Vegas Realty Check
Join hosts Trish Williams and Tiana Carroll every week as they provide comprehensive coverage of the Las Vegas real estate market. From market updates and current inventory to real estate news and expert opinions, this podcast brings you the latest information straight from the professionals in the industry. Unlike national news data, which can often be weeks or even months behind, Trish and Tiana provide real-time updates on what's happening in the local market each week. They also interview different professionals in the industry to provide a well-rounded perspective on a variety of real estate topics. Additionally, the podcast features bonus episodes, including "Community Spotlight," where a locally owned business is featured, and "Coaching Corner with Sharon Swanton," where listeners can learn how to improve their mindset to advance their career and personal life. Whether you're a buyer, seller, or investor, this podcast is a must-listen if you want to stay informed on the Las Vegas housing market.Trish Williams 702-308-2878 S.0175530 Tiana Carroll 702-379-9948 S.0178943Keller Williams the MarketplacesEach Office Is Independently Owned and Operated
Vegas Realty Check
The Future: Groundbreaking Spaceport Developments & Las Vegas Real Estate Boom
Is the future of Las Vegas real estate about to take off? With single-family home inventories climbing and mortgage rates dipping to the mid-six percent range, the market presents a complex landscape for buyers and sellers alike. We'll break down the latest market figures—432 homes sold and 570 under contract—and discuss what these trends mean for you, including the increasing prevalence of price decreases.
We’re also thrilled to bring you a conversation with Rob Lauer, CEO of Las Vegas Spaceport, who offers groundbreaking updates on the spaceport project. Rob reveals that both the county and FAA have approved critical elements, making the project shovel-ready within six months. This development sets the stage not just for a new private airport but for an array of commercial facilities including hangars, a private jet terminal, and even a casino hotel with a unique design. We explore how these ambitious plans could reshape not only the Las Vegas skyline but also its economic future.
From the challenges Boeing faces to the burgeoning market for space tourism, we cover the latest in private space travel. We discuss the strategic importance of the U.S. Space Force amidst increasing international competition and preview a spectacular upcoming air race event. With insights into regulatory hurdles and the immense economic potential of untapped lunar resources, this episode is packed with forward-looking insights that will keep you on the edge of your seat. Tune in for a fascinating glimpse into the future of real estate and space travel!
Welcome to Vegas Realty Check, the informative podcast that dives deep into the world of Las Vegas real estate.
Our expert hosts break down the complexities of the ever-changing Las Vegas property market, analyze market trends, economic indicators, and unique property features to provide you with valuable insights on timing your home sale or purchase.
Don't miss out on the fun! New episodes drop every Thursday! Stay in the know about Las Vegas real estate with insights straight from the pros . Thanks for watching, listening, and sharing!
If you LOVE our content , Please subscribe to our show here
https://www.buzzsprout.com/1428685/support
Linktree https://linktr.ee/vegasrealtycheck?utm_source=linktree_profile_share<sid=665d8181-2204-45fb-b56f-e8ed3efbfd18
Send Listener Questions to : VegasRealtyCheck@gmail.com
Access All Episodes at RealtyCheck.Vegas
Watch Live on Facebook Thursdays @9:30am PST
https://www.facebook.com/VegasRealtyCheck
Linktree https://linktr.ee/vegasrealtycheck?utm_sourc...
Hey Las Vegas. Thanks for joining us back here on Vegas Realty. Check your local Las Vegas real estate news show. I am Trish Williams and I'm Tiana Carroll.
Speaker 2:Welcome back to another episode. We're going to talk everything Las Vegas numbers and then we have a very special guest with us. Real Estate News Show. I am Trish.
Speaker 1:Williams and I'm Tiana Carroll. Welcome back to another episode. We're going to talk everything Las Vegas numbers, and then we have a very special guest with us.
Speaker 2:Yes, we're excited about that, so let's get through the numbers for this week really quickly.
Speaker 1:Let's just knock them out.
Speaker 2:Yeah, nothing exciting going on Well.
Speaker 1:I don't know.
Speaker 2:My blood rushed a little bit when I saw them Really, yeah, let's get into it. So now we are. Blood rushed a little bit when I saw them, really, yeah, let's get into it.
Speaker 1:So now we are 4,279 single family homes on the market.
Speaker 2:Yeah, that inventory is raising. We have had rates drop, though.
