Las Vegas has long been one of the most iconic cities in the United States. Whether you are looking for a 21st birthday that you’ll never forget, or a celebration for your wedding before the big day, you can be sure to find an unforgettable time in Vegas.
Despite its importance in American history, as well as on the economy of Nevada, there are many parts of Sin City that are suffering. Apart from many of the “big name” hotels and casinos, there are plenty of smaller places that are still suffering from an economic downturn that started back in 2008 with the collapse of the housing bubble.
In order to help save Las Vegas, Tony Hsieh has decided to put over $350 million towards a revitalization project for the city. If the name sounds familiar, Hsieh gets his fortune as the CEO of Zappos, the popular online shoe retailer.
In addition to bringing attention to Vegas for its world-famous shows and casinos, Hsieh hopes to bring a new market of individuals to what he calls, “techtopia.” Located closely to California, many people are now looking to move away from some of the bigger cities around Silicon Valley. That move has taken may people to Las Vegas, where Hseih hopes to be able to revitalize the community.
He has a tall order in front of him
Despite the massive amount of personal capital that Hsieh can put up, his project may need more than the estimated $350 million that was first projected. Along with rising housing costs, as well as the problems with hiring reputable companies in the Vegas area, Hsieh has already experienced a variety of issues with his project. In fact, three entrepreneurs committed suicide while working on downtown renovation projects.
Nonetheless, Hsieh remains confident in his efforts. Even though visitors to Vegas can see plenty of boarded up windows on old buildings, there is hope. Robert Lang, a professor at UNLV, believes that bringing large companies and start-ups businesses may help with economic growth. In either event, Hsieh push’s on forward with his goals.
A Small Comparison
One sign of hope that Hsieh looks to is the comparison between this part of Vegas and what Brooklyn was to New York just a short time ago. Now Brooklyn has turned into a mecca in New York, and one of the most popular places for businesses, families and economic growth. If that same growth can occur in Vegas, it will be very rewarding for the Zappos CEO.
In order to generate the economy and bring more attention to Vegas, Hsieh is looking to build more apartments closer to UNLV, and business offices within close distance. Though some have seen the efforts as haphazard, there are still some that believe firmly that Hsieh is on the right path to saving Las Vegas.
It likely has a long way before it is mentioned in the same sentence as Brooklyn, but techtopia is certainly getting plenty of input from others who believe in this part of Sin City. And with the help of Tony Hsieh, it might not be long before the city sees an entirely new reformation.