When Steve Wynn purchased the former Alon / Frontier land last month nobody really knew what he was going to do with it. The common thought was that Wynn would sit on the land and save it for development sometime in the distant future.
Turns out Steve wants to build, and build fast. Wynn Resorts wants to develop this land (along with their Golf Course / Paradise Park project) as fast as possible and is going full speed ahead on Las Vegas development.
Wynn will be building a two to three thousand room new hotel on the Alon land in a project they are calling West Wynn. Steve has been thinking about this project for a long time, and always thought he would end up acquiring the property.
The West Wynn property (or is it Wynn West?) will be connected to Wynn proper via an air conditioned walkway over the Las Vegas Strip.
Steve Wynn's bullishness on Las Vegas seems to be sparked by the new tax reform bill, along with the company's strong results in Macau.
With Wynn looking to build, this could be the much needed boost for the North Strip we've been waiting for. If Resorts World and Fontainebleau (now Project Blue) get underway the North Strip could become a lot more exciting.
Showing posts with label Development. Show all posts
Showing posts with label Development. Show all posts
Thursday, July 27, 2017
Fontainebleau Sale Rumors Heat Up MGM Call
Rumors about a sale of Fontainebleau are nothing new. It's been over a year since the last round of speculation about who could possibly buy the property and maybe open it someday. Back then a sale was expected by the end of summer 2016.
Needless to say that never happened and we've been in a holding pattern ever since.
The lack of news about Fontainebleau made today's MGM Resorts International earnings call that much more surprising. Seemingly out of the blue Carlo Santarelli, Wall Street analyst at Deutsche Bank asked CEO Jim Murren about the property and how long it would take for a company to get it up and running.
Murren joked about the "rumor" and indicated MGM was not interested in the property, but speculated it would take 2 or 3 years for the resort to be operational. He also commented about Fontainebleau possibly being in a good location once the expanded convention center is finished, and thus would be more focused on the lodging aspect of the resort (rather than say gaming).
It's probably true that MGM isn't buying Fontainebleau, although it might be an interesting project for their MGM Growth Properties REIT subsidiary. Either way, hearing this chatter in the middle of the earnings call definitely got my attention. It seems like somebody knows something about a transaction happening soon. Or maybe they don't. The waiting game continues.
Needless to say that never happened and we've been in a holding pattern ever since.
The lack of news about Fontainebleau made today's MGM Resorts International earnings call that much more surprising. Seemingly out of the blue Carlo Santarelli, Wall Street analyst at Deutsche Bank asked CEO Jim Murren about the property and how long it would take for a company to get it up and running.
Murren joked about the "rumor" and indicated MGM was not interested in the property, but speculated it would take 2 or 3 years for the resort to be operational. He also commented about Fontainebleau possibly being in a good location once the expanded convention center is finished, and thus would be more focused on the lodging aspect of the resort (rather than say gaming).
It's probably true that MGM isn't buying Fontainebleau, although it might be an interesting project for their MGM Growth Properties REIT subsidiary. Either way, hearing this chatter in the middle of the earnings call definitely got my attention. It seems like somebody knows something about a transaction happening soon. Or maybe they don't. The waiting game continues.
Thursday, December 15, 2016
Crown Resorts Abandons Alon
Crown Resorts has indicated they are pulling out of the Alon Las Vegas development. The proposed resort was going to be located on the North Strip across the street from Wynn.
Alon's management team has contented they are still working to find funding. In a press release earlier today they touted the benefit of a turn-key project for a company with deep pockets:
Having invested two years in the program planning, design, development, pre-construction and entitlement process, the Alon resort project has been thoroughly vetted and is considered "shovel-ready."
All they need is $2 billion or so to make it happen.
As much as we would like to see new mega-resorts on the Strip, the math just doesn't add up for some of these new projects.
Existing Las Vegas companies already have enough casinos and hotel rooms. They are increasingly choosing to renovate rather than rebuild.
New companies looking to enter the Las Vegas market can often do so more economically by purchasing existing properties. Penn National did just that by purchasing the Tropicana and M Resort.
Alon's management team has contented they are still working to find funding. In a press release earlier today they touted the benefit of a turn-key project for a company with deep pockets:
Having invested two years in the program planning, design, development, pre-construction and entitlement process, the Alon resort project has been thoroughly vetted and is considered "shovel-ready."
All they need is $2 billion or so to make it happen.
As much as we would like to see new mega-resorts on the Strip, the math just doesn't add up for some of these new projects.
Existing Las Vegas companies already have enough casinos and hotel rooms. They are increasingly choosing to renovate rather than rebuild.
