Bright lights, big earnings and a vibrant nightlife have drawn in huge waves of tourists to Las Vegas for years. Dubbed the ‘Entertainment Capital of the World’, Las Vegas also proudly holds the rank of one of the top destinations in the world. From bachelor parties to work conferences, Sin City has become a staple tourist destination for people that like to play hard every so often.
With the recent boom of the sports industry in Las Vegas, though, the game is about to change. The Raiders are preparing to plant their roots in Las Vegas in 2020, meaning bigger and brighter things for the already bustling city. The Vegas Golden Knights have already had a successful hockey season after a relocation to Las Vegas. This sports boom will impact Las Vegas just as much as the teams who now call it home.
Why Vegas? Tourism, of course.
When it comes to tourism, no other destination can compare to Las Vegas. The casino and resort-based destination appeals to a specific market and does a fantastic job of selling itself. Every inch of the city oozes excitement, and the high energy throughout is undeniable. The elaborate themed hotels give Las Vegas an exciting edge, making it so that visitors feel like they can be in multiple destinations all while staying in a ten-mile radius.
Entertainment thrives in Las Vegas, both with big name performers and shows taking residency, and with local artists sharing their craft on the strip. Tourism is the driving industry in Las Vegas, hands down, but the construction of the Raiders stadium and the move for the Golden Knights is going to lead to a shift in the economy.
What does the Raiders stadium construction mean for residents of Las Vegas? Well, initially the construction may shake up how residents and visitors commute throughout the city, but the pros of the project will outweigh any potential headaches it causes. In the meantime, it might be necessary to carpool.
The construction of the Raiders stadium will open up 19,000 jobs for the region, boosting the economy at least during the duration of the project. Jobs within the stadium will open up for residents once construction has ended. Over a longer timeline, the tax revenue brought in from the stadium project will contribute to local funding of parks, roads and more. The nearly $2 billion construction project may be costly, but once the arena is open, revenue will further strengthen the economy of Las Vegas.
Unlike some NFL home stadiums, the Raiders could not be settling in to a more exciting, appealing city that will certainly rebrand the team. The close proximity of the future stadium to the main strip and the airport will make the stadium extremely accessible for both local and visiting guests who want to catch a game. New sports complexes do not always guarantee an economic boom, but construction in already thriving destinations, such as Las Vegas, typically lead to urban growth.
The move for the Raiders will add to the appeal of Las Vegas while also giving the team a facelift. The initial decision to put their stadium in a town known for gambling and drinking seemed risky, but outside of Las Vegas’ party reputation lies huge business opportunities.
Real Estate in Las Vegas
Real estate in Las Vegas is also predicted to change with the introduction of both the Raiders and the Knights. As the city undergoes a time of rebranding to match the sports lifestyle, homes will also phase into a new look and feel. The housing market will climb up as more and more people make the move to Las Vegas, meaning the median price for homes will also rise. Once the Raiders are officially native to Las Vegas, home values will rise further. As the team makes the trek from California, it is also expected that a wave of people from California will follow and purchase property in Las Vegas and surrounding Nevada neighborhoods.
As the NHL Golden Knights and NFL Raiders settle in to their new digs in Vegas, there will be a transition period over the next couple years. Las Vegas, a city already booming with tourists from all over the world, will continue to see business busting. While Las Vegas will still be the ‘Entertainment Capital of the World’, it will soon boast major league sports as part of its entertainment. Glamorous designer hotels, world renowned performances and both an NHL and NFL home team can only mean a future as bright as the casino lights. Residents of the area will be impacted by the changes and construction of the Raiders’ stadium but can look forward to the exciting opportunities that will follow. If the excitement is too much to handle, you can reserve yours spot in the stadium today. As the countdown for the new Raiders’ stadium begins, follow along with the excitement and live construction updates.
Housing market: https://search.kingofcasas.com/idx/featured
Follow along: http://www.raiders.com/lasvegas/live-stadium-camera.html
By Abigail Golder