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Zappos CEO Outlines $350M Las Vegas Plans

Tony Hsieh wants to develop a "community-focused" downtown

By Christopher Freeburn, InvestorPlace Writer

http://invstplc.com/1fC7HUx

Tony Hsieh, CEO of Amazon‘s (NASDAQ:AMZN) Zappos presented his vision to reshape Las Vegas at a Venture for America conference in New York yesterday.

With Zappos expanding beyond its current office space in Henderson, Nevada, the company is looking to relocate to downtown Las Vegas.

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Hsieh believes that workers are more productive in downtown settings, and believes that will translate into a boost to Zappos’ own bottom line, Business Insider noted.

To advance his vision, Hsieh will spend $350 million of his own money in his still evolving Downtown Project.

Hsieh plans to invest $50 million in small businesses and another $50 million in local technology start-ups in downtown Las Vegas.

He will spend $50 million more to enhance local schools and provide educational opportunities.

Finally, he will invest $200 million into local real estate development, with the goal of making Las Vegas the “most community-focused large city in the world.”

Instead of focusing on return on investment (ROI), Hsieh says he will concentrate on producing “return on community” (ROC) for Las Vegas.

Hsieh said he was advancing the plan because for several reasons. First, because he lives in Las Vegas. Second because it would help Zappos attract the best workers. And finally, because it would inspire people around the world.


Article printed from InvestorPlace Media, https://investorplace.com/2012/06/zappos-ceo-outlines-350m-las-vegas-plans/.

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