Audio – If they build it … we ALL better come!
(With apologies to Kevin Costner and anyone else in “Field of Dreams”)
Las Vegas is going to be one toddlin’ town for the next few years if you happen to be a building contractor, a painter or a carpenter.
Sin City has been on, and is planning to accelerate, a building jag over the past few years and if everything gets built the way some of the big hotel and casino companies think it will, they are going to need a lot of people to come to make it pay off.
At the Reuters Travel and Leisure Summit on Tuesday, Deutsche Bank analyst Bill Lerner said the amount of building on the overall Vegas planner is astounding, and would add more than 40,000 hotel rooms by 2012.
If all those rooms get built — and we’re not talking $69.99-a-night rooms with $10 in chips and a free buffet — many of them are going to be the kind of high-end rooms in the high-end hotels. This means that a lot more of us are going to have to travel there if they hope to make their money back.
But with funds tightening up and some projects in a little bit of doubt, that number of projected new rooms might be coming down, he said.
The Travel and Leisure Summit continues through Wednesday in Reuters Los Angeles offices.