Las Vegas High Rise Blog » Fontainebleau big change for Las Vegas Strip revenue

Fontainebleau big change for Las Vegas Strip revenue – Resort Corridor matures.

Posted by Luxury Realty Group - February 3rd, 2008
Categories: High Rise Condos

Some say that the Fontainebleau Resort in Las Vegas is expected to generate two thirds of its revenue through avenues other than gaming. Dining, entertainment, nightclubs and more will play a key role. This is good news for the Strip and shows that “Sin City” is maturing into a global destination.

As multi-million dollar mega resorts such as MGM MIRAGE CityCenter, The Plaza Hotel and Echelon make their way to LV Blvd., it’s becoming more apparent that a new age is upon the world-famous Strip. The Resort Corridor is maturing into something few would have imagined just a dozen years ago, a legitimant location with world-class architecture, restaurants, spas, and entertainment. Construction and job growth are two words heard everyday around town.

*Fun Fact*

Las Vegas recently tied New York for the number of AAA Five-Diamond restaurants and/or hotel properties (nine in total). Las Vegas is expected to hold the overall title on its own by as early as next year. Only Chicago has more Five-Diamond restaurants as of today, with New York holding just one more Five-Diamond rated hotel. As of 2008, Chicago holds 10 overall awards.

See a breakdown of all restaurant and hotel winners by city here

Since when did Sin City become the leader of fine dining and luxury hotels in the United States? Wasn’t it just a decade ago that Strip hotels were known for their cheap 99 cent buffets?

Las Vegas Strip History – Four phases of development

The Mob
Howard Hughes
Steve Wynn and Theme Era
Boutique High-End (Present)

You can read about all four of these subjects in depth at our…

Past and Future of LV, NV. Part 1 (Mob and Howard Hughes) Blog

Past and Future of LV, NV. Part 2 (Steve Wynn and Boutique) Blog

30 Billion in Maturation

As of 2008, there is roughly $30 billion of growth taking place between Tropicana and Sahara Boulevard (see list). Land property values in this stretch were recently reassessed by the Clark County Assessor reflecting a 59%-99% increase in 2007.

MLS Inventory Update

Sky Las Vegas, a luxury residential condominium tower, is the only high rise located directly on the Strip which features a LV Blvd. address. Not until Veer Towers, Residences at Mandarin Oriental, The Harmon Hotel, Vdara Condo Hotel, and Cosmopolitan Resort Casino open in late 2009, will there be another condo tower which can claim a Strip address.

There were 66 resale listings in Sky as of Feb 3, 2008 ranging in price from $375,000 to $5,490,000. Many units feature a balcony…one penthouse listing in the project features 2 large balconies as well as an outdoor jacuzzi, grill, refrigerator, wine-cooler and bbq.

See photos and videos of the views in this Sky penthouse blog.

Are there challenges in the high rise market?

Yes. Understanding them is essential before making a real estate investment. Many luxury condo bargains in properties such as MGM Signature, Turnberry Towers, Panorama Towers and more are available. Due to condotel financing issues, it’ll be interesting to see what happens when Palms Place and Trump International close in the coming months.

Aaron Auxier, REALTOR® can be reached at 702-205-1818.

Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, LV Business Press, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.

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Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often times considered time sensitive.

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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.