Frugality is probably not the first word one would associate with a city known for sin and excess. But in the wake of the global financial crash, Matthew Garrahan examines how Las Vegas is pursuing a conservative path to recovery.
Plans for the renovation of the historic Sahara casino by Los Angeles-based SBE group stand in stark contrast to how such a project would have proceeded prior the recession. "Before the 2008 crash," says Garrahan, "any company seeking to redevelop an older casino
hotel would have knocked it down and built a new one in its place." MGM's massive $9 billion CityCenter project, on the other hand, which opened at the end of 2009 and is now slashing prices for its condos, is the symbol of the way things were prior to the crash, when Las Vegas "stood as a shining example of the power of the leisure economy."
"Property buyers taking advantage of the sharply reduced prices in Vegas
at CityCenter and across the broader residential market will find a city
that is re-examining how it attracts tourists and residents," observes Garrahan.
"For years,
demand was so strong that every time a new casino resort opened with
thousands of rooms there would be people to fill it. But casino
operators have become more circumspect and, as the Sahara redevelopment
shows, small and affordable is now the norm, rather than big at any
cost, with debt, The Sahara redevelopment will cost $765m, much less
than multibillion-dollar new-build projects such as CityCenter, the
Bellagio or the Wynn Las Vegas that have sprung up in Las Vegas over the
past 20 years. Instead of adding thousands of new rooms, SBE is
focusing on quality rather than quantity."
FULL STORY: Betting the house
After Inauspicious Start, CityCenter Shows Signs of Success
One of the last major developments of Las Vegas's recent building boom, MGM's $8.5 billion CityCenter opened during the depths of the recession. Three years later, after slashing prices for hotel rooms and condos, the clouds are beginning to lift.
Las Vegas Solar Arrays and the Future of Power Utilities
Casinos are energy intensive and often located in areas with specific resource constraints and surpluses (i.e., Las Vegas), thus they offer a perfect case study for the future of solar energy.
Norman Foster-Designed Tower to be Demolished in Las Vegas
Around the corner from buildings by Daniel Libeskind and Rafael Vinoly (just to name two) in the CityCenter section of the Las Vegas Strip, a never-complete building, designed by Forster + Partners, stood empty for years. Not for long.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
Test News Post 1
This is a summary
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
Test News Headline 46
Test for the image on the front page.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
EMC Planning Group, Inc.
Planetizen
Planetizen
Mpact (formerly Rail~Volution)
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research
NYU Wagner Graduate School of Public Service