Speaker 1:Lowest in five months. Right, yeah, so the rates dropped quite a bit, you know, in rate world quite a bit. We're still in mid sixes, guys, but um, but still you're getting the whole world excited out there.
Speaker 2:They thought we were back down in the threes.
Speaker 1:Yeah, I know they did not drop like that. They're looking much better than they have been, so lowest in five months um. So we're getting a big influx of inventory that's ticking up each week more and more and more yeah, and I I really haven't seen um the amount of activity I would hope with even the small rated adjustment, so um I think that things have still been.
Speaker 2:I think that if we when we get to the under contract you'll see that has jumped the most this week but before we get there sold, how many did we get? Uh 432 sold, yeah, yep, and then we got a price decrease of $548. So that's going up again too. More price decreases are happening.
Speaker 1:Absolutely and then $570 under contract.
Speaker 2:That kind of got me excited. That's a bigger number than normal.
Speaker 1:Yeah, yeah, I don't remember exactly where we were last week.
Speaker 2:There's so many texts between you and I During the week I could never go back and find it, but I do have the um, the excel file that has all of the um price. What are we looking at? Price reduction or no, we're looking at under contracts for last week, yeah yeah, under contract, was what five we? Can always go back on our videos later and compare what was what was the under contract last week, because I switched screens um. This one was five.
Speaker 2:Uh well, this week, oh, this week was oh, you don't have it yeah, I, I switched screens already okay, well, anyway, that's going back to like numbers of like 548. That's going back to like um. Last year in summer we've had those same 548s and then it dipped. But I like that. There's all that activity.
Speaker 1:Yeah, yeah, doing good. So, um, uh, the, definitely the inventory raising, um, it has been slowing things down a little bit, though um on top of that, so we're getting more listings.
Speaker 2:So even the under contract, the, the, the, the inventory number staying higher is um, is definitely but it's giving more options out there now, yeah, which I didn't think we'd get this late in the summer yeah, and the options are great, so buyers are loving that too.
Speaker 1:Yep, yep, all right um.
Speaker 2:So all right numbers done numbers are done.
Speaker 1:That was great.
Speaker 2:Right over that, yeah well, last week was the whole market update, so then we went in depth on days on market, on everything. So now you guys got to get an idea. We follow it every week. If you're here every week, you know we do numbers at the beginning of the show. Like and follow us, share us. That way you keep apprised on what's going on in those numbers and then we have special guests in our studios today.
Speaker 1:Yes, so we have talked quite a bit on the show about the Las Vegas spaceport.
Speaker 2:We have. You'll see it in a few different episodes, including me getting lost trying to find it. But we found it. Yes, we found it and not actually we didn't find it. We found the man who owns it.
Speaker 1:Yes, so we got that land. We found Mr Rob Lauer, and rob is the ceo of las vegas spaceport and he's here to give us all of the details about it.
Speaker 2:So which is very exciting. He was kind enough to um, a few weeks ago, take us out to the actual 240 acre piece of land that will be future spaceport.
Speaker 3:So welcome to the show, rob thank you so much for having me on and thanks for coming out, thanks for showing us the project.
Speaker 2:You're very, very excited about it, which gets us excited, and you've been all over the news, especially a couple weeks ago. You got some big news, didn't you?
Speaker 3:we did. We got some great news. Uh, may 8th, the county unanimously voted to approve our runway and entitlements, and then a couple weeks ago, the faa approved our airport as well. So we have essentially a shovel ready project right now. However, we do still have several more things to deal with as far as the drainage study and other engineering before we start actually building the runway. So we're realistically about six months away from actually starting the runway construction.
Speaker 1:Six months is a pretty short time period.
Speaker 3:Well, you know, we started this really essentially in November last year and filed our documents with the FAA on December 11th and a month after that with the county. So in seven months I've been able to accomplish getting the county approval and the FAA approval, which is the advantage of private sector over public sector.
Speaker 2:Yeah, that's definitely moving fast because they are taking their time at the new airport. That's slated for the state line.
Speaker 3:That's to say that's an understatement there. So Senator Harry Reid created a bill to transfer thousands of acres from the BLM to the Clark County Airport to build a new international airport by prim. That was in 1999, 24 years ago, and this year the airport authorities said announced that they are dedicated to moving forward with the new airport and they just need 17 more years to study it before they break ground.
