The Smith Center – A Year in the Arts: Investment bears economic fruit
When Mundo opened at the World Market Center three years ago, its owners predicted a bright future with of the opening of The Smith Center for the Performing Arts in 2012.
That forecast was accurate with the restaurant’s dinner business up 60 percent in the past year. Now Mundo’s ownership group plans to open a bar and bistro in the Arts District in early April.
“It has exceeded what we expected,” said Mingo Collaso, general manager and partner of Mundo. “One of the reasons we chose that location was because of The Smith Center, but I don’t think we realized how many people would be going there.”
Some 400,000 tickets have been sold since the opening, and restaurants, bars and hotels are benefitting. Residents who rarely went downtown make up much of the traffic. Some restaurants offer shuttles to and from The Smith Center so patrons only park once.
The success of Mundo prompted Collaso and others in the ownership group to further capitalize on the influx of people into downtown. It’s opening Mingo Kitchen & Lounge on First Street to attract after-show patrons who want drinks, appetizers and a late dinner.
“I think we are going to be overwhelmed at Mingo, too,” Collaso said. “And there are other places nearby that create some synergy.”
No studies or sales tax analyses have been done, but downtown supporters are elated. Fremont Street has benefited from The Smith Center with hotels reporting theater patrons going to dinner before or after the shows, said Tom Bruny, marketing director of the Fremont Street Experience.
“The shows and concerts have provided Las Vegas with another level of entertainment that is certainly drawing residents to downtown,” Bruny said. “The Smith Center is drawing them from all across the valley.”
Observers said theatergoers are not deterred by the lack of restaurants and bars adjacent to The Smith Center. When more downtown development occurs, that will create more synergy.
Las Vegas residents are used to getting in their car and driving one place to dinner and another to a movie or whatever entertainment venue they are going to for the night, said Cara Roberts, spokeswoman for the Las Vegas Chamber of Commerce.
“In other cities, like Denver, it took a while for a lot of restaurants and bars to locate near their theater district, and as that part of the community develops and grows, it will attract even more restaurants, bars, galleries and retail,” Roberts said. “Those type of things take time, but The Smith Center is certainly a great community destination that appeals to a cross section of our community.”
The potential for downtown has Las Vegas officials even more excited about further development, including the addition of stores and restaurants at the Premium Outlet Mall. City officials are talking to businesses and transportation agencies about some type of downtown bus or shuttle that would make it easier for people to park once and get to The Smith Center and restaurants.
“What’s happening is more than I could have ever dreamt,” Mayor Carolyn Goodman said. “What we are doing downtown is the tip of the iceberg. This is going to be a huge incentive for more restaurants and mixed-use development downtown.”
Brian Gordon, a principal with research and consulting firm Applied Analysis, called The Smith Center a “major milestone” in the evolution of downtown but it’s just an early step. Once more is developed, people will flock there in even greater numbers.
“There is a significant amount of work to be done to complete the vision that has been set for downtown, but it has become an iconic venue and key step,” Gordon said. “Every piece of development in downtown is important, and these type of transformations tend to take a number of years.”
John Restrepo of Restrepo Consulting Group, which performed an economic benefit study for The Smith Center, said the facility is what urban planners call a “transformative investment” because it can help change an image and future path of a downtown. Restrepo said it would take time.
“Downtown redevelopment is evolutionary, and you have to look at it over five years and 10 years, and there will be a lot of interest that occurs over time because they brought The Smith Center downtown,” Restrepo said.
Myron Martin, president and chief executive officer of The Smith Center, said an immediate impact on downtown was expected, but benefits have been valleywide. Before they go to a performance, many people eat dinner at a restaurant close to where they live or work, whether it’s in Green Valley, Summerlin or North Las Vegas.
“On every front in the first year, it has exceeded our expectations,” Martin said. “I love getting the phone calls from restaurants telling me how busy they are before and after shows. I hear stories every day about how people are impacted by The Smith Center being open. In the broadest sense, The Smith Center is having an economic impact on the city. It’s a much bigger story than how many tickets we’re selling.”
