$1.5B in New Investments by 2014 in Gaming Market

LAS VEGAS- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that a newly formed Colliers International gaming group expects to see an additional $1.5-billion invested in the Las Vegas gaming real estate market during the next two years.

The Strip is enjoying more than $750-million in construction investments as a result of the Linq (including the former Imperial Palace/Quad renovation) and Skyvue projects and another $500 million is slated for renovations to the SLS Las Vegas and Bill’s Gambling Hall, says the firm. The Oct. 31 non-judicial foreclosure of the Las Vegas Hotel & Casino coupled with rumored trades involving other iconic casinos will bring the total to over $1.5 billion, Colliers says. Mike Mixer, managing partner of Colliers International—Las Vegas, tells GlobeSt.com that visitor volume is near peak levels, but visitor spending remains much lower. He also notes that in terms of motivating investors, because that volume has returned, “investors anticipate tourism spending per person will rise as the national economy begins to improve.”