Las Vegas is a city of extremes and its housing market is no exception, especially during the height of the recession. With a volatile real estate market, a volatile construction industry emerges. However, this volatility was preceded by vitality and it appears that Las Vegas’ vibrant construction and real estate industries are making a comeback.
Before the turmoil in the international commercial and residential real estate markets, the city had undergone a period of extreme revitalization. In the years leading up to the recent economic turmoil, the Las Vegas construction industry had been turning the city into an even larger entertainment metropolis. In 2005, hotel owner and operator Steve Wynn launched a wave of high-value, high-stakes investments, with many crediting Wynn with the origins of the revitalization of Las Vegas (both before and towards the end of the recession). Right now, there are more than 80 skyscrapers, hotels, condos, and other major construction projects underway in the city, many of which started before the recession.
In recent years, the M Resort was built far away 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 beautiful Palazzo (a hotel and casino) was built accompanying the Venetian), the Hooters Hotel opened, the glittering South Point Casino built, and Caesars Palace underwent a massive addition with the construction of the Augustus Tower. In addition to those many construction projects, the huge downtown project is currently underway. The City Center project, run by the entertainment company MGM Mirage, is a staggeringly large project. Under construction within the City Center complex are the Aria Hotel and Casino, the Vdara Hotel and Spa, the Harmon Hotel, the Mandarin Oriental and Veer condominium towers and the Crystals commercial and entertainment building, a large construction project under the City Center label.
Many believe that the city is emerging from its most tumultuous period, as investments in commercial real estate increase and residential real estate speculators are beginning to buy properties once again. With fresh injections of cash from developers and speculators, the city’s real estate and construction industries look increasingly promising. The Las Vegas construction industry has led the way in building many vital improvements and shows no signs of stopping anytime soon. Needless to say, Las Vegas construction companies have been very busy.