Las Vegas Business
Las Vegas - Business Information Business Facts GDP per capita: $37,600
Major Exports: Capital Goods, Software, Automobiles, Industrial Raw Materials, Consumer Goods & Agricultural Products Major Foreign
Exchange Counters: Western Union & American Express
Key Industries: Tourism, Gambling, Entertainment, Service, Trade Show, Mining & IT Major Industrial Areas: Apex Industrial Area &
Nellis Area Major Business Hubs: Las Vegas Convention Center, Sands Expo & Convention Center, Mandalay Bay Convention Center, The Strip, Railroad District, Douglas Avenue, Bridge Street, New Town Mills Avenue & Grand Avenue
Business Overview
As Nevada constantly is recognized as one of the most business-friendly states of US, Las Vegas plays a major role in maintaining this position of the state. Some of the leading business authorities such as Inc., Fortune, Entrepreneur, Sales and Marketing Management and Forbes regularly recognize Vegas as one of the best metros in the country to do business.
The primary drivers of the city’s economy have been tourism, gaming and conventions, which in turn feed the retail and dining industries. Besides large hospitality and casino industries, many technology companies are also located in Las Vegas to support electronic gaming and telecommunication industries.
Vegas further is a popular destination for tours and conventions. Many of the biggest conventions, trade shows and meetings in the United States, such as COMDEX, an annual computer show are held in the city.
Along with entertainment, service industries are also one the largest employer in Las Vegas. The major single employer of the city is the Clark County School District. Besides Tourism, Marketing and Promotion; marriage, divorce, tax, incorporation and other legal services draw numerous legal service industries. Therefore, jobs are plentiful, thanks to a booming local economy and a pro-business environment in the city.
Further the cost of living of Las Vegas is lower than any other comparable US cities, in part because of the absence of any personal income tax. Every year, another two acres of Las Vegas land are developed for commercial use and constant population growth means the increasing importance of the housing construction industry too.
Major Business Centers
The Las Vegas Convention Center:
Located on the northern end of the Las Vegas Strip, the Las Vegas Convention Center is one of the largest meeting place for business, gathering place for conferences and a frequently used spot for expos and shows in the world.
Situated just adjacent to the Las Vegas Hilton Hotel, the center is well known among industry professionals for its versatility. Operated by the Las Vegas Convention and Visitors Authority (LVCVA), the venue occupies total space of 3.2 million sq. feet including exhibit space and meeting rooms
Sands Expo & Convention Center:
The second largest convention center in the Las Vegas, Sands Expo & Convention Center was opened in 1990 across the street from the original Sands Hotel.
The center occupies more than 1.8 million sq. ft of show floor and meeting space and every inch of it can be constructed and changed to suit the needs of the event or exhibitor. It is frequently used for large number of conventions and as overflow space for expositions that outgrow the Las Vegas Convention Center.
The Sands Expo is owned and operated by the Las Vegas Sands Corporation is located at Flamingo Rd on the Las Vegas Strip.
Mandalay Bay Convention Center:
Mandalay Bay Convention Center is the latest and largest meeting facility of Las Vegas and is the fifth largest convention facility in United States.
With one million sq. feet of exhibition space, three levels of elegantly decorated, multi-purpose meeting and function space, four pillar less high-ceiling ballrooms, the largest pillarless hotel ballroom in the nation, the Convention Center is one of the largest privately owned and operated convention centers in the world.
Major Commercial Hubs
The Las Vegas Strip:
Also known as The Strip or The Boulevard, the Las Vegas Strip is around 7 km long Boulevard South partly in Las Vegas and has been designated an All-American Road. Most of the largest hotels, casinos and resort properties of Las Vegas and of the world are located on this Strip.
