The primary drivers of the Las Vegas economy have been the confluence of tourism, gaming, and conventions which in turn feed the retail and dining industries. The city serves as world headquarters for the world's two largest Fortune 500 gaming companies, Harrah's Entertainment and MGM Mirage. Several companies involved in the manufacture of electronic gaming machines, such as slot machines, are located in the Las Vegas area. In the 2000s retail and dining have become attractions of their own. Tourism marketing and promotion are handled by the Las Vegas Convention and Visitors Authority, a county wide agency. Its annual Visitors Survey provides detailed information on visitor numbers, spending patterns and resulting revenues.
Constant population growth means that the housing construction industry is vitally important. In 2000 more than 21,000 new homes and 26,000 resale homes were purchased. In early 2005 there were 20 residential development projects of more than 300 acres (120 ha) each underway. During the that same period Las Vegas was regarded at the fastest growing community in the U.S. However, the recession of 2007-2009 and the accompanying business downturn has sent business and growth tumbling, with Las Vegas recording one of the highest home foreclosure rates in the country. The disappearance of disposable consumer income and the backlash against corporate entertainment spending sent the hospitality industry into a tailspin that it has yet to recover from as of late 2009.
Las Vegas has recently enjoyed an enormous boom both in population and in tourism. The urban area has grown outward so quickly that it is beginning to run into Bureau of Land Management holdings along its edges, increasing land values enough that medium- and high-density development is beginning to occur closer to the core. As a reflection of the city's rapid growing population, the new Chinatown of Las Vegas was constructed in the early 1990s on Spring Mountain Road. Chinatown initially consisted of only one large shopping center complex, but the area was recently expanded for new shopping centers that contain various Asian businesses.
With the Strip expansion in the 1990s, the downtown area (which has maintained an old Las Vegas feel) began to suffer. The city made a concerted effort to turn around the fortunes of downtown. The Fremont Street Experience (FSE) was built in an effort to draw tourists back to the area and has proven to be popular in that regard. The multi-level Neonopolis, complete with 11 theaters (managed by Galaxy Theaters, Inc.), was built to offer more retail opportunity and services. Many highrise condo projects have also been underway as downtown is transforming into a livable neighborhood. Other promising signs emerged for the area. The city had successfully lured the Internal Revenue Service operations from the far west of the city to a new downtown building that opened in April 2005. The IRS move is expected to create a greater demand for additional businesses in the area, especially in the daytime hours.
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