Experts preview Las Vegas' 2007 prospects

By Phoebe Sweet / Staff Writer

For the Strip, $30 billion in investment means bigger and grander hotels and casinos than ever before.

But for the rest of the Las Vegas Valley, that $30 billion translates into much, much more, according to Jeremy Aguero, a principal with economic consulting firm Applied Analysis.

"That $30 billion in investment on the Strip, more than (during) any period in our history, transfers into broader economic prosperity outside the gaming market as well," Aguero said. "Generally speaking, for every one hotel room, at least historically, we've created seven jobs within Southern Nevada."

Aguero and other Southern Nevada business experts will discuss the economic and gaming prospects for 2007 at Preview Las Vegas at the Thomas & Mack Center on Jan. 25. The event is sponsored by the Las Vegas Chamber of Commerce and the Nevada Development Authority.

Aguero said the 30,000 hotel rooms slated for development along Las Vegas Boulevard will mean more than 200,000 jobs, 100,000 off-Strip housing units and a continued ripple through the service sector.

"If you start walking through the progression, (that is) the way the gaming industry has historically spurred on economic development throughout the valley," he said.

More hotel rooms mean more jobs, which mean more people, retail space, warehouses and offices.

"It's not just about the gaming industry," he said. "While they represent 25 percent of the workforce, that means 75 percent are (working) outside (the gaming industry).

"The Las Vegas brand is not only about tourism, but has also been a success with regard to economic development."

At Preview, Aguero will discuss the top 10 economic indicators impacting Southern Nevada in 2007 with Rossi Ralenkotter, president and chief executive of the Las Vegas Convention and Visitors Authority, and Richard Lee, vice president and director of public relations for First American Title Co. of Nevada.

In addition to the gaming industry, Aguero said he will discuss population and employment growth.

"This is the first year in the last 20 where Nevada wasn't No. 1," in population growth, he said. "We've also been among the nation's leaders in job growth, although we've seen some falling off."

Aguero said he would also make predictions about the housing market, one of the valley's leading economic indicators, and the sustainability of current housing prices and construction activity.

"The last three years have been the worst in terms of permitting since 1993," Aguero said, adding that he would discuss at Preview how far off a turnaround could be.

He expects about 30 percent of the 90,000 condominiums currently planned to be constructed in the next 10 years.

Aguero said he will also discuss income data and wage appreciation in Southern Nevada and the commercial real estate market.

Tickets purchased in advance are $60 for members of the Las Vegas Chamber of Commerce or the Nevada Development Authority and are $80 for nonmembers. They are available at (702) 641-LVCC, option 2 or online at www.previewlasvegas.com. Tickets may also be purchased in person at the Las Vegas Chamber of Commerce, 3720 Howard Hughes Parkway.

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