Scott Sonner/ AP A gaming analyst said this week that Reno is in “the early phases of what is a very interesting expansionary cycle.”
Wednesday, Nov. 1, 2017|2 a.m.
. The city of Reno is poised for a long-term economic upswing, inning accordance with an expert from Union Gaming Research Study of Las Vegas.
“We have actually seen real estate costs really firm up,” said Union Video gaming analyst John DeCree on “Nevada Newsmakers” Monday. “That is constantly a great economic sign for the gambling establishment and show business.”
Construction tasks and property advancement stimulate more sustainable economic activity. “As big business come and create construction jobs, they bring population and migration to the city, which then requires housing development, then expansion of schools and other social services,” DeCree said.
“We remain in the early phases of exactly what is an extremely exciting expansionary cycle for Reno,” DeCree said. “Each action we take, the more economic development there is. And certainly, a casino is an entertainment alternative, and as the city gets bigger, more tourism comes. As more people reside in the city, the airport can then expand and include more direct service.”
DeCree stated the investment community seldom appears to look past a year or more, however Reno’s long-lasting potential customers are sound. “In 3 to 5 years (if we are) still in a high-growth cycle and if things keep going as they are, 10 to 20 years is something that might be practical. Let’s hope the international and U.S. economy type of steer the course, and I think Reno will keep leading away.”
Factors in his assessment of Reno’s growth capacity– particularly for video gaming companies– include:
– The “Tesla effect,” development in jobs and incremental business travelers developed by big business such as Tesla, Switch, Apple and Google.
– Home-grown and well-schooled sets of family executives from the Farahi and Carano families, operators of King and the Reno-based Eldorado Resorts.
– Progress made by video gaming executives and the Reno Stimulates Convention and Visitors Authority in seeking more conferences and convention service.
Union Video gaming just recently updated shares of Monarch Gambling establishment & & Resort Inc.– the parent company of Reno’s Atlantis Resort & & Spa– from a hold score to a buy ranking.
A sky bridge links the Atlantis resort with the Reno-Sparks Convention Center. The Eldorado is also strategically based to make the most of conferences and convention service, DeCree said.
The Reno video gaming community’s midweek tourist downturn is being aggressively resolved by the authority’s marketing for meetings and conventions, DeCree said.
“Reno, in general, is starting to deal with (midweek concerns),” DeCree stated. “The convention authority is under new management, really well-directed, and we are pretty excited about the chances ahead.”