New companies looking to enter the Las Vegas market can often do so more economically by purchasing existing properties. Penn National did just that by purchasing the Tropicana and M Resort.
Monday, July 25, 2016
Sands Arena Opening Late 2018 or Early 2019
Las Vegas Sands reported their second quarter 2016 earnings earlier this afternoon.
As usual most of the earnings conference call centered on the company's primary casino operations in Macau and Singapore, but there was one tidbit about Las Vegas:
The Sands music arena which will be built with Madison Square Garden will begin construction in early 2017.
The arena located behind Venetian and Palazzo will take 18 to 24 months to build, which means the opening date will be Late 2018 or early 2019.
I suppose that timeline is perfectly reasonable for a new arena to be constructed, but 2019 seems like a long way off. I was looking forward to the Sands arena and T-Mobile Arena squaring off and competing for top musical acts, but I guess we'll have to wait a few years.
As usual most of the earnings conference call centered on the company's primary casino operations in Macau and Singapore, but there was one tidbit about Las Vegas:
The Sands music arena which will be built with Madison Square Garden will begin construction in early 2017.
The arena located behind Venetian and Palazzo will take 18 to 24 months to build, which means the opening date will be Late 2018 or early 2019.
I suppose that timeline is perfectly reasonable for a new arena to be constructed, but 2019 seems like a long way off. I was looking forward to the Sands arena and T-Mobile Arena squaring off and competing for top musical acts, but I guess we'll have to wait a few years.
Friday, June 03, 2016
Park MGM is new Monte Carlo Name
Monte Carlo will be renamed Park MGM as part of a $450 million remodeling project. The new name was announced in an MGM Resorts International press release earlier today.
The property will also feature a "hotel within a hotel" concept with NoMad Hotel occupying a small portion of the rooms. NoMad will be operated by the New York City based Sydell Group.
It's unclear what will happen to Monte Carlo's current "hotel within a hotel" concept Hotel 32.
Re-naming Monte Carlo after the adjacent Park promenade was a fairly predictable move, but attaching the MGM brand to the property is kind of a head–scratcher.
While I understand "MGM" is a valuable brand name to the company, having two different properties on the same street with MGM in the name could become pretty confusing.
I could see a drunk tourist who cant remember the exact name of the hotel telling a cabbie to take him to MGM which would probably get him dropped off at MGM Grand.
The property will also feature a "hotel within a hotel" concept with NoMad Hotel occupying a small portion of the rooms. NoMad will be operated by the New York City based Sydell Group.
It's unclear what will happen to Monte Carlo's current "hotel within a hotel" concept Hotel 32.
Re-naming Monte Carlo after the adjacent Park promenade was a fairly predictable move, but attaching the MGM brand to the property is kind of a head–scratcher.
While I understand "MGM" is a valuable brand name to the company, having two different properties on the same street with MGM in the name could become pretty confusing.
I could see a drunk tourist who cant remember the exact name of the hotel telling a cabbie to take him to MGM which would probably get him dropped off at MGM Grand.
Wednesday, May 25, 2016
Sands Arena behind Venetian and Palazzo Announced
Las Vegas Sands and The Madison Square Garden Company have announced plans to build a new 17,500 seat arena behind Sands properties The Venetian and Palazzo.
The partnership was announced in a press release earlier today and will also involve Azoff MSG Entertainment, Live Nation, and Oak View Group.
At first glance this seems like a direct competitor to MGM's new T-Mobile Arena, however this venue will be slightly different as it will be designed for music concerts first and foremost. The arena won't be hosting an NBA or NHL team, but UFC and boxing might be a possibility.
The first question is whether Las Vegas really needs another arena like this. Along with the new T-Mobile Arena many other large music venues scatter the Strip including MGM Grand Garden Arena, Mandalay Bay Events Center, Axis at Planet Hollywood, The Colosseum at Caesars, and the upcoming new Monte Carlo Theater.
I'm guessing Sands and MSG have done their homework and determined the demand will be there. MSG has apparently had great success in the Los Angeles area by remodeling the Forum to a similar music centered arena.
It will also be interesting to see what kind of amenities will surround the arena. Sands will be building a walkway back, but it's not really clear if there will be any dining and shopping similar to The Linq Promenade and The Park.
Another angle is the arena's close proximity to the upcoming Wynn Paradise Park development. I suppose there could be some synergies if Wynn and Sands were willing to work together to create some kind of pedestrian access between the two.
The partnership was announced in a press release earlier today and will also involve Azoff MSG Entertainment, Live Nation, and Oak View Group.
