Las Vegas Is On A Tear

Las Vegas Traffic

Photo: Flickr/Phil Whitehouse

Two economic datapoints out today that confirms the revenge of Las Vegas.First, sales of single family houses were up 18% in February.

AP:

Real estate agents in Las Vegas say more single-family homes in southern Nevada were sold in February compared with the same month last year, but prices were lower.  The Greater Las Vegas Association of Realtors said Thursday that nearly 3,800 single-family homes were sold in February. Fewer than 3,400 homes were sold during the same month last year.

And gambling revenue exploded in January:

AP:

The state gaming control board says Thursday that the more than $1 billion that casinos won this January is up from $877 million in January 2011.  The Las Vegas Strip posted a 29 per cent year-over-year gain, bringing in about $624 million in January. Downtown Las Vegas revenue was $47 million and is up nearly 14 per cent.

Goldman Sachs wrote this week about the ‘reversal of fortune’ in the stand states (Nevada, Arizona, etc.). This helps confirm it.

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