The Real Deal Miami

National market report

Commercial and residential real estate news briefs from the most active U.S. markets
By Amy Tennery | November 19, 2009 10:24AM

From the November New York issue: While Las Vegas may be best known for its nightlife, casinos and booming tourism industry, some financial experts are calling for more-diverse industry in the area, pointing to rising hotel vacancies and home foreclosures. As the Las Vegas Sun reported, the city is home to the largest foreclosed commercial property in the U.S. and has the highest home-foreclosure rate of any large city in the country. University of Nevada, Las Vegas, economist Keith Schwer said that Las Vegas’ financial decline is similar to that of Detroit, largely because the two cities are each dependent on one specific industry. Unlike the auto manufacturing industry, however, it seems unlikely that casinos will get a federal bailout.