New Las Vegas Projects Signal Better Economic Times - 8 News NOW

New Las Vegas Projects Signal Better Economic Times

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Artist rendering of the proposed Dynasty Hotel & Casino on Flamingo Road. Artist rendering of the proposed Dynasty Hotel & Casino on Flamingo Road.

LAS VEGAS -- Three major resort projects in Las Vegas could be the boost the local economy needs. The construction and hospitality industries have struggled since the recession, but signs of a rebound are emerging.

For years, Las Vegas looked forward to multi-billion dollar megaresorts, but when the economy tanked, those projects stalled.

The sound of construction is once again being heard in the Las Vegas valley. Crews are working to demolish the old burned out Key Largo casino on Flamingo Road. That property is next to where Asian investors want to build a new resort at Flamingo and Paradise Roads.

The proposed 30-story, 800 room Dynasty Resort hotel would be at the current Fortune Hotel & Suites location.

"Actually, since I've been on the commission, this is the first new gaming property that I've seen." said Clark County Commissioner Mary Beth Scow. "I think this is a very good sign that we're on an upswing." 

County commissioners on Wednesday began looking at expanding the gaming district -- a necessary first step to give the hotel the go-ahead.

"It's a very exciting project. I think it will be a real boost to that area," Scow said.

Commissioners are also closely tracking two other developments on the Las Vegas Strip. Resort World Las Vegas will be picking up where the Echelon failed at the site of the old Stardust hotel. That company is asking the zoning commission for permission to build two preview centers. And the Penta Building Group is doing major work at SLS Las Vegas, which is on the site of the former Sahara hotel.

"Our biggest project, actually it's the largest contract we've seen since pre-recession has been the SLS hotel casino," said Jeff Ehret, Penta's president.

He is "cautiously optimistic" on the future of Las Vegas.

"Jobs, we're definitely hiring. We got down, just to put it into perspective, pre-recession, we had 500 craft workers and 180 salaried. Depths of the recession, we went from 500 craft workers to 30, and our salaried staff reduced in half," he said.

Ehret predicts the growth will be slower than in the past but welcomed in a city that has seen little construction in recent years. 

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