The DLI class of 2018 is coming to an end! This week we had our last and final class on, “The Strip Impacts on Commercial Real Estate.” The class was held at Cushman & Wakefield’s office and sponsored by Prologis. John Restrepo, President of RCG Economics instructed.
Throughout the class, we learned about key factors that make the strip important to our local economy such as: travel data, convention space and revenue per visitor and per room. We also looked at key indicators for building new resorts on the strip such as gaming revenue and room availability.
The importance of the strip to commercial real estate was apparent despite southern Nevada’s push for diversification. With 1,000 new rooms coming online by 2020 and nearly a million square feet of convention space, we are set up for potential growth. The caveat to that is… does it actually happen? Are the major resorts that are talked about on track to hit construction deadlines or are these projects holding to see what happens with the economy and the changes in gaming revenue.
Mr. Restrepo drove home the fact that although experience oriented and restaurant related revenues have increased dramatically, 30% of the of the revenue on the strip still originates from gaming. The overarching question being, how does this affect off the strip development and most of all our DLI project’s feasibility!
2018 DLI Class Vice President
Brenden Graves, Director of Client Services
DC Building Group
702.434.9991 C: 702.957.0600
Welcome Rick Myers, the president of Thomas & Mack Development Group and “Welcome to Possible.” Myers discussing how #LasVegas has the same opportunities as other large metros to secure corporate headquarters and the benefits of that move. #CRE #SNVCRE #NAIOP #NAIOPSNV