As the CEO of Pegasus Development, a project management firm based out of Las Vegas, Art Zargaryan oversees construction of major developments all over the valley including the highly anticipated new zone at Area15. Born in Armenia and raised in California, he holds a bachelor’s degree from the School of Architecture at Woodbury University in Southern California.
He serves on the boards of the Mayor’s Fund for Las Vegas LIFE, Make-A-Wish Nevada and Communities in Schools of Nevada. Zargaryan is also an active member of the Las Vegas Executives Association and mentors emerging professionals in the field, further contributing to the city’s business and development community.
Zargaryan took some time to talk to the Las Vegas Review-Journal about his thoughts on the current climate of real estate construction in the valley, where he thinks it’s headed and some of the projects he’s working on.
Can you tell us how you first got into the world of real estate?
I entered real estate from the design and delivery side, not the transactional side. With a background in architecture, I began my career coordinating with engineers and architects and learned early that planning, constructability, and technical execution determine outcomes. After moving to Las Vegas in 2014, I transitioned into project management, and in 2017 I founded Pegasus Development to pair an architect’s precision with an owner’s accountability.
Today, Pegasus manages complex, experience-driven projects in Las Vegas, including location-based entertainment on the Strip and at Area15, as well as cultural projects such as the relocation of The Neon Museum. These environments require disciplined governance, stakeholder alignment, and rigorous controls to deliver on schedule, on budget, and to brand standards.
What is the Las Vegas market like for construction and development, what are some of the challenges and opportunities?
Las Vegas is a high-velocity market with strong demand drivers, but it rewards disciplined execution and punishes uncertainty. From a project management lens, strong outcomes come from managing controllables and de-risking the delivery plan early.
The core challenges are entitlement and permitting variability, utility coordination and offsite infrastructure, labor availability, long-lead procurement for MEP (mechanical, electrical, and plumbing engineering) and specialty scopes, and cost volatility that requires tight change control and clean decision-making.
The opportunity set is broad for owners who bring management and execution discipline. Beyond traditional commercial growth, Las Vegas continues to lead in experience-driven development. We also see significant runway in digital infrastructure and advanced industrial, infrastructure-adjacent growth tied to power and mobility, phased reinvestment in aviation and convention assets, sports and venue-anchored mixed-use, health care and medical office, industrial repositioning where speed-to-occupancy matters, and well-located multifamily that supports both workforce and broader resident stability, enhancing livability and strengthening mixed-use fundamentals.
Where do you see commercial real estate heading in Las Vegas, which submarkets will drive the future of the city?
Commercial real estate in Las Vegas is becoming increasingly infrastructure-focused and specialized. The next phase of growth will depend less on available land and more on reliable access to power, utility readiness, mobility, and predictable entitlements. When I reference enabling infrastructure, I mean the foundational improvements that enable development and operations, including electrical capacity, water and wastewater, roadway access, stormwater, and required offsite upgrades.
Key submarkets include North Las Vegas and the major industrial corridors, Henderson, the southwest, selective downtown infill, and areas adjacent to the resort corridor and the Strip that support experience-driven districts and tourism-oriented development. The Strip and surrounding tourist areas will continue to anchor the city’s identity and attract reinvestment, particularly in hospitality, entertainment, and mixed-use projects that blend visitor and local experiences. Multifamily in the right nodes will also play a role by supporting foot traffic, services, and a stable workforce base.
The projects shaping these areas will be led by teams that plan infrastructure early, align design and construction sequencing with procurement realities, and maintain disciplined communication so owners can make timely, data-driven decisions.
What is one thing you would like to see change regarding real estate in Las Vegas for the city to continue to prosper?
I would like to see a stronger emphasis on proactive planning and coordination across all stages of development. Too often, projects encounter delays or cost overruns not because of market conditions, but because infrastructure decisions and agency coordination are handled reactively rather than strategically.
If public and private sectors align early on long-term infrastructure needs, such as power, water, transportation, and permitting capacity, we can create a more predictable environment for investment. A shared roadmap for growth, with clear priorities and transparent communication, would reduce rework, protect schedules, and support sustainable, well-managed development.
What would you tell your younger self when you were just starting out to help him get to where you are today?
Execution is the strategy. Vision matters, but delivery is what compounds over time.
I would tell my younger self to protect your reputation, master fundamentals, build repeatable systems, invest in front-end clarity, stay close to the field and the numbers, find good mentors who challenge and guide you, and build a strong bench. That is how we run Pegasus: traditional fundamentals, disciplined management, and a forward-looking, data-driven approach to delivering certainty for owners.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