At first glance this seems like a direct competitor to MGM's new T-Mobile Arena, however this venue will be slightly different as it will be designed for music concerts first and foremost. The arena won't be hosting an NBA or NHL team, but UFC and boxing might be a possibility.
The first question is whether Las Vegas really needs another arena like this. Along with the new T-Mobile Arena many other large music venues scatter the Strip including MGM Grand Garden Arena, Mandalay Bay Events Center, Axis at Planet Hollywood, The Colosseum at Caesars, and the upcoming new Monte Carlo Theater.
I'm guessing Sands and MSG have done their homework and determined the demand will be there. MSG has apparently had great success in the Los Angeles area by remodeling the Forum to a similar music centered arena.
It will also be interesting to see what kind of amenities will surround the arena. Sands will be building a walkway back, but it's not really clear if there will be any dining and shopping similar to The Linq Promenade and The Park.
Another angle is the arena's close proximity to the upcoming Wynn Paradise Park development. I suppose there could be some synergies if Wynn and Sands were willing to work together to create some kind of pedestrian access between the two.
Thursday, May 05, 2016
MGM Wynn and Caesars Talk Results
It was a bonanza of Las Vegas casino company earnings results today. MGM, Wynn, and Caesars all reported their first quarter 2016 results and held earnings conference calls.
MGM Resorts International focused on the Profit Growth Plan (PGP) during their conference call. PGP is the company's plan to increase profits by correcting inefficiencies in the operation. Examples would be consolidating linens and toiletries across all of the company's properties instead of using 14 different types. PGP is also the program responsible for MGM's upcoming parking garage fees. There wasn't much Las Vegas development news this time, but CEO Jim Murren further hinted at the upcoming re-branding of the Monte Carlo. He mentioned that the new Monte Carlo theater would host "A+ residency acts."
Steve Wynn spent much of the Wynn Resorts earnings call talking about the proposed Wynn Paradise Park development. Wynn mentioned that the lagoon coastline was already being expanded by 600 feet, and that zip-lines would be an available attraction. Wynn Paradise Park will have a 1000 room hotel with balcony rooms facing the lagoon and fireworks show. Steve Wynn thinks these balcony rooms will be the most sought-after in all of Las Vegas.
Caesars Entertainment held their earnings conference call at the same time as Wynn's. I guess when you're going through a bankruptcy you want as little attention as possible - and it worked since only one analyst asked a question in the 30 minute call. Operationally, Caesars highlighted strong trends in occupancy and ADR due in part to room renovations. Caesars also talked about their new self service check-in kiosks. Entertainment and dining offerings were also seen as a positive, with In-N-Out Burger coming to the Linq Promenade being the most exciting.
MGM Resorts International focused on the Profit Growth Plan (PGP) during their conference call. PGP is the company's plan to increase profits by correcting inefficiencies in the operation. Examples would be consolidating linens and toiletries across all of the company's properties instead of using 14 different types. PGP is also the program responsible for MGM's upcoming parking garage fees. There wasn't much Las Vegas development news this time, but CEO Jim Murren further hinted at the upcoming re-branding of the Monte Carlo. He mentioned that the new Monte Carlo theater would host "A+ residency acts."
Steve Wynn spent much of the Wynn Resorts earnings call talking about the proposed Wynn Paradise Park development. Wynn mentioned that the lagoon coastline was already being expanded by 600 feet, and that zip-lines would be an available attraction. Wynn Paradise Park will have a 1000 room hotel with balcony rooms facing the lagoon and fireworks show. Steve Wynn thinks these balcony rooms will be the most sought-after in all of Las Vegas.
Caesars Entertainment held their earnings conference call at the same time as Wynn's. I guess when you're going through a bankruptcy you want as little attention as possible - and it worked since only one analyst asked a question in the 30 minute call. Operationally, Caesars highlighted strong trends in occupancy and ADR due in part to room renovations. Caesars also talked about their new self service check-in kiosks. Entertainment and dining offerings were also seen as a positive, with In-N-Out Burger coming to the Linq Promenade being the most exciting.
Monday, April 25, 2016
New Wynn Paradise Park Lagoon Details
A few weeks ago I wrote a blog post about Wynn Paradise Park - the new proposed development by Wynn Resorts which will include a 1000 room hotel with a large man-made lagoon as a centerpiece attraction.
Today a press release was issued giving more details about the project. The lagoon will be constructed by a Miami based company called Crystal Lagoons.
"A 38-acre Crystal Lagoon will be the centerpiece of the development that will feature 260,000 square feet of premium meetings and convention space, a 1,000-room hotel tower, a small casino and extensive dining and nightlife. The elaborate water attraction will include both daytime and nighttime entertainment elements. At night, the space will transform with an elaborate fireworks display that is launched from the 120 ft. center island and surrounding areas. The expansion will be constructed on approximately 130 acres of real estate that currently houses the Wynn Golf Club. The project remains subject to the approval of Wynn's board.
