Economy of Las Vegas

An effort has been made by city officials to diversify the economy by attracting light manufacturing, banking, and other commercial interests. The lack of state individual and corporate income tax and very simple incorporation requirements have fostered the success of this effort.

With the Strip expansion in the 1990s, Downtown Las Vegas (which has maintained an old Las Vegas feel) began to suffer. The city made an effort to turn around the fortunes of downtown. The city successfully lured the Internal Revenue Service operations from western side of the city to a new downtown area building that opened in April 2005. The IRS move was expected to create a greater demand for additional businesses in the area, especially in the daytime hours. The Fremont Street Experience (FSE) was built in an effort to draw tourists back to the area, and has been popular. Since the recession began in 2008, many of these shops have closed. The multilevel Neonopolis closed their 11 theaters and nearly all retail stores. Many high-rise condo projects have been under construction, but one of the highest profile buildings, The Streamline Towers, went into bankruptcy.

The city purchased 61 acres (25 ha) of property from the Union Pacific Railroad in 1995 with the goal of creating something to draw more people to the downtown area. In 2004 Las Vegas Mayor Oscar Goodman announced plans for Symphony Park, which will include residential and office high-rises, the Lou Ruvo Brain Institute, an academic medical center, The Smith Center for the Performing Arts, and a new City Hall. After failed negotiations with The Related Co. on the development of Union Park in October 2005, San Diego-based Newland Communities was chosen by the city as the new development firm. The Newland