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Archive for February, 2015

Global Business District to add Vegas hospitality jobs

Saturday, February 21st, 2015

The planned Global Business District will create more Vegas hospitality jobs.

The Las Vegas Convention and Visitors Authority (LVCVA) Board of Directors voted to approve a contract for the purchase of the historic Riviera Hotel & Casino’s 26-acre site, which will be the cornerstone for the district.

The LVCVA will purchase the site for a total of $182.5 million. Funds for the acquisition will be drawn from the LVCVA’s bank credit facility with JPMorgan. The LVCVA will issue long-term bonds to retire the bank credit within the next two years. Terms of these bonds will follow the standard public bonding process.

The $2.3 billion project is the largest economic development initiative the LVCVA has undertaken since the Las Vegas Convention Center was originally built in the late 1950s. The expansion project is expected to lead to an additional 480,000 new attendees as current conventions grow and through attracting an estimated 20 new trade shows and conventions.

In addition to the $2.3 billion convention center expansion and renovation, the Las Vegas Global Business District is a visionary project that includes developing a district concept in the neighborhoods surrounding the center. The district would provide a distinct look and feel to the area and provide the opportunity for economic development related to the industry, including the development of a global business center that utilizes the facility’s World Trade Center designation to attract corporations wanting to interact with the tens of thousands of businesses who visit the convention center each year.

“Today marks an exciting new milestone in Las Vegas’ long history of reinvention and evolution and ensures Las Vegas’ meeting and convention industry remains the envy of the world for decades to come,” said Rossi Ralenkotter, president/CEO of the LVCVA. “The Las Vegas Global Business District is the single most important economic development project in the state, and it will generate thousands of good-paying jobs and help lay a strong economic foundation for the benefit of the entire community. This strategic acquisition of land gives us the much-needed space for expansion while also providing a highly visible presence on one of the most famous streets in the world – the Las Vegas Strip – and is essential in helping us to reach our goal of 45 million visitors.”

Record number of visitors boost Vegas hospitality jobs

Sunday, February 8th, 2015

The record number of people flocking to Vegas for various conventions and for tourism was over 41 million, which will boost Vegas hospitality jobs.

The Las Vegas Convention and Visitors Authority (LVCVA) said that the statistics point to continued recovery for Las Vegas tourism with increases in all of the key visitation indicators. Las Vegas tourism generates more than $45 billion in economic impact for the local economy and supports 376,000 local jobs.

Another positive indicator for Southern Nevada’s tourism industry is the addition of nearly 21,000 jobs in the resort industry since the recessionary low in November 2009. Tourism supports 46 percent of all local jobs.

Other highlights include:

• The meetings and convention industry reached a six-year high with nearly 5.2 million delegates attending a convention, trade show or meeting in 2014, reflecting a 1.2 percent increase over last year. This is the highest convention attendance since 2008.

• Las Vegas hosted 22,103 meetings, trade shows or conventions in 2014, up slightly from the 2013. The 2014 total is also the highest number of meetings and conventions held in Las Vegas since 2008.

• Average citywide occupancy grew 2.4 percentage points to 86.8 percent for 2014. Las Vegas’ citywide occupancy is 22 percentage points higher than the national average of 64.1 percent. With industry-leading occupancy for its 150,544 rooms, Las Vegas fills more rooms per night on average than any destination in North America.

• Las Vegas’ average daily room rate increased $6 to nearly $117 in 2014.

• Clark County gross gaming revenue reached nearly $9.6 billion in 2014, a 1.2 percent decrease from 2013. For Downtown Las Vegas, gaming revenue was up 2.1 percent for a total of $511 million last year while revenues decreased 2.1 percent to nearly $6.4 billion on the Las Vegas Strip.

Are job seekers confident about Vegas jobs?

Sunday, February 8th, 2015

The number of job seekers who are confident about the the number of Vegas jobs may be dwindling, according to a survey from Challenger, Gray & Christmas, the global outplacement firm.

Only 28% of job seekers believe they can find employment in three months, according to the firm’s survey.

The percentage of job seekers confident about a short transition changed little from the previous year, when 23 percent said a new position could be found within three months.

Just under 40 percent of callers felt their job search would take between four and six months, which is equal to the 40 percent of callers who said the same in 2013. The percentage saying it would take seven to nine months to find new employment actually went up, increasing from 16 percent in 2013 to 18 percent during the most recent call-in event.

Job seekers will undoubtedly be helped by the increasing number of job openings, which exceeded 5,000,000 at the end of November, according the latest Job Openings and Labor Turnover report from the Bureau of Labor Statistics. That was on top of the 5 million workers that were actually hired during the month.

“Our coaches often speak to job seekers who have been interviewed by recruiters who are half their age. In fact, one of the top frustrations conveyed to our counselors is that recruiters are so young. The more seasoned job seeker feels like that age difference puts him at a disadvantage,” said John A. Challenger, CEO of global outplacement firm, Challenger, Gray & Christmas, Inc.

“Every job seeker must be able to demonstrate that his or her skills and experience are fresh and relevant. This is even more important for older job seekers, in order to overcome the common misperception that they are unable or unwilling to learn new things. It is critical to keep skills up-to-date and relevant to the current job market, even if it means taking classes through a university or community college,” said Challenger.