Las Vegas turns
luck into fortune

By the mid 1980s, a construction boom was once again drawing workers to the city, with the population nearly doubling between 1985 and 1995. Developer Steve Wynn borrowed some $500 million to build the Mirage.

“He had 7 years to pay it off,” said Rothman. “He paid it back in 18 months.”

In the 90s, seeking to broaden its appeal, Las Vegas embarked on its “family friendly” campaign — an effort some outsiders saw as an odd strategy for a city whose name had become synonymous with vice. The Treasure Island report, with nearly 3,000 rooms, was designed to resemble a Caribbean pirate village, with hourly staged battles (in which the buccaneers always win.)

Along the way, the competition for bigger, glitzier, more expensive hotels moved to a new level with the construction of the $1.7 billion Bellagio, the most expensive project at the time. The 36-story, 3,000-room resort featuring a 10-acre lake with nightly water shows of 1,000 fountains spewing water 240 feet in the air, a 90,000-square-foot greenhouse, and some $300 million worth of paintings by Monet, Renoir, Picasso, van Gogh and Matisse.

Today, the city’s tourism industry has returned to its roots with its latest promotional campaign. Family-friendly is out, sex and sin are in: The new ads assure visitors that “What happens here, stays here.” 

But as it has grown, the Las Vegas economy has diversified away from gambling; Rothman estimates that gaming revenues no contribute just 40 cents to every dollar of the city’s economy. And the city faces increased competition from other states that have dropped gambling bans in hopes of balancing stretched budgets. 

Still, despite rising gasoline prices and competition from other states, visitor traffic to Las Vegas isn’t showing any signs of slowing, said Rothman.

“We already get more visitors in a year than Mecca,” he said. “And you have a choice about Las Vegas.”

MORE FROM LAS VEGAS: STILL CASHING IN

Las Vegas: Still cashing in Section Front

Nothing humble about Vegas centennial Las Vegas no longer the only game in town For Vegas builders, things are looking up Las Vegas Sands in Manchester United deal FT.com: Betting on intimacy Vegas knows how to turn luck into cash Sin City’s great fun for families too Wynn’s show ‘Le Reve’ floats on water Feeling lucky? Try this high-roller meal Wait for Las Vegas' newest casino is over Las Vegas: Still cashing in Section Front   Add Las Vegas: Still cashing in headlines to your news reader: