After a time of rapid economic expansion mid-decade, Las Vegas entered into a period of decline as the local economy experienced challenges felt across the nation.
Although the Las Vegas market has historically weathered periods of economic decline and downturns in visitation well, and the market is beginning to show signs of improvement, the rate and extent of a future recovery are uncertain at this time.
The development cycle that began with the Mirage in November 1989 effectively ended with the opening of the Cosmopolitan of Las Vegas in December 2010. Development of "must-see" properties, attractions, and amenities, including the Luxor, the Treasure Island, and the MGM Grand Hotel in 1993, and the Bellagio, the Mandalay Bay, the Paris Las Vegas, the Venetian, and the Planet Hollywood (previously known as the Aladdin) in the late 1990s, contributed to significant increases in visitation and gaming demand.
The market's overall revenue mixture evolved from primarily gaming to a more balanced distribution between gaming, hotel, dining, retail, and entertainment with the development of these properties, making it more susceptible to periods of economic decline.
Since 2004, several quality properties have opened in Clark County, including the Wynn Las Vegas and South Point (previously known as South Coast) in 2005, the Red Rock Station in April 2006, the Palazzo in December 2007, and the Encore in December 2008. CityCenter, which opened in late 2009, and the Cosmopolitan are the last casino-resorts expected to be completed for the next several years.
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www.hvs.com/article/5076/las-vegas-casino-and-hotel-market-outlook-2011 About the Author
SHANNON OKADA is a Vice President with HVS Consulting & Valuation and Associate Director of the HVS Gaming Services Division. He holds a Masters of Science degree in Hotel Administration from the University of Nevada, Las Vegas, a Masters in Business Administration and Juris Doctor degrees from Pepperdine University, and a Bachelor in Business Administration degree in Marketing and Management from the University of Hawaii.Mr. Okada can be contacted at:
HVS Consulting & Valuation - Las Vegas
8170 W. Sahara Avenue, Suite 201, Las Vegas, NV 89117, USATel: +1 702 242-6723, sokada@hvs.com 