The man-made lagoon with crystal-clear waters and white-sand beaches will be the size of more than 30 football fields and close to the size of almost 100 Olympic-size swimming pools. The new Crystal Lagoon will change the Las Vegas lifestyle with by making water sports readily available, such as stand-up paddle-boarding, wind-surfing, sailing, swimming and more."
Also notable from the press release was information touting the environmental sustainability of the project. The lagoon would use significantly less water than the current golf course.
It certainly looks like an impressive project, and if the sample image below is any indication it will be a great place to hang out. New outdoor spaces are a trend in Las Vegas with The Linq and The Park developments recently opening. Wynn Paradise Park would take the outdoor entertainment concept to the next level.
In my blog post a few weeks ago I was pretty skeptical about the project actually happening, but now that we have more details I think it would be a great expansion. If anyone can pull it off Steve Wynn is that guy.
Image: Crystal Lagoons
Today a press release was issued giving more details about the project. The lagoon will be constructed by a Miami based company called Crystal Lagoons.
"A 38-acre Crystal Lagoon will be the centerpiece of the development that will feature 260,000 square feet of premium meetings and convention space, a 1,000-room hotel tower, a small casino and extensive dining and nightlife. The elaborate water attraction will include both daytime and nighttime entertainment elements. At night, the space will transform with an elaborate fireworks display that is launched from the 120 ft. center island and surrounding areas. The expansion will be constructed on approximately 130 acres of real estate that currently houses the Wynn Golf Club. The project remains subject to the approval of Wynn's board.
The man-made lagoon with crystal-clear waters and white-sand beaches will be the size of more than 30 football fields and close to the size of almost 100 Olympic-size swimming pools. The new Crystal Lagoon will change the Las Vegas lifestyle with by making water sports readily available, such as stand-up paddle-boarding, wind-surfing, sailing, swimming and more."
Also notable from the press release was information touting the environmental sustainability of the project. The lagoon would use significantly less water than the current golf course.
It certainly looks like an impressive project, and if the sample image below is any indication it will be a great place to hang out. New outdoor spaces are a trend in Las Vegas with The Linq and The Park developments recently opening. Wynn Paradise Park would take the outdoor entertainment concept to the next level.
In my blog post a few weeks ago I was pretty skeptical about the project actually happening, but now that we have more details I think it would be a great expansion. If anyone can pull it off Steve Wynn is that guy.
Image: Crystal Lagoons
Friday, April 22, 2016
Derek Stevens buys Mermaids and La Bayou
Downtown Las Vegas king Derek Stevens plans to expand his Fremont Street empire even further. He has agreed to purchase Mermaids and La Bayou casinos, as well as the Glitter Gulch strip club.
Those properties will close on June 27th. The real estate will then be used to facilitate the expansion and remodeling of the Stevens owned property formerly known as Las Vegas Club.
Expanding the Las Vegas Club space into the Mermaids space seems like a great idea, as it will extend the property down into the heart of Fremont Street - attracting more foot traffic.
Expansion of Golden Gate - also owned by Stevens - into the La Bayou space also seems like a possibility, but it's kind of hard to tell at this point.
Derek Stevens has quickly become one of the most popular casino owners in Las Vegas by interacting directly with his customers at the bar and in the casino. Rumor has it he shakes so many hands every day that he has to soak his hand in ice each night.
Stevens has also gained international notoriety with some of the creative marketing techniques he's used to promote The D and Golden Gate.
Those properties will close on June 27th. The real estate will then be used to facilitate the expansion and remodeling of the Stevens owned property formerly known as Las Vegas Club.
Expanding the Las Vegas Club space into the Mermaids space seems like a great idea, as it will extend the property down into the heart of Fremont Street - attracting more foot traffic.
Expansion of Golden Gate - also owned by Stevens - into the La Bayou space also seems like a possibility, but it's kind of hard to tell at this point.
Derek Stevens has quickly become one of the most popular casino owners in Las Vegas by interacting directly with his customers at the bar and in the casino. Rumor has it he shakes so many hands every day that he has to soak his hand in ice each night.
Stevens has also gained international notoriety with some of the creative marketing techniques he's used to promote The D and Golden Gate.
Thursday, April 07, 2016
Wynn Paradise Park Lagoon
Wynn Resorts held an investor day presentation yesterday. In an effort to share more about upcoming projects Wynn addressed investors for two and a half hours, and the company released a ton of renderings of the upcoming Wynn Palace Macau and Wynn Boston.
