It’s no doubt that 2016 has been a bit of a roller-coaster ride of a year when it comes to the entertainment industry and its losses. Some of us have never been so happy to bid farewell to such a tumultuous year. Yet to many, the more important thing to do is, to look forward, not backward.
And on that note, it’s good to acknowledge the fact that there are plenty of fantastic, big business stories on the horizon for 2017. As optimists by nature, 702 ENT wanted to share some of the things you’ll probably be reading about in the next 12 months:
Stadium exertions progress
It could commence as early as this month, but many think that this is just wishful thinking and anticipate that progression will take shape more toward the season of spring before National Football League owners act on team owner Mark Davis’ appeal to relocate the Oakland Raiders to Las Vegas. And the minute that happens, the wheels will begin turning speedily.
The full Las Vegas Stadium Authority board will be empaneled on 12th January and initiate discussions on the issue of the stadium site. Everybody’s funds seem to be on the selection of the acreage between Russell Road and Hacienda Avenue, just west of Interstate 15, but it wouldn’t be surprising if an outbreak of alternative locations land in the authority’s lap.
Due to the altitude of the planned stadium, any strategies must be reviewed by the Federal Aviation Administration, but that shouldn’t be a barricade since the site isn’t in the direct flight path of planes landing and taking off at McCarran International Airport.
Gaming in Japan
In December, the Japanese government elected the process of introducing the casino industry to the world’s third-largest economy. Legislature accepted in December affords the outline of Japan’s stratagem and it has a lot of parallels to the start-ups of gaming in Macau and Singapore, which Southern Nevada firms were bang in the middle of. Japan is interested in the unified resort concept of having a casino attached to a much larger facility with convention centers, entertainment venues, art and cultural displays and merchandising.
In 2017, Japan will begin applying the specifics to the agenda, aspects such as: the amount of facilities that will be allowed, where their venue will be, and their tax rates will be issues to focus on. Such matters are of great interest to MGM Resorts International, Wynn Resorts Ltd. and Las Vegas Sands Corp., the local companies most likely to dive into gaming in Japan.
Those companies have boots on the ground in Japan, with some forecasters projecting to become a $25 billion market. They also were part of the lobbying process to get the preliminary legislature. All three of those businesses have proven track records in directing foreign processes to bring a resort to completion. They haven’t recoiled at the 22% gaming tax rate in Singapore or the 39% rate in Macau. But they’ll face some stiff competition from companies that operate in Asia and Australia.
When all’s said and done however, we need to acknowledge that the answers on Japanese gaming won’t be resolved in 2017 – a property isn’t expected to open until the mid-2020s – but there should be some significant stories that will illustrate the development’s course.
Genting starts building Resorts World Las Vegas
The Malaysian corporation had a jovial, trailblazing event in 2015, and 2016 was expected to be the year to see construction cranes on the ground where the Stardust stood, once upon a time. But it didn’t happen. Instead, a bout of small teams have begun prep work in advance of large-scale construction.
Genting management is systematically slow, maybe this is a result of the company’s history or culture. But 2017 should be the year that we begin seeing an indication of the arrival of the company’s first 3,000 rooms of the Chinese-themed resort. Nevertheless, we advise you not to count on an opening until 2019 – and that’s being hopeful. Don’t be too surprised if another new resort is announced somewhere on Las Vegas Boulevard in 2017.
702 ENT always has the latest scoops on events and big business stories happening in the Sin City this year. What’s more, our concierge service is devoted to ensuring that if you’re traveling to Vegas, your stay is as fun and enjoyable as it could possibly be.
So, if you’re planning a trip to Las Vegas, be sure to make the most of your time here and leave all the planning and hassling to us!
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