LAS VEGAS (KLAS) — Resorts World is now open for business! So, the big question is: how much of an economic impact will it have?
Resorts World is the first new property on the Las Vegas Strip in more than a decade. Crowds of people filed into the resort Thursday night, as it opened to the public for the very first time.
Experts say the excitement, paired with new job opportunities, will make a lasting mark on the Las Vegas economy — something we have not seen in a long time.
“I think we’re going to see a big bump,” said UNLV gaming historian David G. Schwartz.
Schwartz says Resorts World is poised to take Las Vegas by storm — even more than Aria and The Cosmopolitan, the last two major casino openings on the Las Vegas Strip back in 2009 and 2010, respectively.
“Aria, Cosmo opened up when we were in the worst part of the recession,” Schwartz said. “Now, [Resorts World] is opening up as we’re coming out of the pandemic.”
Schwartz says there is pent up demand right now to check out something shiny and new. According to the Resorts World website, rooms for its first weekend after opening are running roughly between $400 and $500.
“High room rates are a sign that people are going to spend a lot of money, which means they’re going to be going to restaurants, which means they’ll be tipping a lot,” Schwartz said.
The result? A big impact to the local economy that is expected to last a while.
“People will continue to be interested, if they’ve never been there before,” said Stephen Miller, an economics professor at the Lee Business School at UNLV. “I’m pretty optimistic about the economy going forward.”
Resorts World is also opening with a focus on innovative technology with huge advances in technology, compared to a decade ago. Experts say that will affect the job market.
“It brings a new level of talent here,” said Sonia Petkewich, CEO of Taurean Consulting Group. “It creates different jobs. It has a domino effect throughout the tourism industry.”
Schwartz says that is one of the three things that show if a new resort is successful:
“Is it creating jobs, is it bringing in tax revenue, and is it bringing in people?” Schwartz said.
Experts add, with a lot of convention space and big-name residencies, they expect Resorts World to be an economic hit for Las Vegas.