Southern Nevada economy continues to strengthen

Feb 18, 2016 9:59 AM

The southern Nevada economy continues to strengthen with a steadily improving labor and income picture, Boyd Gaming CEO Keith Smith said this week.

“Total employment grew nearly three percent,” he said during a conference call with financial analysts who follow the public company. Smith cited gains in “every major job sector” while unemployment fell to a seven year low in Las Vegas.

“The housing market continues to trend positively with growth in both sales and prices. Construction activity is accelerating with more than $10 billion in projects across the Las Vegas Valley. More than 42 million visitors spent time in Las Vegas last year.”

Smith said the trends are contributing to “strong growth” in both gaming and non-gaming revenues throughout the Boyd casinos and hotels.

The result of it all was that Boyd Gaming enjoyed its strongest fourth quarter in eight years with The Orleans proving itself as a “great story” among the list of Boyd properties serving the locals market. The Orleans posted a nearly 20 percent gain in earnings before interest, taxes, depreciation and amortization.

The Orleans is one of the Boyd properties that has benefitted from the attention being paid to its non-gaming amenities during recent months.

Smith said, “We began earlier this year with the opening of Alder  & Birch at The Orleans, “the property’s new fine dining experience. In just a few weeks will premiers Ondori, a new Asian dining concept. Three more concepts are scheduled to follow at The Orleans by the end of the year.”

Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: [email protected].