's Raiders franchise to move from its current city of Oakland, California. The team is fast-tracking construction with the joint venture of Mortenson Construction and McCarthy Building Cos. at the helm. The state is footing almost half the bill, with $750 million from a new county hotel tax. That same tax is also helping finance a $1.4 billion expansion of and addition to the Las Vegas Convention Center.
But it wouldn't be Las Vegas without a crowd-drawing spectacle, and that's what the Madison Square Garden Co. (MSG) and the Las Vegas Sands Corp. are planning to deliver. The pair announced plans earlier this year to build a 360-foot-tall, 18,000-seat spherical arena on the Strip. The MSG Sphere Las Vegas, expected to open in 2020, will feature a programmable exterior with 36 miles-plus of LED lights. The interior will boast a 250-million-pixel screen. The arena will host all kinds of events from professional sports to esports to concerts and will be connected to The Venetian and Palazzo hotels with a pedestrian bridge that passes through the lobby of the Sands Expo & Convention Center.