Speaker 1:So 37 years, but unless and it's not 37 years, to complete, it is 37 years to study it before they break ground.
Speaker 3:So 37 years and it's not 37 years to complete it. It's 37 years to study it before they break ground, maybe sort of kind of. So private sector versus public sector huge, huge advantage. Yeah, you know when it's your money. It's different than when it's taxpayer money.
Speaker 2:Oh, totally, absolutely.
Speaker 1:So you spoke a little bit about a runway that you're hoping to have finished within the next six months. Tell us about that and how the project is going to be progressing from that runway and what it is going to essentially be.
Speaker 3:Well, since you're a real estate course, almost like a podcast, this is a real estate deal at the end of the day. Right, I went out and found dirt. I found the right property. I had to look at different situations like, for example, airspace was a critical issue because this whole valley is controlled by it's called Class Bravo airspace, very highly controlled airspace for all the jets coming in and out of McCarran Airport or now Harry Reid Airport. On top of that, you have Nellis Air Force Base, with two thirds of the airspace controlled in the entire state by the military operations there. So this piece of real estate is actually outside the Class Bravo and outside the military airspace. So it's the last piece of open airspace to operate an airport in all of Clark County, so it makes it very exclusive for aviation use, and so that was a big reason why I've chosen.
Speaker 3:I'm a pilot. I've been flying since I was 17, and I saw this piece of land for sale a few years ago. I was tracking it and then I looked at it one day. It was like it's a rectangle, that's a runway and it has water.
Speaker 3:It's got a well there, as you saw, and it has water. It's got a well there, as you saw, and so we're moving forward with our runway. First, on top of that, we plan to build what's called an FBO or a private jet terminal, a fuel farm to provide fuel to jets and aircraft, and then we plan to build about 40 large hangars for people to park their planes and so forth. So those are commercial real estate deals where we're going to have major corporations renting the facilities, jet owners, fuel farm. So we have a predictable revenue stream from leases for hangers and the fuel farm and the fuel revenue from that. So that's the basic starting point and that's how we know what our revenues are going to be from the start.
Speaker 3:Then there's things we're adding on, like air races, and of course, we're in Vegas. So we want to attract the 42 million tourists to take part in our civilian basic training, civilian flight, space flight academy, where they're going to get to go on a zero flight, zero gravity flight with a Gulfstream jet, and we're actually, at the end of this month, acquiring two fighter jets that'll be part of that program, so they'll be able to go on a fighter jet that'll simulate going to space over the desert at night with the stars oh wow, you can actually see that you'd see the curvature.
Speaker 3:You can see the curvature of the earth and when you're over the desert it's pitch black. Yeah, and you see the curvature of the earth, you see the Milky Way. It's the closest thing to being out of space without going into space you'll ever experience in your life and so it's basic training for the civilian average civilian, because not everyone's gonna like it.
Speaker 3:Some people are gonna love it, some people may not like it, and so it's a great way to get people that first experience, that initial experience, and of course, it's gonna make money for our, our business model. On top of that, we plan to build a casino hotel, which is obviously a proven model in Las Vegas.
Speaker 2:Now is that the tower?
Speaker 3:That's the tower.
Speaker 1:So if you're looking at the rendering which we had up a few minutes ago on the screen, if you're watching live here, it is that big tower in the back. Is that casino hotel?
Speaker 3:Yeah, so the first floor will be the casino hotel and a terminal, and then the round part will be rooms and then the top part will be a restaurant and a control tower.
Speaker 1:Okay. That's pretty amazing. What is that big thing at the bottom that looked like a UFO? Yeah, is that like an observation deck?
Speaker 3:That'll be where we can have helicopters land, oh okay, and we can also have. Basically that's where the casino floor will be, on that level, that first level, so it's forward thinking, of course, but I think it's important that we not just have an idea, but the architecture reflects that forward vision.
Speaker 2:Yeah, it's really a very interesting building and the land is such a great location.
Speaker 3:Well, and the other part of it is it's a real estate deal, right? So we're trying to maximize the real estate. We have 10 million square feet, which sounds like a lot 240 acres but we need to maximize it so that space there that only takes up one acre out of 240. And I can put a large hotel tower there and really create real cash flow and revenue from that one acre and maximize that real estate.
Speaker 1:Yeah, and how much of the property is the runway going to be taking?
