GREATEST CITY in the WORLD - Las Vegas Part 2... New BUSINESS CAPITAL

For as long as I’ve been alive, Las Vegas has been known throughout the world as the gambling mecca and casino capital of the world. However, there’s been a lot of economic diversity developed over the last decade, which now includes what most people would recognize as top dining, entertainment, music festivals, and sports. What is less known is the valley’s explosion as a distribution hub and Feature Film destination.

In this video, we’ll review some economics that separate Las Vegas from other cities, as we still hear daily in the news that there is ongoing recession or economic concerns.

Nevada casinos have completed two full years in which they raked in at least $1 Billion each month. Gaming win is important to the state because it takes a percentage of it in taxes. MGM Resorts International’s top executive said that March was the most lucrative revenue-producing month EVER for the company’s Las Vegas casino resorts. Harry Reid airport has been setting passenger records for the past year, serving nearly 5 Million travelers per month. There is over $30 Billion worth of current or planned commercial construction.

One of the most exciting developments is Las Vegas becoming Hollywood 2.0. Sony Pictures has announced that they are ready to invest as much as $1 billion in production spending over the next decade in Southern Nevada, contingent on the approval of Senate Bill 496, named the Nevada Film Studio Infrastructure Act. “It creates a new industry in Nevada to diversify our economy,” Sen. Roberta Lange said. Mark Wahlberg is also on a mission to turn Las Vegas into 'Hollywood 2.0'. In an interview with FOX Business, Wahlberg doubled-down, saying it was "absolutely" his goal to boost the film and TV industry in Sin City and bring thousands of lucrative employment opportunities to the area.

A recent study ranked Las Vegas as the top Tech city in the U.S. for early stage startups, and pointed to a handful of local tech firms such as Boxabl that helped boost the city’s ranking from No. 9 last year to now No. 1. Boxabl co-founder Galiano Tiramani said that Boxabl operating in the greater Las Vegas area, with its friendly regulatory environment and high number of visitors, has allowed the company to develop quickly.

Gov. Joe Lombardo tweeted “Nevada is open for business!” when the results of the study were published. The study stated: “Nevada is a business-friendly state, and Las Vegas has a standard of living that is far cheaper than what can be found in many of the tech hotspots in the Bay Area, Southern California, and places like Seattle and Austin. Research firm Dealroom found an estimated 1,202 startups are in Las Vegas.

The valley’s Warehouse market has grown substantially through a combination of factors including the huge growth of e-commerce, available land and proximity to Southern California. America’s casino capital has emerged as a big time player in the warehousing and distribution industry. Developers have flooded Southern Nevada with massive warehouse projects, more tenants have been distributing products to other states; fierce demand for space has pushed vacancies to record-lows; and a rising tally of developers and other investors started doing deals here.

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Resources-
https://www.reviewjournal.com/business/las-vegas-valley-experiences-explosion-as-distribution-hub-2687693/
https://www.reviewjournal.com/business/casinos-gaming/record-downtown-las-vegas-gaming-win-lifts-nevada-2684483/
https://www.fox5vegas.com/2023/04/25/harry-reid-sets-passenger-record-march/?fbclid=IwAR2Lsts4hTzKlXaWwpzbJA_y2Os1HpOEJ5MiT7Z-H9U6ujzFPOKRi3jycO4
https://www.ktnv.com/news/best-hotel-revenue-month-in-mgm-resorts-history-coming-up-executive-says
https://www.foxbusiness.com/entertainment/mark-wahlbergs-mission-turn-las-vegas-into-hollywood-2-0-with-10000-new-jobs
https://www.reviewjournal.com/news/politics-and-government/nevada/2023-legislature/action-hollywood-may-come-to-las-vegas-2776006/
https://www.reviewjournal.com/business/entrepreneurs/las-vegas-no-1-for-early-stage-startups-in-the-us-study-says-2762294/
https://news3lv.com/news/local/nevada-two-full-years-monthly-1-billion-gaming-win-casinos-las-vegas-strip-gaming-control-board-february-2023

Disclaimer:
Randy Milmeister is not a practicing tax accountant, attorney, or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only. Randy Milmeister is a licensed real estate Broker-Salesman with Keller Williams in Nevada Lic.# 64289