VEGAS IS BACK!

DOUBLING DOWN ON VEGAS

By Betty Boyd

The Vegas Chamber had Premiere 21, where the theme was “Doubling Down on Vegas.” It was all virtually done with more than 600 attendees. Many great interviews included Steve Hill, CEO of LVCVA, and Derek Stevens, Circa LV Owner. They brought their unique perspectives on the future of Las Vegas and the state of Nevada. Singer Frankie Moreno gave a fantastic performance, singing ‘Doublin Down,’ the new Vegas theme song.

Since we all have had to endure what COVID-19 has brought to the Valley, Steve Hill had encouraging words about our economy’s outlook. “There is a positive trajectory and a brighter future for Las Vegas. It is well poised to lead the way in leisure travel.”

Hill emphasized, “Customers need to feel that the proper steps are being taken for their health and safety. By taking vaccinations, having herd immunity, and a shift in attitudes, we could see a recovery of tourism in 3 to 4 months. There is a pent-up demand for conferences and meetings in person. In a survey, 75% indicated that Las Vegas would be the Number 1 city to visit because of the quality of experience and business experience.”

Derek Stevens had some excellent advice for businesses, “bring your personal passion, and do what it takes to survive.”

There is pent-up demand, and Vegas is a leading indicator in our economy, and this will move us forward. Stevens realizes stimulus will still be needed and that interest rates will go up, which will affect both the residential and commercial real estate investments. Commercial office space will permanently be affected, according to Stevens. On a brighter note, “by the third quarter, Las Vegas will come roaring back, and it will not be a long-term problem,” relates Stevens.

Our economy here in the Vegas Valley has gone through a lot in the last year. However, with its resiliency, we are Vegas Strong, and we’ll have a renewed commitment to ourselves and our community. Vegas is back!