Speaker 3:approximately. Well, that's going to be 11 acres, so 5,000 square feet would include the thresholds and everything else, and we have room for parking. We'll have, like I said, a private jet terminal and then we'll have 40,000, 30,000 square foot hangars. It's like 20,000 square foot hangers, which are 20 000 square foot hangers um with 2 000 square foot offices and those will be for lease for a dollar fifty foot in fact, we were out wow, that's really great.
Speaker 2:That's like half the price of harry reed, harry.
Speaker 3:Right now there's one hanger. It's ten thousand square feet and sublease for three dollars and fifty cents a foot, so 35 000 a month. And ours is twice as large for half the price. And our jet fuel prices, I think, will be more competitive. And so we have to compete to bring people out and, frankly, there's a hundred jets right now on waiting list to park in this town. So I was out there yesterday giving a tour to people that own private jets looking for a place to park them because they can't park them here.
Speaker 3:I know people who want to buy jets and they don't for a place to park them because they can't park them here. Yeah, I know people who want to buy jets and they they don't have a place to park them here. They haven't. They've held off on their purchase. Yeah, so there's a huge opportunity there, but but also half this, half the uh hangars are getting slated for space companies. So right now we're way behind the curve. California in el sedondo, colorado, el Santo, colorado, texas, florida they are way ahead in the space industry. They have thousands of companies, startup companies, established companies that are building the next gym, this next economy, and and we haven't done anything. We really haven't, and we are, I think, the best, entire best city in the entire country to have a space economy, a space industry yeah, look at you.
Speaker 3:look at the fact we have three hundred days of best city in the entire country to have a space economy, a space industry. Yeah, you look at the fact that we have 300 days of sunshine. I went and visited Cape Canaveral and I was there. There was a rooftop at a hotel I was on, across from Cape Canaveral, where you can watch rockets launch. I'm sitting there having dinner and there's sunshine and an hour later there's a storm.
Speaker 2:Florida, baby, it's Florida.
Speaker 3:And we don't have that issue here generally speaking, and so we have great weather. We have no income tax, no corporate income tax. Our cost of living still is a quarter of California, in Florida, so so it's, the cost of living here is way more to bring, way less. Rather, to bring employees here, we plan to build a stem University to try to address the human capital and have a workforce that's trained for this industry. That's going forward as we speak. We plan to have our first class in fall of 2025 for aerospace engineers Well that's very soon.
Speaker 2:Oh, he's moving right along on this. Like that runway would be built if he didn't have to wait for the three months for the drainage survey.
Speaker 3:Right, Well, fa I mean bureaucrats just dragged their butts on everything and it should have been done in march. But you know it's bureaucracy. They don't care because it's not their money. They, you know. That's the problem. That's the problem, government, you know. That's why you look at musk what he was able to do with a hundred million dollars and build spacex hundred million dollars. It just give you a perspective. One space shuttle launch cost $1 billion for one launch and he created an entire new company with entirely new technology, with rockets that could take off and land and recycle them Right recycle them.
Speaker 2:That was impressive.
Speaker 3:And so we went from a time when the space shuttle cost $19,000 a kilogram to put a person or cargo into space and Musk, because of his new technology, recycled rockets, brought that cost down to $1,900 a kilogram. And so I believe the future, the next step, is going to be space planes, and I think that's where our facility is really going to capitalize. What a space plane basically is is it's an aircraft essentially built of titanium that's got a combination of either scramjet or ramjet engines and rockets, and there's multiple companies right now working on that technology, feverishly trying to be the first to bring that out. And so it can take off, accelerate to Mach 5, go into orbit, deliver people and cargo in return and do it again. And by being able to do that again and safely using aircraft wings and operations, first of all, it's going to be a lot safer than rockets. I mean, rockets are still very, very unpredictable.
Speaker 2:Yeah, they are.
Speaker 3:I mean, you look at the space shuttle and the federal government had endless money to spend on the space shuttle and out of 143 launches launches, they had two catastrophic losses. Yeah, imagine that for airplanes, you'd have 10 catastrophic losses every day. If you're going to fly airplanes with the same loss. You can't do that, it's not sustainable. So, and these aircraft, these space planes, will be able to bring the cost down to 300 a kilogram. So we're talking 30 000 for the average person, the cost to put them into space, versus millions right now for a rocket. That's unpredictable. And, by the way, boeing put their rocket into space with two astronauts on just an experimental launch dry run.
