LAS VEGAS BUSINESS
CLIMATE: Demographics and Economy
- The following economic and demographic information
relating to the Las Vegas business climate was obtained from the Las Vegas
Perspective, recent newspaper articles published by the Las Vegas Review
Journal,
the UNLV Center for Business and Economic Research, and Restrepo
Consulting Group.
- Las Vegas Perspective:
www.lvperspective.com
- Restrepo
Consulting Group LLC:
http://www.rcg1.com/
-
| Business Climate,
Demographics, Economy: Clark County, Nv. |
2007 (End of Year) |
|
Total Population |
1,996,500 |
| Clark County population growth rate |
4.2% |
| Population increase during past 12 months
|
84,000 |
| Hotel Rooms in Las Vegas |
132,900 |
| Visitor Volume |
39,197,000 |
| Income |
|
| Median Household Income |
$53,704 |
| Median
Household Income: Homeowner |
$67,307 |
| Median
Household Income: Renter |
$31,034 |
| Average Monthly Apartment Rent |
$880 |
| Employment (Las Vegas MSA) |
|
| Labor Force |
964,500 |
| Unemployment |
4.8% |
| Total Employment |
918,000 |
| Employment growth
in 2007 |
3.5% (31,300
new jobs) |
| Projected Employment
Growth for 2008 |
2% (18,400 new jobs) |
| Retirees |
301,676 (15% of Population) |
| Housing |
|
| Median New Home Price |
$310,637 |
| Median Resale Home Price |
$272,970 |
| Home Ownership |
|
| Households who Own |
69% |
| Households who Rent |
31% |
| Persons Per Household |
2.7 |
| Taxes: State of Nevada |
|
| Personal Income Tax |
None |
| Corporate Income Tax |
None |
| Inheritance |
None |
| Estate Tax |
None |
| Gift Tax |
None |
| Franchise Tax on Income |
None |
|
Workers' Compensation |
Contact private insurance carriers |
| Unemployment
Insurance: SUTA |
Employers pay 3% of wages paid for the first 14 quarters
as an Employer in Nevada up to
a $25,400 maximum wage base in 2008. After 14 quarters, Employers pay
.3% - 5.4% based on the company's unemployment experience. |
| Gaming Revenue Tax |
6.25% (Lowest in US) |
|
Business License Tax |
State Business License is $100 per year.
Counties and cities also impose a business license tax. |
|
Employer Payroll Tax |
Minimal .7% of gross wages with
deductions for employer paid health insurance |
| Taxes: Clark County |
|
| Real Property Transfer Tax |
$5.10 per $1,000 of Declared
Value |
| Real Property Tax |
<1% of appraised value per
year (varies with Tax Districts) |
| Residential property |
3% annual cap on increases |
| Commercial property |
8% annual cap on increases |
| Sales Tax |
7.75% (Combined State plus Local
Rate) |
| Lodging Tax (Room Tax) |
9% (In addition to 1% charged by State) |
| Convention Attendees |
6,307,961 (Up 2.3%) |
| Conventions: Top Trade Show
City Rankings |
|
| 1) Las Vegas |
38 shows (10 of the largest 20
shows) |
| 2) Chicago |
27 shows |
| 3) Orlando |
17 shows |
| 4) Atlanta |
16 shows |
| 5) New York |
14 shows |
| McCarran Airport: Total Passengers |
47,728,000 |
| Race/Ethnicity |
|
| African American |
8% |
| American Indian |
1% |
|
Asian/Hawaiian/Pacific Islander |
6% |
| Hispanic |
26% |
| White |
53% |
| Other |
6% |
| Golf Courses in Clark County |
61 |
| Mining: World's Gold Production |
|
| 1) South Africa |
19% |
| 2) Australia |
13% |
| 3) Nevada |
11% |
| State of Nevada S&P Bond Rating |
AA |
| Average Rainfall/Year |
4.5 inches |
| Average Humidity |
27 |
Taxes: If taxes paid by visitors were factored in, Nevada would rank as the 46th
lowest state for taxes collected at the state level.
Education: UNLV has a 337 acre
campus with 700 faculty members and 28,000 students (21,000 undergrads,
5,200 in masters programs, 700 doctoral programs)
- UNLV School of Dentistry opened in 2002
- William S Boyd School of Law opened in 2002.
- William F Harrah College of Hotel
Administration is one
of the best in the nation.
McCarran Airport
47,728,000 arriving and departing passengers passed through
McCarran International Airport in 2007, making McCarran the 6th busiest airport
in the country. McCarran recently passed Sky Harbor in Phoenix in total passengers per year. Southwest
Airlines is McCarran's main carrier. 48% of all visitors arrive by air. Runway 25 is 14,500 feet long, 2nd longest
civilian runway in
the US. McCarran employs 10,000 people.