Many topics were discussed, but the item grabbing all the headlines is the plan to redevelop the golf course behind Wynn and Encore in Las Vegas. The new project could have a budget as high as $1.6 billion and would include a hotel, small casino, restaurants and retail.
The centerpiece of Wynn Paradise Park would be a large lagoon where guests could partake in a variety of water activities. The company would also plan to launch fireworks over the lagoon every night, just like at Disney.
Even with this model of what Wynn Paradise Park would look like, I'm still skeptical of this actually happening anytime soon. If it does get built I'm guessing the lagoon will be scaled down a bit. Something about building a huge lake in the middle of drought-ridden desert just doesn't feel right. I know what you're going to say - Wynn already did it a Bellagio. True, but this looks like a much bigger undertaking.
Either way, a project like this just underscores the continued expansion of non-gaming activities in Las Vegas. Even though the new hotel will have a casino, it's clear the focus will be on dining, shopping, and the lagoon attraction. Wynn Paradise Park would fit right in with the new outdoor spaces on the Strip - Caesars Entertainment's The Linq and MGM's The Park.
Each one of these features a main attraction to bring people in - the High Roller wheel at The Linq, T-Mobile Arena at The Park, and now the lagoon at Paradise Park.
Many topics were discussed, but the item grabbing all the headlines is the plan to redevelop the golf course behind Wynn and Encore in Las Vegas. The new project could have a budget as high as $1.6 billion and would include a hotel, small casino, restaurants and retail.
The centerpiece of Wynn Paradise Park would be a large lagoon where guests could partake in a variety of water activities. The company would also plan to launch fireworks over the lagoon every night, just like at Disney.
Even with this model of what Wynn Paradise Park would look like, I'm still skeptical of this actually happening anytime soon. If it does get built I'm guessing the lagoon will be scaled down a bit. Something about building a huge lake in the middle of drought-ridden desert just doesn't feel right. I know what you're going to say - Wynn already did it a Bellagio. True, but this looks like a much bigger undertaking.
Either way, a project like this just underscores the continued expansion of non-gaming activities in Las Vegas. Even though the new hotel will have a casino, it's clear the focus will be on dining, shopping, and the lagoon attraction. Wynn Paradise Park would fit right in with the new outdoor spaces on the Strip - Caesars Entertainment's The Linq and MGM's The Park.
Each one of these features a main attraction to bring people in - the High Roller wheel at The Linq, T-Mobile Arena at The Park, and now the lagoon at Paradise Park.
Wednesday, February 24, 2016
Wynn Considering Golf Course Development
Siegfried and Roy are the unlikely source of a rumor presented in a Norm Clarke article claiming that Wynn Resorts has plans to build a boutique hotel on their golf course.
The 1000 room hotel would have a 40 acre lake and convention space. It kind of sounds similar to the Wynn Palace development in Macau which will be opening later in 2016.
The development of Wynn's golf course has been a topic of discussion for a long time. In the mid-2000's it seemed like expansion onto the golf course was almost a certainty. The recession killed the project and Macau took over Wynn's attention.
Now with Macau struggling a bit the golf course idea seems to be in vogue again. I question if Wynn Resorts as a company really needs to do this though. Wynn already has the nicest hotel in Vegas which attracts plenty of high rollers. Is there even more room on the high end for a boutique hotel like this?
The 1000 room hotel would have a 40 acre lake and convention space. It kind of sounds similar to the Wynn Palace development in Macau which will be opening later in 2016.
The development of Wynn's golf course has been a topic of discussion for a long time. In the mid-2000's it seemed like expansion onto the golf course was almost a certainty. The recession killed the project and Macau took over Wynn's attention.
Now with Macau struggling a bit the golf course idea seems to be in vogue again. I question if Wynn Resorts as a company really needs to do this though. Wynn already has the nicest hotel in Vegas which attracts plenty of high rollers. Is there even more room on the high end for a boutique hotel like this?
Wednesday, December 16, 2015
Zarkana Closing for Convention Expansion
Zarkana - the Cirque du Soleil show at Aria - will be closing next year. The final performance is expected to be on April 30, 2016.
The show closing makes way for a $154 million expansion of Aria's convention center. The glass-enclosed venue will allow Aria to take advantage of its relatively close proximity to The Park and new Las Vegas Arena.
Zarkana has been running at Aria for just over 3 years. It replaced the also ill-fated Viva Elvis, which ran for only two years shortly after the hotel's opening.
I'm not sure if the quality of these particular shows was just bad, or if there's something about Aria itself that makes it a bad place for a show. I'm thinking its the latter. Aria's upscale modern motif seems to lend itself better to a convention center rather than a Cirque show.
