The Evolution of Las Vegas: 5 Key Things Every Real Estate Investor Should Know

Once a sprawling expanse of uncharted land, Las Vegas, Nevada, has evolved into the entertainment capital of the world, a gaming super-hub, and a premier destination for sports. This remarkable transformation didn’t happen overnight; it stemmed from decades of strategic planning, investment, and visionary zoning recommendations.

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Once a sprawling expanse of uncharted land, Las Vegas, Nevada, has evolved into the entertainment capital of the world, a gaming super-hub, and a premier destination for sports. This remarkable transformation didn’t happen overnight; it stemmed from decades of strategic planning, investment, and visionary zoning recommendations.

A pivotal 1962 ULI Advisory Services Panel provided the blueprint for Las Vegas’ unprecedented growth, emphasizing the importance of leveraging the city’s burgeoning convention and gaming industries while prioritizing housing for the workforce that fuels its economy. Today, Las Vegas stands as a testament to the power of intentional urban planning. It showcases how foresight and collaboration can turn potential into reality.

As ULI prepares for its 2024 Fall Meeting in Las Vegas, October 28–30, at Resorts World Las Vegas, we took a deep dive into ULI Knowledge Finder for these key reports that speak to the building and evolution of Las Vegas.

1. Shaping Las Vegas

In 1962, Las Vegas, its officials, and its business leaders had a question: What should we do with all this land?

With more than 1,000 acres (405 ha) of unzoned, undeveloped, and underdeveloped land lying west and north of the city, and 2,000 such acres (810 ha) within the city itself, Las Vegas was ripe with opportunity but lacking in direction. So, local leaders engaged with ULI’s member experts in a ULI Advisory Services Panel on these Las Vegas and North Las Vegas properties.

These members provided recommendations that helped shape and build Las Vegas into what it is today. Although the panel’s recommendations did include a continued emphasis on growing the gaming and entertainment industry that brands Las Vegas, the advice went deeper than that, demonstrating the intentional planning, diversification of investment, and thinking about the future that truly made Las Vegas a successful city. The report outlines the panel’s emphasis on housing and multifamily development to provide for the city’s workforce, shopping, and retail centers as hubs of commerce, and golf courses to drive membership fees and tourism—advice that was ahead of its time and spurred trends in recreation and retail. Read more on how ULI and its members have helped shape Las Vegas here.

2. Downtowns

An important component of a city and its growth is the concept of downtown, or, in Vegas’s case, downtowns. The health of these hubs of activity and interaction can cause cities to thrive or struggle. Although the Las Vegas Strip is certainly active, it’s not Vegas’ downtown, which is a tick farther north, in the valley.

In Las Vegas, effort is being put into making downtown spaces where people can thrive. A tour of Symphony Park at the 2024 ULI Fall Meeting reveals how the city has taken the role of developer to create a mixed-use project benefitting the community. Alternatively, venture into the Arts District, which examines Las Vegas’ cultural downtown. Dedicated investment—such as Tony Hsieh’s mission to Create Positive Community Collisions in Downtown Las Vegas—is coming to fruition and shaping Las Vegas’ growing downtown.

Like Las Vegas, other cities are finding innovative ways to revitalize their urban cores. See how our members are sharing their expertise and shaping the future of cities.

3. Housing

A challenge—and an opportunity—that every city across the country faces: How should we approach housing? The answer is, of course, complex, with differing opinions and approaches. Explore how cities nationwide have approached housing policy in this report, Building the Future: Innovations in State and Local Policies to Boost Housing Supply.

Las Vegas and its developers have tried their own policies, projects, and approaches in their efforts to mitigate the local housing crisis. For example, the UnCommons Addresses Walkable Urbanism, Mixed Use in Las Vegas, showing how a mixed-use approach to housing development can be effective.

The Decatur Commons provides a look into how some people are attempting to tackle affordable housing in the area. Attend the Affordable Oasis: Creative Solutions to Address Nevada’s Housing Crisis tour during Fall Meeting for an exclusive look at the project. And look farther north in the state, up in Reno, for the ULI Homeless to Housed Case Study: The Village on Sage Street.

4. Building beyond the Strip

The area surrounding Downtown Las Vegas and the Strip has undergone its own development growth. Summerlin master planned a thriving urban center with sports venues, industry, office, residential, and retail.

Summerlin is not alone, though. Master planning in the area has laid the groundwork for the city’s emergence as one of today’s most sought-after destinations. Attend the Fall Meeting session Las Vegas Beyond the Strip: Decades of Expert Master Planning Transforming the City for an in-depth look at how thoughtful planning can continue to nurture such urban evolution.

Or, if you find yourself at Fall Meeting or in the Las Vegas area, take a trip to Henderson, Nevada, to see how its Water Street District has added vibrancy to the area.

5. Extreme Weather and Water Scarcity

The arid landscape of Las Vegas has long posed water management challenges, but climate change and rapid growth are intensifying the need for innovative solutions. As detailed in Shoring Up Water Supply, the city is proactively addressing these concerns through conservation efforts and advanced recycling programs that highlight the urgency of adapting to a drier future. Water scarcity is not the only environmental hurdle Las Vegas faces, though. In July, the city shattered its historically high-temperature record, reaching a blistering 120 °F (48.9 °C), with nighttime lows barely offering any relief. This extreme heat poses significant physical risks for residents and economic challenges for urban planners.

But Las Vegas isn’t just surviving—it’s innovating. At the ULI Fall Meeting, experience firsthand how the city tackles these challenges through Water at Its Source: A Behind-the-Scenes Tour of Hoover Dam and Water Sustainability in the Desert: Springs Preserve. For further exploration of these pressing challenges and innovative solutions, be sure to consult the ULI reports Water Wise: Strategies for Drought-Resilient Development and Scorched: Extreme Heat and Real Estate.

Nick Stoll is a marketing associate with ULI.
Claire Gordon is vice president of content marketing strategy for the Urban Land Institute.
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