New Las Vegas Strip project expected to boost local economy
Caesars Entertainment is set to begin construction on a half-a-billion dollar project that promises to change the skyline of the Las Vegas Strip and give a much needed boost the local economy. Video by ktnv.comvideo
Las Vegas, NV (KTNV) -- Caesars Entertainment is set to begin construction on a half-a-billion dollar project that promises to change the skyline of the Las Vegas Strip and give a much needed boost the local economy.
The Linq project is the first major development plan on Las Vegas Boulevard since the economy tanked. The plan is to build an outdoor retail center that would link the Imperial Palace and The Flamingo hotel and casino.
There will be over 200,000 square feet full of shops, restaurants, and even a 550-foot-high observation wheel. It's expected that over 3,000 construction jobs will be filled and the project will create more than 1,500 permanent positions.
Executives say they have all the money for the entire project, with J.P. Morgan financing a big portion of the $500 million.
"I think this is a real statement of belief in the Las Vegas market. We are seeing a big comeback," said Jan Jones, a spokesperson Caesars Entertainment.
The ground breaking is expected to take place next month and they hope to have the project completed by June 2013.