Speaker 3:And they're stuck up there now, weeks later, and they have no expectation of coming back. I mean, it's just a disaster, it's an embarrassment and and uh you know, we're gonna have to call the russians 911 to come rescue our astronauts.
Speaker 1:I just want to know who signs up for that experimental lunch, because I'm like that. Nothing about that sounds good I don't know.
Speaker 2:well, the people who love space love space. I'm gonna tell you that right now, everybody I've talked to who is into space, excited to go up there, they go off on a tangent, yeah Well and you make a great point.
Speaker 3:So when I was out in Cape Canaveral I visited a company called Space Perspective and they're building a 10 man capsule. That uses a balloon the size of a football stadium to bring the capsule up a hundred in above earth. Right, and it's very slow, but it gives you a perspective of earth from 100 miles up it's close to the space technically, isn't that space, though it's basically like 63 miles, yeah technically in space?
Speaker 3:yes, but my point is they're selling seats for 125 000 a seat wow and they've got 200 million dollars in sales already locked in so it's a hot air balloon ride to space, correct?
Speaker 1:I'd rather be in a plane hot air balloon experimental here 125 000 a seat at 125 000 a seat.
Speaker 3:They already have 200 million dollars in sales that's amazing.
Speaker 1:That's amazing, yeah.
Speaker 3:So it tells you the money and the demand out there for experiencing this stuff is tremendous.
Speaker 2:Well, space is projected to be what a $2.7 billion business. Right Absolutely, and it's already a space race. Musk has like 60% of the shareholding in it right now, but there are companies and people like yourself who are dying to get up there and to cash in on some of that space revenue. Well, again.
Speaker 3:I think if we can use, if we can develop space planes, we bring the costs radically down for people and cargo to get into space. And it's all about doing it cheaper than the next guy. Right, if you can do it smarter, cheaper, safer, you're going to beat it out. I don't think rockets, I think, in 10 years, may become obsolete if these space planes start taking over and they can do it safer, cheaper. And, by the way, rockets are limited right now to the coast, so you have the Florida coast and you have Vandenberg on the coast.
Speaker 3:They're so unstable they're only allowed to launch over water, not over land now that might change in 10 years, that that as that technology grows and becomes more stable.
Speaker 3:But to give you a perspective, the rockets came out in the 50s, the same time the 707 airliner came out, and the airliner is now highly safe and predictable, um, and the rockets are still unpredictable and dangerous, and so obviously the clear direction is to go with the space planes that are going to create a stable platform that can be done over and over again and create the stability and cost difference. So, and that's what we're focused on, there's several companies that have exciting technologies in that area and I think within I know companies right now that have engines that are fully operational. They're starting to build the platforms and the aircraft to put them on and they're already testing smaller mock-ups. They're starting to build the bigger ones. I think three to five years from now, three to five years you're looking at fully operational space planes and by the end of this decade, decade which is not that far away at this point.
Speaker 3:You know, you think about four years ago, not that long ago, no, and so six years from now it'll be reality, it we have the technology to do it. It's a question of money. If we invest the money and do it smart, and do it and and and do it in a way that makes sense, um then we're going to have that technology operational. But if we let government regulations and all the other stuff get in the way, it's going to drag out, and that's the problem. The problem we have is we have a regulatory system at every level that was really written in the 60s. That doesn't apply to the new technology and the new space technology that's out there. That makes sense. I have to assume that the space technology has the new space technology that's out there.
Speaker 2:That makes sense. I have to assume that the space technology has to be in line, sort of like the AI. It's moving faster than they can regulate anyway.
Speaker 3:Well, they're trying to regulate it, but remember the FAA never regulated space platforms, ever before that was.
Speaker 3:NASA, that was the federal government that operated them. They wrote their own rules and they did their own things. And but this is the first time since 2016, when the Space Act was passed by Congress that you have actual the legal authority to build a private spaceport and to operate private rockets and space planes, and that's created a whole new market and that's why Elon Musk and Bezos and all these other companies are now able to offer the private sector those platforms but their cargo and people in the space and now the government is now on board as their customers, not the operators Big difference.
