This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Downtown Las Vegas Continues Winning Streak

LAS VEGAS, Jan. 14, 2013 /PRNewswire/ -- For downtown Las Vegas, 2012 came to be known as the "Year of Downtown" for good reason: at least $754 million in public and private projects came to fruition and an additional $355 million in developments were under construction with most of these scheduled to be completed in 2013*. 

In 2012, downtown Las Vegas – which does not include the famed Las Vegas Strip and is located just a few miles north – became home to a $485 million performing arts center, a new city hall, two major museums and scores of new businesses. A total of 57 projects were completed, under construction or upgraded in this urban area during the year. "After years of hard work, the city's highly strategic redevelopment efforts are paying off," said Bill Arent, director of the city of Las Vegas Economic and Urban Development Department, who also works with the city's Redevelopment Agency ( www.lvrda.org).

According to Las Vegas Mayor Carolyn G. Goodman, redevelopment progress is helping downtown reinvent itself as the region's true center of community, culture and commerce. The new year's upcoming development highlights include Zappos.com's $40 million renovations to the former Las Vegas City Hall to accommodate the company's 1,200 employees, the $56 million Discovery Children's Museum scheduled to open this spring, the former Lady Luck Hotel & Casino's $100 million renovation and reopening as Downtown Grand Hotel & Casino in late 2013, and a former Travelodge repurposed into a temporary housing and resource facility for veterans. In addition, Zappos CEO Tony Hsieh is investing $350 million of his personal wealth in the downtown area for venture capital and entrepreneurial assistance for startup companies as well as community improvements.

Las Vegas' 2012* redevelopment stats are impressive by any city's standards. The businesses and projects completed during the year generated work for more than 5,200 construction employees, as well as 1,500 permanent jobs. Today, more than 1,700 construction workers are employed on projects that will generate more than 1,900 permanent jobs.

"A check of recent headlines both locally and globally confirms the new respect for downtown and the renewed energy permeating the area," said Rich Worthington CEO of The Molasky Companies and president of the Downtown Las Vegas Alliance (DLVA), a nonprofit consortium of more than 40 downtown businesses working to promote the area. The group's campaign, Rediscover Downtown, targeted to locals, is continuing in 2013 based on its 2012 success.    

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,135.72 +38.82 0.21%
S&P 500 2,101.04 +2.51 0.12%
NASDAQ 4,982.8090 +15.6680 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs