Las Vegas Real estate future demand 500,000 people moving here?
maria gudelis | July 18, 2008In my last post, the principles of real estate value was discussed and I alluded to the next demand cycle for real estate in Las Vegas and promised to you the list of casinos that will assist in this demand cycle. This is all part in understanding supply and demand cycles in real estate.
The following list below contains the main Las Vegas casinos being built or completed (that matter) with expected primary employment figures:
Casinos being built or completed recently:
- Palazzo (Venetion) – estimated employment = 6,000
- Encore (Wynn) – estimated employment = 8,000
- CityCentre 11,000
- Fountainebleau 8,000
- Echelon Place (former Stardust) 11,000
- Plaza 10,000
Total Primary Employment when you add it up = 54,000
Then typically for each new employee they bring family so mulitply 54,000 by 2.5 = 140,000 people
Then once new people move into an area, there are services that must be provided to support the influx such as schools, grocery stores, hair salons, etc.
So you multiply 140,000 by 3-4 times as that will be the additional amount of people needed for that local economy to run smoothly.
You see know who the estimated figure of 500,000 people, new jobs, new influx into Las Vegas will occur once 2012 comes our way.
That means Las Vegas will be entering a demand cycle by 2012.
Anyone want to make bets on this? Hope you benefitted from this post, Maria Gudelis
