February 27, 2024

Massive events in Las Vegas could make 2024 a big economic year

by Steve Wolford
News 3 LV

From the housing market to huge windfalls from world-class sporting events, 2024 is shaping up to be a banner year for the Las Vegas economy.

“I think 2024, from an economic point of view, has a lot of reasons for hope,” said local economic expert Mike PeQueen with Hightower Las Vegas. And, he says, it definitely includes real estate. “The Fed is probably going to consider lowering rates in the summer if inflation stays in check, and that would be a great thing for anybody who owns a home or wants to own a home.”

The result of lower interest rates, possibly below 5%, would be more affordable loans for home buyers, while sellers would enjoy more demand when they put their home on the market.

Realtor Heidi Holly, who owns Lifestyle LV Realty, says we will likely see significant growth in new home sales, especially since builders are offering a number of incentives like covering closing costs. Holly also says potential homebuyers from outside Las Vegas are changing the way they perceive Las Vegas.

A growing number of buyers see this market as a place to buy a home to rent it out. As Las Vegas becomes a mecca for major league teams and world-class sporting events, they now see it as a viable and exciting place to live.

“With the advent of our hockey team and then the NHL coming in, I really think—everybody knows it changed the dynamics of the housing market,” Holly said. “Now, we have people coming here to live here. We have become one of the most famous metropolitan cities in the world,” she added. “Not just in the States. In the world. Whether you’re in the smallest town in Europe, they know where Las Vegas is, and they want to live here.”

The reasons are almost as numerous as there are weekends on the calendar, starting next month with Super Bowl LVIII, which, according to many estimates, will put the city’s hotel occupancy at all 152,000 rooms.

After Super Bowl LVIII, a long list of events is on the calendar which will return to Las Vegas in 2024 and continue into the future, including the National Finals Rodeo, which attracts 180,000 fans.

The Las Vegas Grand Prix will also return in November after attracting an estimated 300,000 fans in its first year. Tourism officials say that’s better than expected and should enjoy growth in 2024 thanks to improvements.

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