Has building casinos saved housing?
The current slump in the property market in Las Vegas is thought to have a new saviour in the form of further building works. It is suggested that the expansion of casinos in Vegas will play a key part in the economic turn in housing investment.
Recent reports from the real estate sector have highlighted that Las Vegas has suffered from a 37% decrease in home sales, and a drop of 11% in home prices.
However, the opening of the new Palazzo casino owned by the Sands Corporation marks the start of a new generation of entertainment complexes which are expected to help reverse the downturn.
Other than the increased opportunities for visitors, the plans for future complexes will create thousands of jobs and bring more money to the area. With this in mind, real estate analysts have predicted a housing shortage by as early as 2009.
Source: Has building casinos saved housing?
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