Luxury Market In Vegas
September 5th marks the celebration of Labor Day in the US. So let’s get to know a little bit more about the luxury market and industry that generate so many jobs.
Famous Business People
A lot of successful business people built part of their empires in Vegas. The city is famous for its hospitality and entertainment industries. Also,it is also the house of seven billionaires according to LA Dreams.
Sheldon Adelson (net worth U$ 35.5 billion): He is the founder of the Las Vegas Sand Corporation. Sheldon operates the Venetian Resort Hotel Casino among other many businesses.
Steve Wynn (net worth U$ 2.3 billion): The businessman made his money by investing in casinos and resorts on the Las Vegas Strip. Some of his properties are the Wynn Resorts, The Mirage, Treasure Island, Bellagio, and others.
Elaine Wynn (net worth U$ 2.3 billion): Co-founder of the Wynn Resorts, Elaine is also Steve Wynn’s ex-wife. She is now a board member and has the largest portion of shares from the resort. She is also part of the Elaine P. Wynn & Family Foundation board and the Board of The Los Angeles County Museum of Art.
Lorenzo and Frank Fertitta (net worth U$ 2.1 billion): Frank and Lorenzo bought the UFC for 2 million dollars. In 2016 their business, the Red Rock Resorts containing 21 casinos and other properties, went public.
The Luxurious Retail Mecca
Unlike other places across the country, Las Vegas has multiple retail meccas. According to Ezra Bekhor, CEO of LV Luxury Jewelers, no other place in the world has more luxury shopping than Las Vegas. As of today, it is the largest family-owned, noncorporate business on the Strip.
The Las Vegas Strip has, in its 1.7 miles, all sorts of luxury shopping. It starts with the more than 50 stores at The Shops at Crystals. Right after it, you will find Bellagio, Caesars Palace, and The Wynn. Each place contains brands like Tom Ford, Gucci, Bvlgari, Tiffany & Co., Hermès, Dolce and Gabbana, Chanel, Versace, and many more.
Vegas is home to 10 Louis Vuitton stores, six retail meccas for Rolex, five Chanel locations, and three Hermès and Cartier stores.
The difference here is that Vegas has its luxury retail altogether, within a walking distance. It focuses on one place, the Strip. Other places, however, have considerable luxury retail as well, but all are scattered throughout their area.
If we compare April 2019 to April 2021 there has been a 27% increase in the retail spend in Wynn. This is what the retail’s Senior Vice President at Wynn, Frank Visconti, says.
Ultra-luxury Home Market
If you think that Las Vegas is a place just for road trips and vacations, you will be surprised. The luxury home market in the city is not only very productive but it is also a heating market. Just consider that until five years ago there was no such thing and now this ultra-luxurious market has achieved a world-class category.
Anthony Spiegel, a top-producing broker with an MBA from UCLA’s Anderson School of Management, talks about this market. He shares that in the last ten years there were only 131 sales up to 5 million dollars. However, last year there were 53 sales. Considering only properties above 10 million, there were only 15, and 11 of those were sold in the past two years.
All these luxurious properties are attracting new buyers, especially from California. Comparing the two places, California is more expensive, has more taxes and crime rates are higher. Also, Vegas is only an hour’s flight from Los Angeles or San Francisco, so people seem to think it worthwhile.
Just a few minutes from the Strip you can find a variety of properties. For example, you can buy for almost 8 million dollars an Italian-inspired lakeside estate. Or, if you are an equestrian and prefer to have an open field, there is a two-acre equestrian property for (those same) almost 8 million dollars.
Inside these properties, the value of their cost can be perfectly justified. You have “strip-facing” balconies, elevators, wine cellars, pools, saunas, outdoor kitchens, terraces, docks, and many more amenities.
Strong Industries in Vegas
As we can see, many industries are getting stronger in Vegas. Of course, tourism and gaming continue to stay ahead of the game. It still is a multi-billion dollar industry where the state raises a large amount of its money. The money from gambling taxes goes on to boost the area’s job market. Hotels, casinos, and other venues currently hire nearly 325,000 employees.
Although some of the top occupations in 2021 were Retail Salespersons, Regional Managers, and Real Estate Agents, casinos account for almost 125,000 positions. This represents almost half of the employees hired nowadays. However, it is possible to notice an increase in the luxurious market of personalized services, luxury homes, and luxury retail.
Another area that has become more common and has helped increase a lot of markets is co-working. It is common for people to come to Vegas on a business trip, or even as digital nomads. They look for places where they can work comfortably without worrying about noise or a bad wi-fi connection. To learn more about this expanding market, see our article on the digital nomad lifestyle.
Luxury As a Trendy Market
We can conclude that in the last few years, not only tourism and gaming boosted Vegas. A luxurious market is clearly expanding.
From luxury brands with stores centered on the Strip to billionaires investing in the city to new buyers looking for ultra-luxurious properties, Vegas is getting even more exclusive and unique. All its services are leveling up to match the new energy.
One thing has always been there and has proven efficient and adequate for the concept of a luxurious city. That is luxury ground transportation. It is a perfect fit whether you are in Vegas on leisure or looking for a luxurious property to buy. Nothing can replace the comfort and exclusiveness of this type of transportation. Don’t fall behind with the market’s trends and get a quote with us at Vegas VIP Limo.