Las Vegas Construction Update Q3 2017

Gabelli Research Analyst Adam Trivison, CFA gives us the latest business developments in Las Vegas.

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Transcript:We recently published a report providing updates on multiple large scale construction projects that we believe will transform the Las Vegas Strip and drive growth for the broader Las Vegas economy. These projects include:

Wynn Paradise Park, Steve Wynn’s visionary $500 million beach-lagoon development, on which construction will begin at the end of this year with opening tentatively scheduled for mid-2019.

Resorts World Las Vegas, a $4 billion China-themed integrated resort being developed by Malaysian casino operator Genting Group. Genting recently announced the hiring of the property’s president and laid out a construction timeline with major work beginning over the next few months and a 2020 target opening.

Also, the NFL owners recently approved the Raiders Stadium lease for a site near the south end of the Strip. The team’s owner, Mark Davis, said that construction on the $1.7 billion project could begin later this year or early next with completion targeted for summer 2020.

We should also note major hotel renovation and meeting space expansion projects recently announced by Caesars Entertainment and MGM Resorts.
Taken together, these projects will add more than thirty thousand person years of direct employment and twenty thousand person years of indirect employment to the Las Vegas economy over the next few years.
The stimulus provided by these projects reinforces our positive macroeconomic outlook for the Las Vegas Valley. We believe that Locals casino operators Boyd Gaming and Red Rock Resorts are key beneficiaries of a thriving Las Vegas economy.

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