Frugality is probably not the first word one would associate with a city known for sin and excess. But in the wake of the global financial crash, Matthew Garrahan examines how Las Vegas is pursuing a conservative path to recovery.
Plans for the renovation of the historic Sahara casino by Los Angeles-based SBE group stand in stark contrast to how such a project would have proceeded prior the recession. "Before the 2008 crash," says Garrahan, "any company seeking to redevelop an older casino
hotel would have knocked it down and built a new one in its place." MGM's massive $9 billion CityCenter project, on the other hand, which opened at the end of 2009 and is now slashing prices for its condos, is the symbol of the way things were prior to the crash, when Las Vegas "stood as a shining example of the power of the leisure economy."
"Property buyers taking advantage of the sharply reduced prices in Vegas
at CityCenter and across the broader residential market will find a city
that is re-examining how it attracts tourists and residents," observes Garrahan.
"For years,
demand was so strong that every time a new casino resort opened with
thousands of rooms there would be people to fill it. But casino
operators have become more circumspect and, as the Sahara redevelopment
shows, small and affordable is now the norm, rather than big at any
cost, with debt, The Sahara redevelopment will cost $765m, much less
than multibillion-dollar new-build projects such as CityCenter, the
Bellagio or the Wynn Las Vegas that have sprung up in Las Vegas over the
past 20 years. Instead of adding thousands of new rooms, SBE is
focusing on quality rather than quantity."
FULL STORY: Betting the house
After Inauspicious Start, CityCenter Shows Signs of Success
One of the last major developments of Las Vegas's recent building boom, MGM's $8.5 billion CityCenter opened during the depths of the recession. Three years later, after slashing prices for hotel rooms and condos, the clouds are beginning to lift.
Las Vegas Solar Arrays and the Future of Power Utilities
Casinos are energy intensive and often located in areas with specific resource constraints and surpluses (i.e., Las Vegas), thus they offer a perfect case study for the future of solar energy.
Norman Foster-Designed Tower to be Demolished in Las Vegas
Around the corner from buildings by Daniel Libeskind and Rafael Vinoly (just to name two) in the CityCenter section of the Las Vegas Strip, a never-complete building, designed by Forster + Partners, stood empty for years. Not for long.
What ‘The Brutalist’ Teaches Us About Modern Cities
How architecture and urban landscapes reflect the trauma and dysfunction of the post-war experience.
‘Complete Streets’ Webpage Deleted in Federal Purge
Basic resources and information on building bike lanes and sidewalks, formerly housed on the government’s Complete Streets website, are now gone.
Downtown Los Angeles on the Rise: A Promising 2025
Fueled by new developments, cultural investments, and a growing dining scene, downtown Los Angeles is poised for significant growth in 2025, despite challenges from recent wildfires and economic uncertainties.
San Francisco Slow Streets Bucks Citywide Trend, Reducing Injuries by 61 Percent
Low-cost interventions aimed at slowing traffic are making a major impact on road safety.
How Single-Family Conversions Benefit Both Homeowners and Cities
Converting single-family homes to triplexes can ease the housing crisis and offer affordable, flexible options for more households. Why is it largely illegal?
Report: Transportation Equity Requires More Than Electrification
Lower-income households often lack the resources to buy electric cars, signaling a need for a more holistic approach to improving mobility and lowering transportation costs.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Economic & Planning Systems, Inc.
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research