I've always kind of wanted to see Zarkana, and now that it's closing I might have an extra incentive to actually do it. I'll be sure to post a review if I happen to catch one of the final performances.
The show closing makes way for a $154 million expansion of Aria's convention center. The glass-enclosed venue will allow Aria to take advantage of its relatively close proximity to The Park and new Las Vegas Arena.
Zarkana has been running at Aria for just over 3 years. It replaced the also ill-fated Viva Elvis, which ran for only two years shortly after the hotel's opening.
I'm not sure if the quality of these particular shows was just bad, or if there's something about Aria itself that makes it a bad place for a show. I'm thinking its the latter. Aria's upscale modern motif seems to lend itself better to a convention center rather than a Cirque show.
I've always kind of wanted to see Zarkana, and now that it's closing I might have an extra incentive to actually do it. I'll be sure to post a review if I happen to catch one of the final performances.
Friday, November 27, 2015
Monorail Expansion Talk
It's a slow Las Vegas news day on this Black Friday, so I had to take a look around to find something to blog about.
I came across this article from two weeks ago about the Las Vegas Monorail and a possible expansions to the line.
Everyone wants to know when the monorail will be expanded to the airport, but the article concluded that an expansion to the airport probably isn't economically feasible. Not to mention opposition from taxi cab companies.
An expansion to Mandalay Bay might be on the table soon though, along with a station at the Sands Expo and Convention Center. If those two expansions are completed the monorail would link the three major convention centers in Las Vegas.
The monorail has struggled with ridership due to its out of the way location behind many of the hotels it serves. Ten years after it opened it's still operational though, and seems to have found a niche serving conventioneers. Linking the convention centers makes sense in that regard.
Not mentioned in the article is a possible monorail expansion downtown to Fremont Street. Although it's probably not happening anytime soon due to cost and routing issues, this would be the most exciting monorail route for the average tourist. Being able to travel quickly between the Strip and Fremont Street for cheap would be ideal. Maybe we'll see it someday, but I'm not holding my breath.
I came across this article from two weeks ago about the Las Vegas Monorail and a possible expansions to the line.
Everyone wants to know when the monorail will be expanded to the airport, but the article concluded that an expansion to the airport probably isn't economically feasible. Not to mention opposition from taxi cab companies.
An expansion to Mandalay Bay might be on the table soon though, along with a station at the Sands Expo and Convention Center. If those two expansions are completed the monorail would link the three major convention centers in Las Vegas.
The monorail has struggled with ridership due to its out of the way location behind many of the hotels it serves. Ten years after it opened it's still operational though, and seems to have found a niche serving conventioneers. Linking the convention centers makes sense in that regard.
Not mentioned in the article is a possible monorail expansion downtown to Fremont Street. Although it's probably not happening anytime soon due to cost and routing issues, this would be the most exciting monorail route for the average tourist. Being able to travel quickly between the Strip and Fremont Street for cheap would be ideal. Maybe we'll see it someday, but I'm not holding my breath.
Wednesday, November 25, 2015
Beer Park by Budweiser at Paris
The beer garden concept has been making its way around Las Vegas to varying degrees of success. Umami Burger at SLS has one, and there's one downtown at Plaza. A beer garden is also being planned for the new MGM Resorts Park development.
This week renderings have been making the rounds of a new beer garden planned for Paris Las Vegas that will be taking over the Chateau Nightclub space. Beer Park by Budweiser will essentially be a huge indoor-outdoor sports-bar featuring 100+ brews (likely all Bud brands).
On paper the beer garden concept seems like a good idea. Cold beer, sports on TV, outdoor bar space. All that stuff is great but there's something about it that doesn't seem to fit into Las Vegas in my mind. It will be interesting to see how these concepts play out in the coming years.
Renderings: Beer Park.
This week renderings have been making the rounds of a new beer garden planned for Paris Las Vegas that will be taking over the Chateau Nightclub space. Beer Park by Budweiser will essentially be a huge indoor-outdoor sports-bar featuring 100+ brews (likely all Bud brands).
On paper the beer garden concept seems like a good idea. Cold beer, sports on TV, outdoor bar space. All that stuff is great but there's something about it that doesn't seem to fit into Las Vegas in my mind. It will be interesting to see how these concepts play out in the coming years.
Renderings: Beer Park.
Tuesday, November 24, 2015
SkyVue Land For Sale
UPDATE: This is old news as the site has been for sale since early May.
The site of the failed SkyVue observation wheel project on the south end of the Strip is for sale for $385 million, officially ending any hope that the wheel will be completed someday.
