VAI Global Development announced the results of the updated, comprehensive Economic Impact Analysis conducted by Applied Economics for VAI Resort. It highlights the positive contributions that VAI Resort will make to the thriving Glendale community. The updated Economic Impact Analysis underscores the substantial economic benefits that VAI Resort is expected to bring to the City of Glendale. “We are committed to this community we proudly call home,” notes Grant Fisher, President, and CEO of VAI Global Development. “The positive findings in the updated report affirm our dedication to the community, and we view VAI Resort as a partner in its success.”
Key Highlights from the Economic Impact Analysis, include:
- In 2020, the initial economic analysis estimated the total revenue impact to be $700.8 million over the next 25 years, including $9.6 million annually to the city.
- With the growth of the project, the return has more than tripled with an estimated revenue impact of over $2.2 billion over 25 years, including $32.4 million annually to the city.
- VAI Resort could generate an annual increase in property tax revenues to schools of $6.2 million, and $7.9 million to all jurisdictions combined.
- This analysis represents a conservative approach based on the current site plan for the VAI Resort.
“The assessment of VAI Resort in Glendale reflects both the incredible impact it will have on the community, residents and also the investment VAI Global Development is making in the city,” said Glendale City Manager Kevin Phelps. “The updated magnitude and scope of VAI Resort exceeded initial projections in a profound way, and we’re excited for the benefits that will come from the resort.”Set to debut in 2024, the $1B VAI Resort will be Arizona’s largest and boldest hotel, entertainment, and culinary destination. Ideally set in Glendale, at the heart of Metro Phoenix, VAI will redefine the concept of a full-service resort hotel by delivering a multi-faceted experience featuring four hotel towers, more than 1,100 rooms, suites, and villas, the VAI Amphitheater, a music and entertainment venue featuring a $40 million state-of-the-art stage, 12 signature restaurants, Konos Island and Beach Oasis, a luxury spa, nightclub venue, rides, attractions, curated retail and art installations.
