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Property in the tourist mecca of Las Vegas, Nevada, is booming. Spurred on by a range of different factors, in an economic downturn this area is bucking the trend with increasing prices. So could casino complexes in the same vein boost the economy and property values in areas of the UK? Below we look at the factors causing this and if they could be replicated on UK soil.
Factors Stimulating Growth
Several different criteria are stimulating the boom for property in Las Vegas, each linked to the next. The first of these is the strong job market. As people move to the area for employment, the cost of living space goes up. When people need to spend money to live and have disposable incomes, retail property increases in demand and rises with it.
Another factor is that Las Vegas is a tourist city. Millions flock to the area every year, not just for its casino culture but for its outstanding natural beauty in the surrounding deserts and the Hoover Dam. With tourism back on the increase, Vegas is finding an increase in visitor numbers. Inevitably, they need places to stay and some may even buy as investments, for long-term lets or Airbnb-style rentals.
With this increase comes development. There are several new resorts planned in Vegas, including a state-of-the-art space-themed complex and even a casino train. Thus, the price of raw land has also risen.
Could These Be Replicated in the UK?
It is possible this could be replicated in the UK. However, some factors make Vegas unique, which may be hard to follow. Firstly, the UK has historically had a very different approach to gambling than the US. While gambling was concentrated in the state of Nevada previously, in the UK casinos and bookmakers have been spread out. This means the UK does not have a city with the same reputation. While tourist cities do exist, none have the unique draw of Vegas for casino lovers.
In its defence, casino gambling is undergoing a resurgence in the United Kingdom. This can be put down to the popularity of UK online casinos. By allowing people the convenience of playing from home, along with attractive welcome bonuses, a new generation of players is using his entertainment form. Rather than pull them away from physical buildings, it has revitalised a sector of people who would have once been put off by playing games surrounded by professionals.
The UK is also void of complexes, the like of which exist in Las Vegas. They go beyond casinos, having concert venues, hotels, and spa facilities all under one roof. Of course, building these bring both tourism and jobs. though it is hard to imagine that the UK government would fund such a large project. It may also be a large risk for private investors.
Tourist cities such as Blackpool and Brighton may be the best poised to benefit, as they already have a regular influx of visitors which could be increased by the complexes. All it will take is one council to green-light the first complex, and the rewards could be huge.
