$30B
Author: Diana Heeb Bivona 18 projects yielding 18,549 rooms are currently under construction
21 projects yielding 14,472 rooms start construction during the next 12 months
3 small hotels will open this year
15 hotels with 6,406 rooms will open in 2007
13 projects producing 15,117 rooms will open in 2008
28 hotels producing 35,978 rooms will debut in 2009 and beyond
With a slow down being felt in many real estate markets, you would think that caution would be the word of the day among many casino resort developers in Las Vegas, but it’s not. Instead, over 39 projects totaling more than $30B are either underway or will be in the next 12 months.
According to Lodging Econometrics:
To many following the industry’s expansion, it is of no surprise. Occupancy is robust (90.5% overall), ADR is strong (16.8% in first half of 2006), and the players are dropping more money at the casinos.
If you want to know more, check out the article, Vegas on Building Binge located at HotelInteractive.com.