From the Wires
The Newmark Grubb Knight Frank Global Gaming Group's 2013 Las Vegas Strip Forecast & Investment Guide Now Available
By: PR Newswire
Nov. 15, 2012 03:15 PM
LAS VEGAS, Nov. 15, 2012 /PRNewswire/ -- Positive momentum in U.S. household net worth and improved pricing power with convention business will boost the Las Vegas Strip's outlook, according to the 2013 Las Vegas Strip Forecast & Investment Guide produced by Newmark Grubb Knight Frank's Global Gaming Group. This fourth annual report, which explores current and long-term trends on the Strip and what the competitive landscape is expected to look like in 2013, was released today during a luncheon for casino and resort executives and members of the local business community.
The forecast projects total revenue on the Las Vegas Strip to increase between 1.5% and 5.3% in 2013, taking into account various economic and operational factors.
"Improvements in U.S household net worth, an important leading indicator for Strip revenue performance, should provide baseline support for 2013," said Brent Pirosch, director of Gaming Consulting for NGKF's Global Gaming Group and co-author of the report. Mr. Pirosch noted, however, that "softness in the U.S. housing market, a fragile recovery and ongoing economic uncertainty in the U.S. and abroad will keep 2013 revenue growth on the Las Vegas Strip at modest levels."
Key highlights of the report include:
Se Oei, director of Gaming Research and Analysis for NGKF's Global Gaming Group and co-author of the report noted that, "Development strategy on the Strip continues to focus on renovating and invigorating existing spaces. Development trends are clearly focused on maintaining or increasing market share of customer spend through non-gaming outlets over a full 24-hour cycle."
To obtain a copy of the report or speak with a Newmark Knight Frank Global Gaming Group expert, please contact Mira Matic at email@example.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.
SOURCE Newmark Grubb Knight Frank
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