Over the years, the Strip has changed many names like Arrowhead Highway, "Salt Lake Highway", U.S. Highway 91 and "Los Angeles Highway". This most happening strip of Vegas provide glimpses of some of the most famous landmarks of the world like skylines of New York and Paris, the canals of Venice and the Pyramids of Egypt and a full on-sea battle scene between a Pirate ship and a British Galleon.
Major Manufacturing Zones
Nellis Area:
Nellis Area I (Air Force Base)
The primary operations of Nellis take place at the east of Las Vegas Boulevard.
The Area I consists of industrial and administration facilities, with two runways providing space for up to 300 aircraft, recreation and shopping facilities, single housing and some family housing.
Nellis Area II
The Area II of Nellis is located at the northeast edge of the main base. Besides being home to the 820th RED HORSE Squadron and 896th Munitions Squadron, the area is the largest aboveground weapons storage complex in the United States.
Nellis Area III
Area III is located in west of the main base. With Mike O’Callaghan Federal Hospital, more family housing, administration and industrial areas are located here.
Apex Industrial Area:
Located in the area is the Apex Industrial Park, the largest industrial park in Southern Nevada with nearly 10,000 acres of land supporting a wide variety of industrial uses. As the Park grows, both commercial and retail development expands simultaneously to support the surrounding industries. The Park is roughly 4 miles from the urban Las Vegas Metropolitan area.
At the northern end of Apex, an industrial complex of manufacturing plants and power plants running along the Union Pacific Railroad line is placed.
Recently, a special improvement district (SID) has been started by the owners of Apex providing water, sewer and power facilities to all areas of the park through municipal bond financing. Therefore, Apex efficiently provides much needed relief for the strong demand and continued growth of the Las Vegas industrial market.
Business Lessons From Las Vegas
By George Torok
If you haven't been to Las Vegas recently - you must go. When you visit take good notes. Las Vegas is an inspiring business model. Las Vegas is a place to learn how to run your business. It might be called the sin city. But the real lessons of Vegas are not about gambling. It's about how to run a successful business.
Study these important business lessons that I learned from Las Vegas.
The casinos win most of the time - because they have and follow good systems. Some players think they have systems because they occasionally win. But the casinos are consistently successful because of their better systems.
The Las Vegas casinos do not win every game. But they consistently win enough of the time and they are satisfied with that.
Las Vegas is a unique city and the casinos are unique. The Luxor named after the ancient Egyptian city, is built in the shape of a pyramid. Excalibur named after the sword of King Arthur looks like the castle Camelot. New York New York makes you feel as if you are in the big apple. Las Vegas has a strong brand.
Value is in the eye of the beholder. That's why in Las Vegas one could pay hundreds of dollars for a room or $80. That's why you can gorge at the $5.99 all-you-can-eat buffet or dine on $150 steak accompanied by $300 wine.
You can find free show tickets and free helicopter rides in exchange for attending a high pressure time share pitch. You can drink for free while you are gambling. High stakes gamblers get free room and meals.
The lights, sounds and design of Las Vegas are created to drive the emotions of the customers. Emotional customers spend more and they infect other customers with their emotion. The casino staff mask their emotions behind their systematized tasks. Emotional clients make mistakes and are more likely to say yes to another game,
No one needs to visit Las Vegas. No one needs to gamble. No one needs to pay $100 for a show ticket. No one needs to ride in a Hummer. But when people want these things price becomes less important. Las Vegas knows that and they sell what people want.
What do you want? That is the real calling card for Las Vegas. What do you want? You have choices in food, gambling, entertainment, transportation, and side trips. Remember no one needs what Vegas offers but people return for the experience and the memories.
Las Vegas, the city of sin feels safe. People walked along the strip with drinks in their hand yet there was no sign of violence. And the police kept a very low profile. The street venders always respected our signals to back off
The streets of Las Vegas are clean. I went for an early morning run and noticed the street sweepers preparing for a new day. Even with an inordinate number of smokers I did not notice cigarettes butts on the sidewalk.
