Some things are just synonymous with Las Vegas: casinos and gambling, nightlife, fine entertainment….and, food! Tasty treats from the most gourmet and upscale, fine-dining establishments on the Strip, to tucked-away neighborhood eateries offering delicious delicacies; Las Vegas is a mecca for foodies.
Relatedly, both tourists and locals with a sweet-tooth can get excited about the upcoming addition of a 260,000 square-foot project called the Linq which will include cupcake-chain Sprinkles Cupcakes and ice cream (a Los Angeles specialty shop). Caesars Entertainment has announced the signing of tenants for close to 70% of the Linq space, opening in late 2013. Residing on the Strip, across from Caesar's Palace on Las Vegas Blvd., Linq is said to also feature a Celtic themed pub (Tilted Kilt), a 16-lane bowling alley and a live performance venue, a Mexican restaurant, and Italian restaurant and a women's clothing and accessory store, as well. A 550-foot-high Ferris wheel is also set to be erected in 2014.
Caesars Chairman and Chief Executive, Gary Loveman, has said that "…from the beginning…we wanted to have places that are accessible, that aren't so expensive that people can't enjoy them, and also are unique to Las Vegas".
CoStar Group (a real estate research firm), estimates that Vegas' retail vacancy rate was 11.3% in 2012's third quarter. The average retail lease rate is $16.41 per square foot per year, which is down from $26.52 in 2007. The real estate market on the Vegas Strip is different from the surrounding areas of Las Vegas; CoStar's estimates aren't inclusive of malls inside casinos. This means some of Vegas' most lucrative retail properties are left out of the equation.