Las Vegas Sun – They’re buying into Las Vegas like never before. They’re pumping cash into major resort projects and big stage productions on the Strip and they’re purchasing single-family homes in quiet neighborhoods.
Who are they? Chinese investors. And they’re propelling Las Vegas’ recovery from the recession.
They are quietly helping to bankroll the $415-million SLS Las Vegas, a nightclub-themed resort set to replace the Rat Pack stomping grounds of the Sahara and shake up the struggling north end of the Strip. A quarter of the investment came from foreign bank accounts, mostly in China.
Money from China is also backing such Las Vegas ventures as “Panda!” the stage production at the Palazzo, the $120 million transformation of the Lady Luck into the Downtown Grand, and a pair of forthcoming Chinese-themed resorts.
“As the Chinese middle class grows, investors are getting more savvy as to how to get their money overseas,” said David Jacoby, director of the Las Vegas Economic Impact Regional Center. “Las Vegas is a stable place to park your money.”
Much of this activity is prompted by a little-known government program called EB-5 that rewards foreign investors with green cards.
