As one of the most famous cities in the world, it should come as little surprise that there’s an awful lot of interest in the real estate of places such as Las Vegas. A vital component of that real estate is Las Vegas’ infamous strip of casinos that run through its very heart and it’s also got a rather intriguing value attached to it – here’s some more information.
Of course, casino property isn’t strictly limited to being in bricks-and-mortar settings, and recent years has seen the advent of the online casino industry, signifying the movement of the gambling world into digital spheres. This is exemplified perfectly by the likes of Jackpot King from Paddy Power that portrays how classic casino games such as slots online have opened up an entirely new dimension. Jackpot King employs an intriguing system with a prize pool that is consistently topped up alongside the potential winnings in the original slot game. As a result, as well as the vivid and eye-catching graphics that they offer, such slots can be seen as a different style of game by comparison to those in more traditional setups. Offering such a game may not have been possible within physical settings and so going Digital has certainly offered more strings to providers’ already rather full bows.
When it comes to Las Vegas, the amount that the casinos make themselves is rather staggering. In the fiscal year for 2019, 169 of the larger casinos reported revenues of nearly $22 billion. Property values along the Strip have been projected to exceed $50 million in the following years due to a surge in demand, whilst there are current examples of hoteliers buying up small one-acre sites for the princely sum of $7.4 million, such as when Asher Gabay bought the 8 Motel across from Mandalay Bay. The ability to command such fees originates from the status that Las Vegas holds in comparison to other locations and with land becoming more scarce in future, the prices will increase as capacity decreases. Furthermore, given the fact that the city has yearly tourist numbers regularly in the millions, with 42 million in 2019, investors can expect decent returns almost as a given.
There’s an abundance of evidence that the continued interest in Las Vegas as a destination for tourists particularly has been considered when it comes to some of the big construction projects that the city has undertaken in recent years. The Las Vegas Convention Center has undergone a major expansion in the last three years bringing with it everything from a grand concourse to enclosed pedestrian access to the Las Vegas Monorail, which marks one of only a handful of properly above-ground transportation links in the world, alongside the likes of the hanging railway in Wuppertal in Germany, and of course the copious amounts of theme park monorails at places such as Walt Disney World.
Most interestingly, however, the new expansion to the Convention Center also brings a People Mover system with it in a similar vein to those featured at the Disney parks in both California and Florida at the cost of nearly $50 million for Elon Musk’s The Boring Company. If all goes well, the People Mover system has been mooted to extend across Vegas to the casinos as well as sports stadiums and hotels which, in conjunction with the potential for a high-speed rail link to Southern California, continuously sustains the appeal of Las Vegas to tourists and residents alike and just makes it a fair bit easier to access.
There’s no doubt that the real estate Las Vegas has, not only in the sphere of casinos, is worth a fortune. However, it’s not just in terms of monetary worth where it holds value. When it comes to the value it holds by way of culture too and the potential that it brings to the city, the opportunities that higher value real estate, as well as its variety, are practically endless.