When plans were announced for an observation wheel back in 2011 - I questioned whether the developers would be able to raise the $100 million needed for the project.
When the High Roller wheel opened at The Linq there really wasn't a point in opening a second wheel in Las Vegas, despite SkyVue having started construction with two giant concrete pylons.
The 38.5 acres of land for sale is directly across from Mandalay Bay. It seems like MGM Resorts International (or perhaps their new REIT) would be interested in picking up this land since it's near their other properties.
The site of the failed SkyVue observation wheel project on the south end of the Strip is for sale for $385 million, officially ending any hope that the wheel will be completed someday.
When plans were announced for an observation wheel back in 2011 - I questioned whether the developers would be able to raise the $100 million needed for the project.
When the High Roller wheel opened at The Linq there really wasn't a point in opening a second wheel in Las Vegas, despite SkyVue having started construction with two giant concrete pylons.
The 38.5 acres of land for sale is directly across from Mandalay Bay. It seems like MGM Resorts International (or perhaps their new REIT) would be interested in picking up this land since it's near their other properties.
Monday, November 09, 2015
W Hotel coming to SLS
Starwood Hotels and Resorts announced on Monday their W Hotel brand will be taking over the Lux tower at SLS Las Vegas. In addition to the W Hotel, SLS will become part of Starwood's Tribute Portfolio.
SLS has been struggling financially since its opening. Something like this needed to happen to give the property some life after controversial leader Sam Nazarian sold off his stake.
While I think bringing the W Hotel into the fold is a good move, I have to wonder if it's the best fit for the property. I assume W guests expect only the best for the top dollar they pay, and I'm not exactly sure SLS is what I think of when I think of top notch Las Vegas luxury.
If anything this tells us that SLS is here to stay though. Parent company Stockbridge wouldn't be making this move if they were ready to bail on the property. It's good to know that they are committed to seeing this through and making the necessary changes to be successful.
SLS has been struggling financially since its opening. Something like this needed to happen to give the property some life after controversial leader Sam Nazarian sold off his stake.
While I think bringing the W Hotel into the fold is a good move, I have to wonder if it's the best fit for the property. I assume W guests expect only the best for the top dollar they pay, and I'm not exactly sure SLS is what I think of when I think of top notch Las Vegas luxury.
If anything this tells us that SLS is here to stay though. Parent company Stockbridge wouldn't be making this move if they were ready to bail on the property. It's good to know that they are committed to seeing this through and making the necessary changes to be successful.
Sunday, November 08, 2015
Fontainebleau Getting Building Wrap
The stalled Fontainebleau project at the north end of the Strip will be getting a building wrap in an attempt to make it look less like an eyesore.
County commissioners have been pressuring owner Carl Icahn to do something with the property for some time now. He now has 90 days to submit a plan and six months to complete it.
When I heard that Fontainebleau would be getting a building wrap, my first thought was "why"? The tower itself is topped out and is mostly glass so I didn't know how a wrap would help cosmetically.
It turns out the wrap will only cover the first three stories closest to the Strip. This part of the building does have exposed steel and is visible from the street, so I suppose a wrap will help hide that.
Both news3lv and KLAS TV produced pretty informative news stories about Fontainebleau. KLAS reported that Icahn is looking for $550 million to sell the property, which would be a nice profit from his $150 million purchase price.
County commissioners have been pressuring owner Carl Icahn to do something with the property for some time now. He now has 90 days to submit a plan and six months to complete it.
When I heard that Fontainebleau would be getting a building wrap, my first thought was "why"? The tower itself is topped out and is mostly glass so I didn't know how a wrap would help cosmetically.
It turns out the wrap will only cover the first three stories closest to the Strip. This part of the building does have exposed steel and is visible from the street, so I suppose a wrap will help hide that.
Both news3lv and KLAS TV produced pretty informative news stories about Fontainebleau. KLAS reported that Icahn is looking for $550 million to sell the property, which would be a nice profit from his $150 million purchase price.
Monday, October 12, 2015
Grandissimo new Las Vegas Club name?
When Las Vegas Club was purchased by Greg and Derek Stevens back in August it was revealed that the name of the property wasn't included in the transaction. This means when the casino (and hopefully hotel) re-opens it will need a new name.
The detectives over at Vegas Tripping immediately speculated that the new name would be Grandissimo,"in honor of the project that legendary Las Vegas developer Jay Sarno never built." Stevens holding company Desert Rock Enterprises is the owner of the Grandissimo trademark.
At the time I thought that Grandissimo was unlikely to be the new name of Las Vegas Club. I didn't think the name would really fit a smallish downtown property, and thought having "Grand" in the name would have the potential to be confused with Downtown Grand.