Pamper yourself at the Bellagio. Ride a gondola at the Venetian. View the city from the top of the Stratosphere. Entertain your family at Circus Circus. Rent a limousine. Attend a meeting at the Las Vegas convention center. Marvel at a magic show. Ride the Sky Train. Walk the strip. Visit downtown.
Las Vegas is an incredible experience. It is a fabulous business model. If you haven't been to Las Vegas yet - go. Notice the details and observe how they do things. Take notes. Then re-examine and reinvent your business. Stack the odds in your favor. You'll have a winning hand.
-Offer choices
-Keep it clean
-Make people feel safe
-Create an experience
-People buy what they want not what they need
-Encourage your customers to be emotional
-"Free" fools everyone
-Offer value
-Promote your brand
-Don't be greedy
-Follow systems
� George Torok is a motivational business speaker. As host of the weekly radio show, Business in Motion, http://www.businessinmotion.ca - he has interviewed over 400 business leaders. To arrange a speech, executive briefing or training program, call 905-335-1997. To claim your free subscription to Power Marketing Tips or Power Presentation Tips visit http://www.torok.com
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A Non-Gamblers Guide to a Las Vegas Vacation
By Ti Stephanie Larkin
Every year millions of people head to Las Vegas for vacation, but not all of them go there for what the city is most famous for, gambling. The casinos offer a lot more than slot machines and poker tables for visitors. There is a reason why this city is referred to "The Entertainment Capital of the World." There is a lot of entertainment available that has nothing to do with gambling for those wishing to forgo risking the over $400 that the average gambler looses in a trip to Las Vegas.
One of the biggest attractions is the shows. Some shows like Cirque du Soleil, which has various versions of their amazing circus running simultaneously at different casinos, have been running for years and grow more popular year after year. Popular entertainers play there, often for long runs. Celine Dionne recently ended a four-year run at Caesar's Palace. Elton John is scheduled for a few months in mid 2008 at the same venue.
Visitors also find Broadway musicals such as the wildly popular The Producers, top notch comedians, and compelling dramas on the stages at Las Vegas casinos and other venues.
Shopping is also a very popular activity for those who visit. While some of the high-end shops make window shopping necessary for many visitors, there is plenty of affordable shopping for those who want to spend their time in the stores. The Forum Shops at Caesars is home to 160 boutiques and shops, 13 restaurants and various specialty food shops.
At the Bellagio, the Via Bellagio offers high-end shopping, and the Pool Promenade has unique shops that cannot be found elsewhere. Bargain shoppers can find treasures outside of the casinos at the Las Vegas Premium Outlet that offers over 100 outlet stores or they can try their luck at the Fashion Outlets Las Vegas that offer many of the same brands that can be found in the hotel boutiques but for far less.
Another attraction for non-gamblers is the dining. Many celebrity chefs have restaurants in the city. Emeril Lagasse and Wolfgang Puck both have more than one restaurant in the casinos, and Bobby Flay has the popular Mesa Grill at Caesar's Palace. Celebrity chef restaurants aren't the only fine dining choices, however. There are many, many five star restaurants in the casinos and the surrounding area. It's also possible to get really good food in Las Vegas without the five star price tag at some of the other eating establishments. In a city that seems to be open 24 hours a day, there are lots of great places to get a meal any time of day.
Boxing matches also draw crowds to Las Vegas. The biggest ones are always held at the Las Vegas casinos, and it's not uncommon for the regular tourist to come face to face with the celebrities who attend these boxing matches. Other sporting events that Las Vegas caters to are kick boxing, WWE wrestling events, speed racing, and the occasional celebrity basketball game with the Harlem Globetrotters.
Las Vegas may not be the first vacation destination that people think of when they think of family vacations, but it is becoming an increasingly popular spot for families. The casinos and other businesses in the surrounding areas are adding more and more attractions for children. Many of the casinos offer live animal attractions such as Mandalay Bay's Shark Reef, The Mirage's White Tiger Habitat, and The MGM Grand's Lion Habitat.
