Las Vegas, the county seat of the Clark County, is the most populated city in the entire state of Nevada. Founded in 1911 and officially incorporated within the US Territory in 1911, the city quickly began developing, focusing constantly on economic growth and never slowing down the pace. For many, it is also the most representative symbol of the United States, its culture and historical background. Nowadays, Las Vegas is the 28th most populated state in the US, with over 590.000 inhabitants and over 2.000.000 more in the metropolitan area.
Essential Assets To The Las Vegas Economy – The Tourism
Self-titled “The Entertainment Capital of the World” and internationally appreciated as one of the most important resort cities in the world, Las Vegas is an intense and glamorous experience, attracting over 30 million visitors each from all over the globe, each year. Its economy relies heavily on tourism and one of the studies conducted in this direction by the Nevada’s Center for Business and Economic Research, reported an astounding total of $33 billion spent by visitors only in 2004. Its main attractions are huge Casino-Hotel establishments and corresponding activities, followed by exquisite shopping areas, impeccable dining and extremely and an extremely dynamic level of entertainment and nightlife.
The Casino industry started to flourish way back in 1931, after gambling had been legalized in Nevada, and by 1940 Las Vegas was once again going through a new wave of prosperity and financial growth. As several other large Casino Resorts in the US and even the world were on the verge of extinction, Las Vegas continued to expand in this direction and for a long time the center of Las Vegas has also been an international reference for gambling. Most of the major Casinos establishments have been raised on the Freemont Street, consolidating the fame and reputation of the city as one of the most interesting and entertaining places to visit.
Apart from the Casino industry which has constantly benefited the local economy through massive numbers of tourists and revenues, same as a new list of the best casinos online, Las Vegas also excels in the accommodation and entertainment departments. Some of the world’s tallest and most luxuriant hotel resorts can be found here, and the city quickly became one of the first three most preferred locations within the US, when it comes to business and global conventions. The entire range of hotels in Vegas offers high-class luxury accommodation and services, and this is how the city managed to accumulate more AAA Five Diamond claims than any other place worldwide. Besides being a leader in the hospitality industry, Las Vegas is also extremely diverse and abundant in Top Industry Restaurants and Bars, thus ensuring an even larger touristic flow.
The Impact Of The Financial Crisis
Nevertheless, like any other major city in the world, Las Vegas is also confronting with elements that exercise a negative influence over the economy. The financial crisis of 2009 has generated contexts that have affected the cities balance. The epicenter of gambling related activities had the Freemont area for quite a while, yet the impact of the crisis upon the real estate industry facilitated a series of opportunities for newer Casino Projects, for instance. The Mirage was one of the largest and most acclaimed ones, starting its expansion in the Las Vegas Strip area. As it evolved, several other Casino projects have been demarcated in the very near vicinity, thus separating the Las Vegas gambling scene and community into two different regions and factions. As direct consequence, the central area of the city took a slight hit and with the prices of real estate property constantly decreasing the center lost some of its major residents. Business stagnated for a while as the financial crisis deepened. Statistics have also reported a significant increase of the criminal rate during the crisis, as well as a much higher percentage of divorce cases, suicides and alcohol or drug abuse.
As expected, the city started regrouping right away, and in a very short period of time even larger and subsequently, even more exuberant Casino-Hotels have been built. The most acclaimed were the Renaissance and the Wynn Las Vegas ones, both offering some of the most exquisite perks and facilities. With the central side revitalized and several state programs that offer incentives and aid to startups, Las Vegas continued to maintain a firm position among the top resort cities in the world as well as its general loose atmosphere and extremely abundant entertainment. Projects and planned community developments are being demarcated on a constant basis, also generating further labor and employment opportunities.
Economy-wise, it is safe to say that Las Vegas has built one of the most solid three-ring chains, uniting three essential branches, the gambling industry, the tourism and the hospitality. Each of them relies and at the same time constitutes a major asset to the others, thus ensuring long-term stability and prosperity to one of the most distinct and versatile cities in the world.