Speaker 3:Yeah, yeah, that is but the regulatory system is still, frankly, from the 60s and hasn't caught up to the technology. And, frankly, we are in a new space race with China, with India, with Europe. And, by the way, china does need the FAA and the bureaucracy to build a new spaceport. They can just go out and build it. So we're competing with China and China is competing with us for access to space, for resources on the moon and the in this solar system. The moon has more gold than earth, wow, okay, so I guarantee you.
Speaker 1:I have land on the moon, I own a piece out there, so hopefully, it's on a goldmine girl I know, get me up there, get us a plane, get us up there right.
Speaker 2:I know a guy. He can get you up there in the next three to five years, yeah so we have.
Speaker 3:There's amazing technology that's on the road and and I tell people this, you know people think that, well, are we gonna have? It's gonna be like star check and we're all gonna be humanity's gonna work together to go to space and share this experience.
Speaker 1:No, no, we can't work together. We can't even work together here. So that's yeah.
Speaker 3:China's bringing guns to space. They're going to arm, they're going to have armed bases on the moon. They're going to dominate if we let them space, and so we have Space Force and we need to be prepared, like every generation, to compete for those resources. They're not going to let us have them, so we have to be. They have missile, they have satellites in space now that can shoot our satellites. So there's going to be conflicts and military conflicts in space in the future, and if they're on Earth, they're going to happen in space, and that's just the way it always works.
Speaker 1:Literal Star Wars.
Speaker 2:Well, you know, I'm not sure it's the same technology obviously. But no gravity, just out there floating around everywhere. Yeah, that does not sound good.
Speaker 1:No.
Speaker 3:But I guarantee you, the Chinese and the Space Force and all these other countries are building weapons that will work in space, and I mean we have um our own star wars technology that can use um space-based satellites to knock down incoming satellite I'm sorry, incoming icbm missiles.
Speaker 2:we have that. Oh, I, I saw that right. We have that, it's been around.
Speaker 3:You know, reagan launched that technology in the 80s yep, and they nicknamed it star wars yeah so there there will.
Speaker 3:There is a race for domination over space and either we win it or we lose it and we're getting left behind. Yeah, so it's. It's very critical that we move forward with this technology rapidly and work with the regulators, work with congress, to streamline the bureaucratic process so they're more responsive. It shouldn't take seven months for the fa to to approve a one page approval for a private airport. That's one page double spaced, you know name date address location and they can't approve that for seven months.
Speaker 3:You know, it's just ridiculous. It seems like I know from the average person. It's like, oh, that's not bad for government work, but it's the FAA's own internal system says it should take 20 minutes to review that document, right, and they couldn't get around to it for seven months that's yeah, but I mean, that's, that's our, that's our wonderful government at their best seven months right that's a that's impressive for our government um no, it's just because I called and bugged them every day until they got it done. Yeah, like it's rob again.
Speaker 1:He wants to know about that one page. Yeah, texting him, emailing him, did you?
Speaker 2:look at it yet thank god, it wasn't two pages, rob.
Speaker 1:Yes, it wouldn't be done yet be seven years um, so your first phase of the project is this um runway you.
Speaker 3:You mentioned air show races yeah, so tell us about that well, again, it's subject to fa approval and, uh, we're working through that, but we want to have our first air race and air show event this October, so we're not going to be able to use our airport because it's not going to be ready yet. So we're looking at a backup airport and I don't want to announce that yet, so we're waiting on the approval from that.
Speaker 1:Okay.
Speaker 3:But we we are planning to put on our own first event here and that'll have three categories. We We'll have single engine airplane and then kind of warbirds and then jets flying. Each category will fly 45 minutes. The first one flies about 200 miles an hour. The warbirds fly about 400. The jets will fly up to 500 miles an hour. So it's like F1, but twice the speed in the air. And, by the way, our pilots are all former or current fighter pilots flying the jets. So the best pilots on earth racing against each other at these speeds in front of the audience. It's going to be the most amazing air race in the world. Nothing like it on earth and faster than double the speed of F1.
Speaker 1:Wow, and one thing that I can note from visiting the property huge, wide open, unobstructed airspace.
Speaker 3:Yeah, no, it's the best location you can think of for air races and for air shows. We plan to have conventions out there, we plan to have events out there all the time and we're in Vegas, so we want to invite people to sign up to host their events there, whether it's a fly-in for a wedding or fly-in for for conventions, for a meetup for manufacturers. We plant and, by the way, our air race is scheduled and working around MBAA convention. So what the MBA convention is, it's 22,000 people that come from all around the world here every year in October and it's called the National Business Aircraft Association. So it's the private jet industry. So the jet manufacturers Talk about good timing, right?