- Nellis AFB
-
- Nellis specializes
in advanced combat training for U.S. and allied pilots. Home of the
Thunderbirds. Home of the USAF Weapons School, a 6 month advanced
Fighter Training PhD level training course. Nellis conducts Red Flag combat training exercises
for allies from all over the world. 5,000 square miles of restricted bombing
ranges plus 7,000 square miles of joint use airspace. 5 million acre MOA.
- Nellis employs 10,000 military and civilian workers: 7,000 permanent military personnel, 2,700 civilians,
and 1,000 TDY military
personnel. Nellis can put up 100 planes at once to simulate a wartime scenario.
-
- Nevada Test Site (NTS)
-
- The nuclear testing moratorium went into effect in 1993. NTS
conducts research into counter-terror tactics from biological or chemical
agents, low level radiation decontamination, and solar power research.
Bechtel manages the NTS.
National Finals Rodeo
NFR located at the Thomas & Mack Center in Las Vegas in 1985. 170,000 fans
attend each year. NFR is
broadcast on ESPN to 9,000,000 viewers.
Las Vegas
Motor Speedway
Opened in 1996 on 1,600 acres with seating for 107,000 fans and parking for
60,000 cars. The Las Vegas Motor Speedway has 14 different race tracks:
- 1.5 mile super speedway
- ½ mile clay track
- 3/8 mile paved oval
- 1/3 mile track
- 2.5 mile road course
- Drag Strip
- Motocross
- Go cart track
- 107,000 seats
- Parking for 60,000 cars
-
Recent Newspaper Articles
-
Globalism comes to Las Vegas
The recent announcement that Dubai World will buy
a sizeable share in MGM Mirage and a 50 percent stake in the
unfinished CityCenter has largely been seen as little more
than another business deal...
- Not even 30 percent of the peak workforce is in place at
CityCenter, and minority subcontractors across the nation
are being aggressively recruited to pitch in on the
project...
Las Vegas Sands floats new resort into public spotlight
Las Vegas Sands Corp. executives found a way to introduce their
$1.8 billion Palazzo to potentially 40 million television
viewers: sponsor a float in the Jan. 1 Tournament of Roses
Parade in Pasadena, Calif...
-
Buying Into Vegas - Foreign investment flowing into city
developments at rapid pace
- Las Vegas has never been short on cash. From the mob to
Wall Street, investors have shelled out billions of dollars in
a show of faith in the city's gambling-based economy...
-
Casinos rake in record winnings
- Nevada casinos recorded another record haul from gamblers
in 2007, winning more than $12.8 billion.
Although the total was up from the $12.6 percent
won in 2006, the 1.8 percent increase was also the smallest
percentage increase in four years, the Gaming Control Board
reported...
World Jewelry Center to delay opening by year
Developers of the proposed World Jewelry Center are
changing their plans as the project prepares to go before the
Las Vegas City Council next month. The completion date for the
1.1 million-square-foot center has been delayed an extra year,
but project developers are adding up to 40 more luxury
condominiums and could receive city redevelopment dollars...
Gaming: Strip Land Values drive casino sales
If there's anything developers in Las Vegas agree on, it's that
anything can be bought for the right price.
When it comes to increasingly scarce land on the Strip, deciding
on what that price will be is bound to stir up disagreement,
even among the experts...
'Wynn'ing ways
Just as you FedEx a package and Xerox a copy, the city's
quintessential industry this week will deliver the first casino megaresort on
the Strip in more than three years to find that it's a Wynn. After more than two
years under constru...
Celebrity architects recruited for Strip makeover
MGM Mirage has recruited a who's who of celebrity architects for its Project
CityCenter Strip development. Big-name designers have become big-time business
and MGM Mirage is placing bets that Cesar Pelli, Sir Norman Foster, James KM
Cheng, Rafael Vin...
How long will old resorts last?
With Boyd Gaming's announcement of its 4 billion Echelon Place project set to
break ground in 2007, the trend toward five-star, multibillion-dollar,
condominium-hotel megaresorts continues its inexorable march north along the Las
Vegas Strip. Outpos...
Las Vegas, High Point battling for king of the hill
The Las Vegas Market, which has made itself a major center of the furniture
industry almost overnight, is kicking off its second show today. It comes at a
time, however, when organizers at the competing venue in High Point are putting
on an unexpecte...
LVCVA plans to beat the competition
BUSINESS PRESS As the city faces increasing competition in the 1.18 trillion
tourism and travel market, the Las Vegas Convention and Visitors Authority (LVCVA)
last week adopted a five-year strategic plan designed to attract 43 million
visitors by 2...
Auto racing promises a big weekend for tourism
BUSINESS PRESS With the city racing to top last year's record-breaking year, the
effort will get a huge boost when the National Association of Stock Car Auto
Racing (NASCAR) drives through town with three events this weekend. As the only
Las Vegas st...
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