A state of the art arcade called Game Works will appeal to kids of all ages, The Las Vegas Zoo offers hours of entertainment away from the casinos, and Circus Circus has been a family fixture in Las Vegas for years. The city boasts the world's largest indoor theme park, the five and a half acre Adventuredome. Families can find go-karts, kid-friendly shows, children's museums, and wax museums along with many, many other family oriented activities scattered all throughout Las Vegas.
Those wishing to get out from the confines of Las Vegas and its beautiful but flashy buildings can head outside for some fresh air. A visit to The Hoover Dam is easy by taking a tour bus that can be booked from Las Vegas. Bonnie Springs Ranch Old Nevada is just a short drive from the city, and visitors get to experience the Old West. Red Rock Canyon is a bit more of a drive, but it's a great place to get away from it all and do a little hiking. Of course, the area surrounding Las Vegas is littered with golf courses so no golfer has an excuse for not hitting a few while in Vegas.
Stephanie Larkin is a freelance writer who writes about topics pertaining to vacations and the travel industry such as Las Vegas Vacation | Las Vegas Vacations
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A Look at the Las Vegas Economy in 2012
By Kevin P OConnor
The economic downturn has been especially rough here in Las Vegas since the housing bubble burst in 2008. No one knows that more than homeowners. Homeowners in Las Vegas have watched their home value plummet in the last four years and potential buyers have become scarce. But all is not lost. The night is always darkest before the dawn, as they say. There have been some developments in the housing market and some interesting resident behavior in 2012 that may give homeowners reason to be optimistic about the future.
As reported by the latest U.S. Census, the percentage of homeowners to renters has fallen from 64% in 2009 to 48% and many experts believe that will continue to fall even further. This is a problem for current homeowners because renters are less likely to make improvements on the properties-in fact, they usually aren't allowed to make improvements-or even keep up the property like a homeowner would. Renters have also shown to be less likely to form a sense of community in a neighborhood-forming things like neighborhood watches.
While the historic downturn of the U.S. economy is a major factor in the drop of home ownership, especially with residents' ability to obtain the credit necessary to purchase a home, the uncertainty of the future seems to be a mitigating factor for the reluctance of many renters to consider becoming homeowners. That reluctance isn't without merit, but there have been positive developments in the valley to warrant optimism.
This past January marked the 12th in 13 months that employment has grown in Nevada. In Las Vegas the unemployment rate dropped from 13.3% to 13.1% in December 2011 from December 2010. Though we are still more than 4% above the national average of 8.3%, this improvement is a better foundation to build on than previously thought.
Originally, reports showed Las Vegas added 4,300 new jobs in 2011, but recently new data has shown that we actually gained 9,500 new jobs. The reason for the incorrect data, economists say, is the recent spike in new businesses opening. New businesses start hiring and it takes longer for that data to be reported than measuring unemployment filings or the data of long standing businesses and large corporations.
There has also been steady growth in the population of Las Vegas. From July 2010 to July 2011 Nevada's population has grown by 17,152 people. In Clark County alone we have added 13,462 people. Now, most of this influx of people will be renting, but a steady rise in population and job growth is good for the city, good for the economy, and ultimately good for homeowners.
There is also some data that shows Las Vegas residents are struggling less financially. Las Vegas leads the country in Google searches for "bankruptcy", showing a steady increase from 2007-2010, but there has been a continuous drop for the past 18 months.
Also, in the past month builders have requested the most building permits since October 2008. Construction plans once abandoned have started up again.
Considering all this data, there is good reason for Las Vegas homeowners to be optimistic-or at the very least less discouraged-about the future value of their homes.
Kevin O'Connor is a content writer for Las Vegas Bankruptcy lawyer Anthony Deluca. Anthony is one of the leading bankruptcy experts in Nevada.
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