Speaker 3:Well, we, we want to. We're overlapping our event every year with. Those folks come in with stupid money to buy $40 million jets and and the jet fuel companies and the all the companies that support the aircraft manufacturers, the engines, all these different companies that support that. We think they're great potential sponsors and, of course, potential racing fans to come to our event and just take up an extra days from the convention and come to our racing. Of course, the locals here we have, I think, the best sport industry in the world.
Speaker 2:Yeah, I agree, we're the entertainment capital.
Speaker 1:We're the entertainment capital.
Speaker 3:We're the gaming capital.
Speaker 1:And I'm saying we have the best food in the world too. Oh, the restaurant capital right.
Speaker 3:Yeah, yeah, yeah, absolutely. There's nowhere else like Vegas Entertainment and hospitality.
Speaker 2:we got it on lockdown.
Speaker 3:Yeah, yeah, and that's why I think that's why I was attracted to building the spaceport in Las Vegas versus somewhere else, because we have all these things and that are in line with us and and taking advantage and selling to the tourists here. In addition, we have here in Las Vegas and an amazing Legacy of technology. You know Las Vegas people don't know this that I've been here for a while.
Speaker 1:This is where they tested nuclear weapons for years years, not not too far from where you're at on the other side of our hill is air force base where they they operate the drones.
Speaker 3:Yeah, we have nelson air force base and the na. That's where they can all the fighter jet pilots from around the world, from allies, come there and train yeah and they control two-thirds of the airspace. They're right around us. All these great pilots, all these great people.
Speaker 1:Plus, area 51.
Speaker 3:Area 51, which, beyond the alien stuff, that's where they actually created the stealth fighter jet, the SR-71. So we have this legacy of creating the most advanced aircraft in the world right here in Nevada. We have that legacy and so to me it makes so much sense to continue that legacy and build a space industry here.
Speaker 1:Yeah, no, I think that. I mean I look forward to it, Excited about the concept and everything that it is.
Speaker 1:Now, before I get into this, rob, I do want to let our listeners know that Tiana and I in Vegas Realty Check we do not endorse or tell people how to invest, of course, but we do want you to talk about the investment opportunity that you have for this project and tell people about that. And people do your own due diligence, of course, and you do have quite an extensive disclaimer that comes along with that as well, so people can talk to you and review that. But let's talk about that a little bit.
Speaker 3:Yeah, absolutely. Thanks for bringing that up. So they can go to lasvegasspaceportorg. They can reach us through the contact form if they want to get an investor deck. We'll send it to them with all the information. We offer tours of the property for investors, prospective investors. We've been doing that every week with folks so they can actually go and see the property for themselves. They see it's real. It's a real site. There's a well there. They can see how beautiful it is and how open it is and what a perfect location it is. So you can go on our website, we'll send you the investor deck and you can learn about it.
Speaker 3:Our first phase right now we're raising $30 million. That's to build the runway, get the fighter jets up and running, have the private jet terminal, have the fuel farm, have other hangars there. So we can start from those things. We'll start generating just from the real estate leases and stuff. A million and a half a year. When we have the 40 hangers operational, we'll have a 1.5 million a month revenue. That'll give us for real estate folks A cap rate of 4.5 will generate a $322 million valuation for just the site, without the space stuff going on. Just the commercial lease revenue will generate that kind of valuation for the property.
Speaker 3:Now, of course, do your own homework. And then on top of that, we're going to be starting our space operations as well. We're going to be applying for a spaceport license in a couple months. That will take a couple years to get from the faa. So with that investment opportunity we're we're, we don't want to incur debt, so we're offering equity stock. So if you invest, you get shares of stock. You have to hold those for two years, so we go public and then after that you can sell them. And of course it is. It is a risk, but you know what risk and reward risk and reward.
Speaker 1:Any investment is a risk. I don't think I've ever invested in anything where they said this has zero risk, but I will tell you you know you look at Apple, I'm sorry, yeah, apple computer and Apple iPhone.
Speaker 3:If you bought, from day one, every iPhone that's come out, all the different generations, you'd from day one every iPhone that's come out, all the different generations you'd spend $20,000 approximately. Yeah, if you put that $20,000 into Apple stock at the day they came out with the iPhone. From there till today, that $20,000 would be worth $200 million today, jeez.
