CLOSING IN ON 40 MILLION YEARLY VISITORS LAS VEGAS REMAINS THE NUMBER ONE TRADE SHOW DESTINATION IN NORTH AMERICA -
-- A ranking Vegas has held for 17 consecutive years! Visitation numbers have been increasing for more than 18 months and convention attendance is up almost 10 percent through the first three quarters of this year.
Hotel occupancy is more than 85 percent, 20 plus points above the NATIONAL average! Needless to say, the tourism industry is helping lead Nevada out of the recession.
Since the of the recession in 2009, tourism has added nearly 16,000 jobs. In November the Convention Authority introduced the Destination Innovation and Leadership Plan, a three year business strategy designed to further strengthen the recovery of Vegas tourism which will be introduced early in 2012.
It will target Brazil and China for their strong economies and emerging middle class spending power. It's goal is to increase international travelers from 18 to 30 percent market share.
Also, the new plan will increase the number of flights to Vegas by hosting prominent airline conventions and opening the 2.4 billion dollar terminal at McCarran international airport in June 2012.
Another strategy is to capitalize on the popularity of Las Vegas for various holidays and special events with a goal of marketing at least one special event monthly.
The "What Happens Here, Stays Here" advertising campaign will remain and was recently selected as the Number one campaign in North America and will be inducted in the Madison Avenue Advertising Walk of Fame.
AROUND 4.25 PERCENT 30 YEAR MORTGAGE RATES ARE PREDICTED FOR 2012
"Foreign investors trust the U.S. economy a little more than their own, so they will continue to invest in the U.S. economy. And next year is the election so I don't think rates will go up before then", said a prominent New York mortgage firm President.
"Being an election year there will be pressure on the administration to keep rates low", he continued. Eventually, if the market starts to recover, rates might increase a little bit."
Recently released reports show glimpses of hope. The National Association of Realtors index of pending home sales increased 10.4 percent in October, better than the 1.5 percent gain expected -- the biggest jump since November 2010.
"If home sales hold up strong and the job market improves, rates will eventually rise but they would still remain attractive, especially when compared to rates years ago.
"My parents paid 14 percent on their interest rate in 1994 when they purchased their home in San Ramon -- so if people pay even 5 or 6 percent in the future it's not a bad thing for the economy."
REVITALIZED LAS VEGAS ATTRACTING NEW STARTUP BUSINESSES
With Zappos moving into the old City Hall in 2013, and Zappos CEO Tony Hsieh making pitches to dozens of entrepreneurs,downtown Las Vegas is undergoing a startling transformation.
Hsieh simply didn't want his company to move into City Hall but wanted others to buy into the vision of a downtown community and he talks about transforming downtown within 5 to 10 years.
And it seems to be working as several startup firms have committed to downtown and are raising investment capital with Hsieh putting some money in.
The brainpower needed for these businesses to exist will come from a "center of excellence" planned by the College of Southern Nevada to train in areas that might be needed by these startups.
Most of the credit for success so far goes to Zappos with Zappos employees forming "startup weekends" at the El Cortez downtown. It's a 54 hour event where teams prod, try out and dream up and improve ideas for startups.
Hsieh also formed a company called "Downtown Project", hiring experts to assist startups with the detail of operating a new business -- accounting - how to run a payroll, etc.
Hsieh says that in two years he expects to have at least 100 new businesses to have set up shop downtown.
Almost twice the number from 2010 -- attracting individual runners, charities and running groups, ranging from professional to novices, all of whom spend big bucks -- an estimated 50 million this year.
"This year, compared to last year, we are looking at a record number of runners "said the senior research manager for the Las Vegas Convention and Visitors Authority, which means more economic impact.
Dan Cruz, spokesman for the Las Vegas Rock 'n' Roll marathon, said, "we believe that this can be one of the largest mass participation events in the world." Participants come from 50 countries, including 4,000 from Canada.
Rock 'n' Roll operates two training camps in Las Vegas with a coaching program catered to beginners, teaching people to run a marathon from scratch said the President, using three coaches who work as independent.contractors.
Local retailers see customers coming in looking for new running shoes, gloves and nutritional drinks. Besides the runners, more than 75,000 spectators are expected to line the course.
During the race, special options like the running Elvi, run-through weddings and race side entertainment seek to make the Las Vegas Marathon a unique experience for both participants and spectators.
A 50,000 SEAT STADIUM PLANNED FOR UNLV CAMPUS SITE IN LAS VEGAS
Formerly planned as a 40,000 seat stadium it has been upgraded to a 50,000 seat stadium to include shopping and parking on the site, now the parking lot for the Thomas and Mack center.
The Board of Regents agreed to extend for another180 days an exclusive negotiating agreement between UNLV and Majestic Realty to develop the project.
A consultant said a larger stadium affords more flexibility and doesn't limit the types of events that could be attracted to Vegas.
A special taxing district may not be necessary, once seen as essential. A Majestic Realty spokesman says the project will be done in stages. No public money has been spent on the project and none will be spent in the future.
A University of Michigan expert has been brought in who has consulted on stadiums around North America, including the Staples Center in Los Angeles. The expert, Mark Rosentraub said, "it's not just about a sports facility, it's about what a sports facility does for the environment it's in."
