Is your city beginning to experience heavy layoffs because of the current status of the United States economy?  Experts agree that high unemployment rates in other cities can play in Las Vegas' favor - A hiring-hotspot where thousands and thousands of jobs are currently being created - and filled.  

In late June 2008, In Business Las Vegas did a story regarding Wynn Resorts' announcement that (starting in July) they would begin hiring for thousands of jobs at their newest hotel, Encore.  Already, they have received tens of thousands of applications.

According to the In Business article, Encore will create approx. 5,300 new jobs.  On an interesting note, approx. 1,700 of the jobs will be filled by current Wynn Las Vegas employees while approx. 3,600 new jobs will be created.  Approx. 1,700 more jobs are then expected to be created to refill the 1,700 positions at Wynn Las Vegas.  Encore is expected to open in December 2008.

The announcement by Wynn Resorts is positive news for the Las Vegas Strip and the job creation that is expected to continue for the next several years.  Billions worth of mega-resort construction is currently taking place, with multiple developments slated to open now through 2012.  One estimate by Deutsche Bank had Las Vegas creating over 100,000 new jobs by that time. 

*Update*

Shortly after posting this article, Station Casinos announced it had begun hiring for approx. 1,000 new jobs at Aliante Station.  Read at link.

Other Job Growth Statistics

Recently, MGM MIRAGE announced that (once Encore is finished filling their positions) they will begin to accept applications for the approx. 12,000 new jobs expected to be created by CityCenter.  MGM MIRAGE expects approx. 100,000 applications.

In late 2007, Sands Corp. created approx. 4,000 new jobs with the opening of the Palazzo Resort Hotel Casino.  More jobs are expected when the Venetian Palazzo Condo Tower opens before 2012. 

In early 2008, Palms Place created several hundred new jobs.

In 2009/10, Cosmopolitan Resort Casino is expected to create thousands of new jobs. 

In 2009, Planet Hollywood Towers is expected to create many new jobs.

In 2010, Boyd Gaming's Echelon is expected to create thousands of new jobs.

In 2010, Turnberry Associates' Fontainebleau Resort is expected to create thousands of new jobs.

Other properties looking to create new jobs by 2012 include the Caesars Palace expansion, the Hard Rock expansion, M Resort, and Station Casinos' Aliante Station.

Challenging Times and the National Media

The Las Vegas real estate market (including single family homes and high-rise condominiums) has experienced tremendous challenge over the past couple of years (most would agree it's the biggest real estate crash in Nevada's history).  2007 was a difficult year, yet 2008 has been much tougher. 

While there's no denying that the real estate market is going through tremendous change, a choke-hold of negativity-focused media attention has taken the city by storm (adding to the pain).  Stories such as thousands of jobs being created, record price-per-square-foot sales, etc. all take a back seat to stories such as NFL player robberies, foreclosures, and lawsuits.  Recently, a major publication blamed the bankruptcy filing of Tropicana Entertainment LLC on poor Las Vegas performance, when in fact, the company made it very clear they had lost their gaming license in Atlantic City, eventually forcing the company to restructure debt.

Check out the article Another Day in Doom-And-Gloom Paradise Here.

More to the Story than Casino Jobs

The current mega-resort boom taking place on the Las Vegas Strip and areas surrounding creates more than just "casino jobs".  Besides valet and bartender gigs - culinary, management, and executive positions (among many others) need to be filled.  Not only that, multi-billion-dollar properties such as MGM MIRAGE CityCenter and Echelon are expected to inspire commercial growth across the city.  What happens when the salt-and-pepper-shaker providers need to make an additional 10,000 salt-and-pepper shakers?  Bigger warehouse?  More employees?  Possibly more salt and pepper?  

What will Happen to the Real Estate Market?

How will tens of thousands of new jobs affect the Las Vegas real estate market?  Who knows, but it sure will be interesting to watch this thing play out over the next few years. 

Aaron Auxier REALTOR®, ABR can be reached at 702-205-1818

Copyright © 2008 Aaron Auxier. All Rights Reserved.

Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.