MGM City Center Could Mean Las Vegas Starts to Turn Corner

Talk about the newest addition to Las Vegas Mega-Resorts MGM Grand’s CityCenter is starting to heat up! The property is expected to open in early December of this year and will begin employing over 12,000 residents in the Las Vegas area. In this economy, this is one of the best pieces of good news hitting Las Vegas and its over 125,000 residents currently unemployed!

The State of Nevada recently released updated unemployment figures that show Las Vegas with a 12.3 percent rate! This again puts our unemployment rate above the national average as we continue to see layoffs and decline in the tourism industry. So, a bit of good news is something Las Vegas and Nevada truly needs!

MGM remains one of Nevada’s largest employers and like many gaming companies, has been hit hard by the current recession. In April of last year MGM announced it was laying off more than 400 mid-level managers in order to cut costs. In total, the number of layoffs at MGM totaled more than 4000. With CityCenter coming online, some of those folks may get hired back, which is truly needed to help boost the local economy. With unemployment benefits reaching record highs, the State of Nevada is eager to get people back to work!

CityCenter brands itself as, “Destined to be one of the worlds great urban places of the world!” I would encourage you to take a look at their website–it’s impressive! Here is the link:

There are many analysts who have said that we may see the economy start to rebound in November of 2009. If this is the case, it comes at a great time considering CityCenter plans to open in December of 2009. One of the facts I’ve been relating to my clients is that we should see a ripple effect as a result of CityCenter opening its doors. When you see thousands of people put back to work, it sparks sales in many other industries. Businesses such as dry cleaners, banks, coffee shops, grocery stores and many other small businesses that cater to the cities infrastructure should see an increase in foot-traffic.

While none of us really know what the future of our economy holds, we can all take great solace in knowing that CityCenter will open. Hopefully this begins an upward trend in Las Vegas that has been feeling the effects of this bad economy harder than many other places in the United States. One last positive note I’ll say about Las Vegas, is that this city continues to be unique. Our resorts, hotels, casinos, restaurants, shopping and entertainment remains first-class–I’m putting my faith in the people of this town and the constant development of our spectacular landscape!

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