The market for new casinos in the famed resort corridor was shaky long before the pandemic hit.
Eli Segall
Reporter: Real estate
Email: esegall@reviewjournal.com
Phone: (702) 383-0342
X: @eli_segall
Eli Segall joined the Review-Journal in August 2016 after covering real estate and other business topics for four years at the Las Vegas Sun. He also worked for the Silicon Valley/San Jose Business Journal, The Associated Press and other news groups. Segall has a bachelor’s in political science from the University of Michigan and a master’s in journalism from the University of Maryland. His awards include 2017 Story of the Year from the Nevada Press Association.
After three Las Vegas casino-resorts debuted during the pandemic, no others are officially scheduled to open anytime soon.
UNLV’s Center for Business and Economic Research predicts that visitor volume in Southern Nevada will climb 57 percent this year and 13.2 percent next year, following its 55.2 percent drop in 2020.
U.S. homebuilders’ sales fell to its slowest pace in a year last month, and resales dropped for the fourth consecutive month. And it’s no different in Southern Nevada.
Nevada added more than 10,000 jobs last month as coronavirus restrictions loosened and tourism regained its footing in Las Vegas, though unemployment remains high.
A spread of land once owned by Siegfried Roy is now home to a rare sort of real estate project in Southern Nevada: an infill housing tract.
Developer Brett Torino expects to open a retail complex at CityCenter next year.
Coming out of the Great Recession, various plans to build massive hotels, complete an unfinished skyscraper, and construct an arena on the north Strip have produced hardly any visible results.
The typical rental rate of a Las Vegas-area home shot up 17 percent year-over-year in May.
The long-planned $4.3 billion property could bring more tourists to the north Strip and a surge of visitors overall to Las Vegas.
Southern Nevada’s housing market is dominated by single-family homes, but there are plenty of condos and townhouses, which have also sold rapidly amid Las Vegas’ homebuying frenzy.
Resale totals have fallen the past two months, and available inventory has climbed for three straight months as house prices keep setting all-time highs.
Howard Hughes Corp. is developing an office building next to Las Vegas Ballpark and the second phase of a luxury apartment complex.
Homebuilders have been busy in Henderson’s Cadence community, putting it among the top-selling spots in the nation for new houses. Now rental developers are getting a foothold, too.
Buyers picked up 3,189 previously owned single-family homes — the bulk of the market — in May, down 9.6 percent from April but up 87.3 percent from May 2020, a new report shows.