The Entertainment Capital of the World
Known world wide for its wealth of entertainment venues, Las Vegas is the nations capital for hotel gaming. Las Vegas, the most populous city in Nevada, was founded in the beginning of the 20th century and has been, since its foundation, a major vacation and gambling site. Las Vegas is also the fastest growing city in the united states boasting an 85% growth rate during the 1990's. Currently, the Las Vegas metro area, which encompasses all of Clark County, has almost 2 million residents. The city has become a legend through many Hollywood depictions and many great novels and is sometimes known as "Sin City" because of the liberal rules governing entertainment.
Tourism is, by far, the main source of income for the city. People flock from around the world to enjoy the luxurious hotels, famous entertainers, and fine dining. However, gambling in the famous hotels of Las Vegas is what brings a majority of the visitors to the city. This large influx of tourists also helps to fuel the retail industry, as such, many malls and outlet centers can be found in Las Vegas. Since 2000, Las Vegas has begun to attract more families to the area who come, not so much to gamble, but to enjoy the shopping, shows, and mini theme parks which have become a part of many of the large hotels.
The city has also greatly benefited from the economic downturn in California. Many businesses looking to escape the highly regulated business climate in California have relocated in Las Vegas due to the more business friendly practices of the state government. Nevada does not levy personal or corporate income tax nor does it have especially difficult laws of incorporation.
Las Vegas also benefits from its close proximity to Nellis Air Force Base. Military personnel have helped to fuel a housing and development boom in the area that has continued for decades. Local businesses also benefit from contracting opportunities offered by the base.
Entertainment in the area, aside from hotels, includes many outdoor activities and sporting events. Close to the city, visitors and locals can enjoy such activities as boating, hiking, and rock climbing. There is also a nationally recognized NCAA men's basketball program at the University of Nevada, Las Vegas. Las Vegas Motor Speedway, located north of the city, hosts many races including NASCAR events.
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Las Vegas Info
- Population: 591,536
- Area: 113 sq. miles
- Median Family Income:$50,465
- Median Age : 34.5 Years
- Per Capita Income :$22,060
The city is in the midst of a major redevelopment program aimed at revitalizing the downtown area and diversifying the local economy.
Many businesses have relocated to Las Vegas due to the absence of personal and corporate income taxes. Another major benefit of doing business in Las Vegas is the ever growing labor pool and affordable housing opportunities. The city has been successful in attracting some financial and light manufacturing companies to the area and is focused on improving this effort.
The downtown area is also being improved by the local government. With the development of mega-resorts, such as the MGM Grand and the Luxor, most of the tourists have been patronizing businesses on “The Strip” and the downtown area has suffered. Projects like the Fremont Street Experience and the multi level Neonopolis shopping complex, the decline in the downtown economy has been slowed. The success of such ventures has been lower than expected, but the groundwork for improvement has been laid and the city has committed itself to making this a more robust effort.
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