The opening of the Palazzo Hotel and Casino in November of this year marks the start of massive job growth tied to casino and convention based projects. Higher job growth equals higher demand for housing, a very positive long term trend for the Las Vegas economy.
Fact # 1-The Palazzo has already begun to hire for more than 4,000 new positions.
While most people outside of Las Vegas have not heard of it, this is a very significant project, and will be one of the largest employers in Las Vegas.
It marks the start of a new wave of massive hiring needs for the casino and convention industries.
Fact # 2- The Palazzo is just the beginning. Hotels and casinos alone will need to fill an estimated 125,000 positions by 2012.
While the Palazzo itself will have a significant impact on the Las Vegas economy, it is just the start.
The initial tower of the non-gaming Trump International Hotel & Tower opens next year as will Station Casino's $650 million Aliante Station in North Las Vegas.
Boyd Gaming Corp.'s $4.8 billion, 5,000-room Echelon project broke ground last week.
Wall Street firm Deutsche Bank said the Las Vegas casino industry will need to fill some 113,500 positions by 2012. The report was completed before the New York-based Elad Group announced plans in May to replace the New Frontier with a $5 billion resort, and the announcement of a joint-venture development on the Strip's north end between MGM Mirage and Kerzner International. With those projects the estimate rises above 125,000 new positions.
Conclusion:
While the 24,000+ new homes on the market today is a high, the 125,000 new workers in the hotel and casino industry alone will easily absorb many times that inventory. The trend in job growth means a strong long term housing market for the Las Vegas Valley.
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