Speaker 2:That's pretty good return on investment.
Speaker 1:I really need a time machine. Can you work on a time?
Speaker 2:machine. Please Will you put that in part of your space for me, that part of the STEM program. Get us back in time so I can buy up all the land and she can buy up Apple stock.
Speaker 3:Well, I think you have an opportunity here. If you see the vision I see and people join us and work together, we can build an industry and build this company into something that will provide thousands of jobs to Las Vegas and to the community.
Speaker 2:Yeah, I think in general, for some of us, we think of spaceports and things like that as so far advanced in the future and they're not going to be in our lifetime. But there's already 16 of them, both vertical and horizontal, launches around the country. Now you're only going to be horizontal, correct? Because we can't shoot over mountains.
Speaker 3:Well, we can't launch rockets today because of the reliability issue. So close to 3 million folks here in Vegas. That's the issue is the reliability, though, so that's why we're focused on space planes and other technologies too. So one of the things we're looking at is for rockets is using a 757, which has already been done before by Lockheed Martin and having a rocket on the belly, taking off from our facility, going up over the ocean and it drops the rocket from the aircraft and launches it into space. That's already been done 22 times by Lockheed, so it's not new, brand-new technology, but it's something we can actually do from our facility and deliver satellites to space.
Speaker 1:Wow, that's impressive. Now, Rob, how do people go to get more information or to contact you?
Speaker 3:Well, again, go to LasVegasSpacePortorg. Go to the contact page. Send us an email. We always respond. We're really great about that. We send you an investor deck information. We'll reach out to you and invite you out to take out the property. Yeah.
Speaker 1:And if you want to look for a home here on earth, if you're looking to buy here on earth, we can help you. Trish, how do they get ahold of you? 702-308-2878. Tiana 702-379-9948.
Speaker 2:Feel free to reach out and give us a call if you need anything, and thanks for joining us. This is so interesting. I'm excited about the project.
Speaker 1:Yes, we are very excited about the project and great things. And one thing before we sign off how many tourists are you anticipating this project will attract per year?
Speaker 3:Well, I think just our air races alone will have 25,000 racing fans for three days a year. So I think thousands and thousands of people are going to be attracted to coming here. I mean, what is Vegas about? Why do people come to Vegas?
Speaker 2:Because they come here for the experience that we offer, right Like nowhere else on earth.
Speaker 1:Yeah.
Speaker 3:We offer the best restaurants, the best hotels and and the best entertainment on earth, right and so, having a spaceport where you can fly your own jet in. Stay at our hotel, go to the convention space, fly on fighter jets. We're offering an experiencing this experience here like nowhere else on earth, and that's what it's about.
Speaker 1:Yeah, yeah, I agree, and that, also being between Las Vegas and Pahrump, I do think is going to. Whenever you attract more tourists, you attract more workers and more people that need to live in the area, so I think it would help in real estate growth in both areas.
Speaker 2:Oh, absolutely, absolutely. Yeah, if I had some extra money.
Speaker 3:I'd be buying up a lot of property in Pahrump for home development right now because it's 10 minutes outside of perum, about 35, 40 minutes from the strip, 15 minutes by helicopter I mean it is such a great location yeah, so we will be announcing shortly, hopefully, uh heliport near the strip to go back and forth oh well, to land on that big, beautiful pad on next to the tower of your sport.
Speaker 2:Sport that's going to be awesome.
Speaker 1:Yeah, so definitely lots of future opportunity there. And yes, thank you so much for joining us and telling us all about everything here, because we've been guessing and talking about what we've been seeing on the news and we like to get the facts from the source.
Speaker 3:Well, thank you for having me. I appreciate it.
Speaker 2:I really appreciate you coming out, Rob.
Speaker 3:I was just saying thank you for having me.
Speaker 2:I appreciate it. I really appreciate you coming out, rob Well thank you. Oh sorry, I was just saying thank you for coming out and thank you.
Speaker 1:Vegas for tuning in to us. Thank you. If you guys are liking our show, please like, share, subscribe, hit that, smash that like button and keep following us, and you can find everything Vegas Realty Check at realtycheckvegas. Thanks guys, see you next week. Have a good week, bye, bye.
