LAS VEGAS (KLAS) – Resorts World is now open! So the big question is: what economic impact will it have?
Resorts World is the first new hotel on the Las Vegas Strip in more than a decade. Crowds flocked to the resort on Thursday night when it first opened to the public.
Experts say the excitement, coupled with new job opportunities, will have a lasting impact on the Las Vegas economy – something we haven’t seen in a long time.
“I think we’re going to see a big bump,” said UNLV game historian David G. Schwartz.
Schwartz says Resorts World will take Las Vegas by storm – even more than Aria and The Cosmopolitan, the last two major casino openings on the Las Vegas Strip in 2009 and 2010, respectively.
“Aria, Cosmo opened up when we were in the worst part of the recession,” Schwartz said. “Now, [Resorts World] opens as we get out of the pandemic. “
Schwartz says there is currently a lot of catching up to do to test something shiny and new. According to the Resorts World websitewho have favourited rooms for the first weekend after opening cost approximately between $ 400 and $ 500.
“High room rates are a sign that people will be spending a lot of money, which means they will go to restaurants and tip a lot,” Schwartz said.
The result? A huge impact on the local economy that is likely to continue for a while.
“People will still be interested if they have never been there,” said Stephen Miller, economics professor at UNLV’s Lee Business School. “I’m pretty optimistic about the future of the economy.”
Resorts World also opens with an emphasis on innovative technology with tremendous technological advances compared to a decade ago. Experts say this will have an impact on the job market.
“It brings a new level of talent here,” said Sonia Petkewich, CEO of Taurean Consulting Group. “That creates different jobs. It has a domino effect in the entire tourism industry. “
Schwartz says this is one of the three things that will show if a new resort is successful:
“Does it create jobs, does it bring tax revenue, and does it bring people?” Said Schwartz.
Experts add that Resorts World is set to be a business hit for Las Vegas with plenty of convention space and well-known residences.