UNLV is unique because since it's in Las Vegas, the entertainment capitol of the world, an entertainment designation without a 50,000 seat state of the art arena or stadium, providing the opportunity to seek private investors without using public funds.
The student village concept with shopping, student housing and parking is essential to the project's success. Detailed plans in the next few months will be completed in early 2012.
LAS VEGAS AND THE NATIONAL FINALS RODEO -- (NFR) -- A PERFECT MATCH
For 26 years Las Vegas and the Professional Rodeo Cowboys Association (PRCA), the organization overseeing the NFR, have had a great partnership, evolving and becoming stronger every year.
Las Vegas, normally dormant in December, now has all resorts open and provides country-western entertainment for the 10 day stretch of the Rodeo, bringing in over 52 million dollars for the local economy.
The NFR has received enormous exposure for the Rodeo since relocating to Las Vegas including Sports magazines and national sports TV networks.
The NFR and Las Vegas have a contract through 2014. Other cities may bid on the NFR when the contract comes up for renewal. They may try to entice the NFR but no city can match the experience of fans and cowboys have here with world class resorts, entertainment and proximity to the airport.
Las Vegas is the only destination that has evolved to host people and events, including cowboys and rodeos, being the convention and meeting capitol of the world.
LAS VEGAS ECONOMY SEES IMPROVEMENT IN THE LEISURE AND HOSPITALITY SECTOR
At the Governor's Conference on Tourism state officials and national economists talked up renewed consumer spending and other positive indicators.
They also brought up diversifying Nevada's tourism base to expand its economy by attracting new business and industry.
Visitor volumes, hotel room occupancy and taxable retail sales have all increased in recent months it was noted.
Thredgold Economic Associates of Utah said, "economies across the country and world are improving, but in small increments. Things are going to get better and better."
Nationwide economic expansion is expected to be 2 percent in 2012, similar to 2011. Globally, Thredgold predicted seven growth industries in coming years,Technology,transportation, telecommunications, financial services, energy, entertainment and biomedicine. "The United States is positioned well in all of these sectors, he said."
He continued, "California has a bleaker future, calling it "our own Greece due to massive deficits." He said 3,000 middle class Californians leave the state every week for greener pastures elsewhere, and western officials are flocking there to entice businesses, especially from Nevada.
PASSENGER NUMBERS INCREASE AT McCARRAN INTERNATIONAL AIRPORT CONTINUING ITS STEADY RECOVERY
3.7 million people who boarded or got off flights in October marked a 4.5 percent gain from a year ago. The number of flights and seats also increased.
The number of seats went up 4.9 percent to 490,000 and more than 75 percent was on flights to Southern California, the San Francisco area and Portland. These are routes Spirit Airlines has entered recently, causing other airlines to add flights of their own. The L.A. route accounted for 8,100 more seats.
The 268 percent increase by Spirit Airlines far surpassed any other airline. Now, Spirit is up to 147 flights in seven cities and plans to open a crew and maintenance facility in Las Vegas early next year.
While the domestic side rose moderately, international travel jumped 30 percent in October, about half from north and south of the border.
WestJet Airlines continued to service Vegas aggressively with routes to several Canadian cities. The arrival of Mexican discounter Volaris and AeroMexico brought more passengers.
Virgin Atlantic and British Airways went up 25 percent as Virgin added Manchester as a non-stop destination and British Air put larger jets on the route.
This NASCAR combination culminates with the 2011 NASCAR Sprint Cup Series Award Ceremony at the Wynn Las Vegas.
Nascar intends to strengthen its working ties with Las Vegas by joining the two highly recognized brands. Leading up the ceremony this week, two million dollars in TV ads were ran in spot markets.
"It's a major push to get people to come to Las Vegas said a spokesman. We want them to understand that we are going to Vegas and want them to join us there."
That working relationship would mean more money and increased visitation for Las Vegas with Nascar having some of the most loyal fans in sports differing from other sports such as Football and Baseball, translating to dollars for associated brands.
Nascar and FORD recently hosted a "Send me to Vegas Sweepstake", resulting in some 87 vehicle sales in 120 days.
Nascar is also seeing increased sponsorship --- with Kraft Foods and AARP, Outback Steakhouse and Bosch, not to mention Bank of America and Goodyear returning with 5 year contracts.
The events have received ESPN coverage solidifying Las Vegas association with NASCAR.
276 DEVELOPER HELD LAS VEGAS CONDOS SOLD FOR $48.3 MILLION
In what might be one of the largest bulk real estate purchases in Las Vegas that did not involve a bank,Turnberry Towers sold the 276 units to a Los Angeles based investor the CIM Group.
CIM, is part owner of the Lady Luck downtown, recently renamed the Downtown Grand.
One bedroom units start at $245,000 with no set maximum price. The two 45 story Turnberry Towers broke ground just north of the Las Vegas Hilton in 2006.
Because CIM has not announced its future strategy brokers cannot gauge how the deal will affect the overall market.
Real Estate broker Bill Zinsser says, "I doubt if the CIM deal will have any effect on any of the high-rise condos in the area due to the lack of inventory."
Although investors seeking bargains have paid a major role in the Las Vegas residential real estate market the past couple of years, a spokesman said, "this was likely the largest bulk purchase ever."