The plan for the A’s to originally play at the $1.5 billion, 30,000 seat ballpark in 2027 has been delayed a year due to the need to demolish the Tropicana. It’s said that construction won’t start until late 2024 or early 2025, which means the earliest we would see an A’s game in the new Las Vegas stadium is in the spring of 2028. The team is looking to receive $380 million in public financing for the ballpark and plans to contribute $1.1 billion for the planned partially retractable roof facility. According to Bally’s Corp. Chairman Soo Kim, Demolition plans for the Tropicana are still being decided as there are options to shut down the property entirely to demolish it all at once or closing it in stages when the ballpark construction begins. There are plans to construct a new hotel-casino on the existing 26 acres of land, providing the other 9 acres to A’s free of charge for the ballpark. Currently there are no specific dates as to when demolition may begin.

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https://www.reviewjournal.com/sports/athletics/as-las-vegas-ballpark-wont-be-ready-by-2027-report-says-2786005/?utm_campaign=widget&utm_medium=topnews&utm_source=business&utm_term=A%E2%80%99s%20Las%20Vegas%20ballpark%20won%E2%80%99t%20be%20ready%20by%202027%2C%20report%20says

Two new luxury apartments have officially started construction at Symphony Park. According to Southern Land Company officials, the structures are located on two adjacent parcels of land totaling more than five acres. The two buildings will total more than 730,000 square feet and include 545 luxury apartment homes with amenities such as lounges, fitness centers, pool, and outdoor recreation. Plans call for one-bedroom, two-bedroom, and penthouse units that range in size from 570 to 3,160 square feet. The site is located near Grand Central Parkway, across from the World Market Center Las Vegas. The project is expected to wrap up construction in 2025.

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https://www.ktnv.com/news/two-new-luxury-apartment-buildings-break-ground-at-symphony-park

Nevada’s population is expected to grow by 52,000 people this year. Despite the economic downturn there has been a continued increase of people moving to Nevada in 2021 and 2022. The majority of people relocating to Nevada are Californians. According to Professor Stephen Miller of UNLV’s CBER, falling home prices across the Mountain West are another reason for relocations as well as lower cost of living. New infrastructure investments may also be a factor for the growth in population. It is predicted by UNLV CBER that Clark County’s population will be 2.85 million by 2040 and 3.43 million by 2080. Job growth is forecasted to grow by 33.6% from 2022 to 2080 along with Clark County’s annual GPD rate growing by 1.8 percent from 2022 to 2080.

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https://www.fox5vegas.com/2023/03/10/more-people-more-californians-moving-nevada-unlv-research-shows/

When compared to pre-pandemic times, the reduction in housing activity hasn’t prevented home prices from reaching historical highs. Home prices in Las Vegas are still high despite being down 6% YOY from $420,000 in March 2022, to $395,000 in March 2023. According to a Redfin study stated in the article, the housing market is currently a buyer’s market. Despite the current economic situation, a crash in the Las Vegas housing market seems improbable and it seems the market is more likely to stabilize.

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https://www.forbes.com/sites/andrewdepietro/2023/05/16/the-las-vegas-housing-market-has-cooled-a-bit-but-prices-are-still-way-above-pre-pandemic-days/?sh=10b66d571f1a

The Four Seasons announced plans for a residential project valued at $1.3 billion in Henderson. Plans for the luxurious project include 171 high-rise residences with panoramic views, six family-style villas, resort-inspired amenities, a restaurant, and wine bar called Noble Heights. Each space will come fully furnished and range from 2,300 to 7,300 square feet. Prices range from $3.1 million for a two-bedroom apartment and up to $30 million for penthouses. Residents will also have access to other amenities such as a gym, spa, trails, and the Dragon Ridge Country Club. Expected to open in 2026, the Four Seasons Private Residence Las Vegas will be located within the MacDonald Highlands community in Henderson.

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https://www.reviewjournal.com/business/housing/1-3b-luxury-high-rise-project-coming-to-henderson-2775032/

After remaining stagnant for the last four months, Southern Nevada home prices are up. The median sales price for a previously owned single-family home was $430,000 in April, up 1.2% from the previous month.   According to trade association Las Vegas Realtors, condos and townhomes also experienced a price increase from $270,000 in April, a 3.8% raise from March. Although there has been a decline in single-family home, condo and townhome sales, the slight price raise may be an indication that the market could be near or past the bottom of this cycle, according to Las Vegas Realtors President Lee Barrett.

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https://www.reviewjournal.com/business/housing/southern-nevada-housing-market-shows-life-prices-up-slightly-2774486/

Station Casino’s received the green light from the Henderson City Council to build a new resort. Reports say that it is expected to open in March 2025. The Inspirada casino is anticipated to generate $479.1 million in economic benefits and $25.4 million in yearly tax income, according to the project’s organizers. Plans for the project call for 80,000 square feet of casino space, 600 hotel rooms, four restaurants, a food court, bowling alley and movie theater. Jaime Thalgott stated that the casino is projected to create 1,700 permanent jobs. Construction is expected to begin in January 2024 at Bicentennial Parkway and Via inspirada.

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https://www.ktnv.com/news/henderson-city-council-unanimously-approves-inspirada-casino-and-resort-zoning-changes

The Fontainebleau has remained unfinished for over a decade but will finally be open to the public at the end of 2023. Construction on the 67-story Fontainebleau originally started in 2007 but stopped during the Great Recession, causing the project to stall for many years. Through different ownership changes and an unsuccessful rebranding, the tower was later reacquired in 2021 by Jeffrey Soffer, one of the original developers for the Fontainebleau. Soffer stated that the property was in “mint condition” and that it was around 75% finished. This project initiated the start of the recruiting process for the 3,700-room resort and casino and is expected to create thousands of jobs. The long-awaited resort is said to be a symbol of resilience and determination according to Soffer.

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https://www.ktnv.com/news/long-unfinished-fontainebleau-tower-sets-date-for-grand-opening

The popular Korean grocery store, H-Mart, has plans to open their first store in Las Vegas. Plans include a 54,552 square foot store located at the southeast corner of Sahara Avenue and Decatur Boulevard. An opening date is yet to be announced but it is anticipated for construction to take at least a year. The store is expected to create up to 100 jobs for the Las Vegas community and will be competing with other Korean grocery stores already established in Nevada. According to Brian Kwon, the president of H Mart, the store will be a place for diverse cultures and a “newest food lover destination.”

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https://www.reviewjournal.com/business/h-mart-shares-details-on-first-nevada-grocery-store-2768227/