NAIOP discusses Las Vegas’ economic recovery

Local News

LAS VEGAS (KLAS) — The Commercial Real Estate Development Association of Southern Nevada discussed what our new normal may look like during a meeting Thursday.

The association says pre-pandemic Las Vegas was celebrating major developments, but since everything was put on hold for a year, it’s hard to imagine what a reboot looks like. While we’re showing progress as our economy recovers, we’re still not up to par with where we were before.

Las Vegas Convention and Visitors Authority (LVCVA) President Steve Hill had some insight into what could bring us back up to speed.

“We are nearing capacity on weekends now, which is running 88-90%. Generally, prior to the pandemic, it was 94% occupancy on weekends,” he said. “But during the week, we’re still at the 45-50%, and that difference is from attendees for meetings and conventions.

While we’ve had some events already return to the Las Vegas Convention Center halls, the LVCVA believes our economy won’t be fully recovered until more big players announce their return.

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