LAS VEGAS -- The Great Recession was devastating to Las Vegas but now the economy is seeing more positive indicators. Hotels are filling more rooms, and investing millions in remodeling.
Almost five years after the bust, Las Vegas' economy is recovering. Almost 39 million tourists visited Las Vegas last year, boosting hotel room rates. Generally, the more expensive the room, the more money is pumped into the local economy. The first half of 2012, Hotels.com said Las Vegas hotel prices were up seven percent.
"We spent $160 million on the renovation for all the rooms and all the suites," said MGM Grand President and COO Scott Sibella.
He gave 8 News NOW a tour of the hotel's major renovations. The upscale Skyline Terrace suite has brand new amenities and starts at $725 a night.
"This is a beginning of a transformation here at the MGM," he said. "The summer was OK, but the good thing is we're seeing a great pace going into 2013 and 2014, and the key is to get that convention pace back to where it needs to be."
"Right now, we're seeing what I would describe as mild growth in terms of visitor volume, and pretty good growth in terms of gaming revenue," said Dr. Stephen Brown, director of the UNLV Center for Business and Economic Research.
From downtown to the Strip, the Las Vegas economy is finally getting dealt better cards when it comes to the economy.
