| The media recently has been abuzz with the halt of | | | | on Turnberry Associates' Fountainebleau is scheduled |
| construction to Boyd gaming's 4 billion dollar resort, | | | | to be complete by fall of 2009. Upon completion, the |
| The Echelon. The project was originally intended to | | | | resort will add over 3,800 rooms, condo-hotel units |
| open in 2010. Boyd gaming had razed the aging | | | | and penthouses to the Las Vegas strip. |
| Stardust property in 2006 to make way for the | | | | Further down Las Vegas Boulevard, another massive |
| resort. As a result of the stoppage, Boyd's stock | | | | project is underway. M Resort, a 700 million dollar |
| rose after the announcement. Of course, not | | | | project located at Las Vegas Boulevard and St Rose |
| everyone was happy with their decision. The | | | | Parkway is going forward. One of the keys to their |
| property is now sitting half completed on some of | | | | success while other projects stall or are even |
| the most expensive real estate in the state. Echelon | | | | cancelled is their funding. Unlike other projects, M |
| joins other partial completed projects like the | | | | Resort, Spa and Casino had all necessary financing in |
| Cosmopolitan further down the strip. However, it's | | | | place since the start of construction and as well |
| not all doom and gloom for the construction industry | | | | fixed-price construction contracts(a practice that |
| in Las Vegas. | | | | other builders would be wise to adopt, especially |
| Las Vegas Strip Construction | | | | since the price of oil can be directly tied to the rise |
| Strip construction is going on up and down Las Vegas | | | | of construction costs). |
| Boulevard. To the south you'll see several resorts and | | | | Economic Impact |
| high rises still under construction. Construction at One | | | | The economic impact the construction industry has |
| Las Vegas is nearing completion for tower two and | | | | on the Las Vegas valley is undeniable. Even without |
| some residents have already moved in. The massive | | | | counting new construction, most strip properties are |
| CityCenter project, aiming to be the largest LEED | | | | constantly being remodeled. This tax revenue has |
| certified project in Las Vegas is another huge project | | | | helped bolster state tax revenues as tourism has |
| under construction. Despite several tragedies during | | | | dipped over the last year. The other side effect is |
| construction, according to CityCenter officials the | | | | the creation of even more jobs once a project has |
| project is still on schedule and should be completed | | | | been completed. In the coming year, several |
| by November 2008. Should CityCenter obtain its | | | | thousand jobs will be created by the opening of |
| LEED certification, it will become the largest green | | | | CityCenter, M Resort and Fountainebleau. Aliante |
| project in the world (although the Palazzo would still | | | | Station, a local casino in the master planned |
| retain its claim to be the largest single green building | | | | community of Aliante in North Las Vegas, hired over |
| in the world). CityCenter will feature two hotel | | | | 1,500 workers and plans on hiring more as needed in |
| towers with condo-hotel units and two residential | | | | the coming months. Even without any state income |
| towers. | | | | tax, these new workers will impact the local |
| Just down the street from CityCenter, construction | | | | economy. |