Now however we have more evidence that Grandissimo could indeed be the new name, as Edge Vegas pointed out - a Gambling Invest article shows that grandissimo.net, grandissimovegas.com, and grandissimolv.com are all currently under the ownership of The D Las Vegas (also owned by Stevens).
With Grandissimo looking more and more like the new name, we might be in store for an announcement soon. It just so happens that Derek Stevens will be doing a live Vegas Gang podcast episode this weekend as part of VIMFP. Will Derek announce that Las Vegas Club is now Grandissimo?
The detectives over at Vegas Tripping immediately speculated that the new name would be Grandissimo,"in honor of the project that legendary Las Vegas developer Jay Sarno never built." Stevens holding company Desert Rock Enterprises is the owner of the Grandissimo trademark.
At the time I thought that Grandissimo was unlikely to be the new name of Las Vegas Club. I didn't think the name would really fit a smallish downtown property, and thought having "Grand" in the name would have the potential to be confused with Downtown Grand.
Now however we have more evidence that Grandissimo could indeed be the new name, as Edge Vegas pointed out - a Gambling Invest article shows that grandissimo.net, grandissimovegas.com, and grandissimolv.com are all currently under the ownership of The D Las Vegas (also owned by Stevens).
With Grandissimo looking more and more like the new name, we might be in store for an announcement soon. It just so happens that Derek Stevens will be doing a live Vegas Gang podcast episode this weekend as part of VIMFP. Will Derek announce that Las Vegas Club is now Grandissimo?
Saturday, October 10, 2015
Pawn Plaza Opens
One of the more unexpected Las Vegas development projects is Pawn Plaza. It's a mini shopping center right next to the Gold and Silver Pawn Shop which was made famous by the television show Pawn Stars.
The pawn shop has become so much of a tourist attraction because of the TV show that a strip mall was essentially built to take advantage of overflow crowds.
The pawn shop is located in a non-touristy area, so building coffee shops, bars, and restaurants where people can go before or after visiting the gift, I mean pawn shop is a good idea... I guess.
I'm just wondering what's going to happen when the heat from the TV show dies down, and they're left with a (somewhat) upscale shopping center in the middle of a not-so-upscale neighborhood.
Pawn Plaza celebrated a grand opening Friday night complete with celebrity guests including presidential candidate Marco Rubio.
The pawn shop has become so much of a tourist attraction because of the TV show that a strip mall was essentially built to take advantage of overflow crowds.
The pawn shop is located in a non-touristy area, so building coffee shops, bars, and restaurants where people can go before or after visiting the gift, I mean pawn shop is a good idea... I guess.
I'm just wondering what's going to happen when the heat from the TV show dies down, and they're left with a (somewhat) upscale shopping center in the middle of a not-so-upscale neighborhood.
Pawn Plaza celebrated a grand opening Friday night complete with celebrity guests including presidential candidate Marco Rubio.
Friday, September 18, 2015
UNLV Eyeing Stadium Land near Strip
Way back in 2011 (yes, this blog has been around that long) I wrote about a possible new UNLV football stadium. Since then we haven't heard much about the stadium aside from some questioning over the price tag.
Recently the RJ has reported about some land deals that could pave the way for a new stadium. UNLV would purchase 42 acres which are currently owned by Wells Fargo, and would also acquire an additional 38 acres from Clark County.
If this happens, UNLV would essentially control a huge chunk of land on Tropicana Ave between Thomas and Mack and Koval. The stadium could end up being fairly close to the Strip, just across from the MGM Grand parking garage.
The big question is money. UNLV would have to issue debt to make the deal happen, and there's some debate over whether they should do that. Even if they get the land there's then a question of coming up with money to build the stadium, although it looks like UNLV will find productive uses for the land even if a stadium isn't built right away.
UNLV isn't known for its football program, but having a new stadium would certainly help. The stadium would be unique in this case because being in Las Vegas would open it up to hosting a multitude of events outside of football - like concerts, the rodeo, UFC and boxing, or even the Final Four or Super Bowl someday.
Recently the RJ has reported about some land deals that could pave the way for a new stadium. UNLV would purchase 42 acres which are currently owned by Wells Fargo, and would also acquire an additional 38 acres from Clark County.
If this happens, UNLV would essentially control a huge chunk of land on Tropicana Ave between Thomas and Mack and Koval. The stadium could end up being fairly close to the Strip, just across from the MGM Grand parking garage.
The big question is money. UNLV would have to issue debt to make the deal happen, and there's some debate over whether they should do that. Even if they get the land there's then a question of coming up with money to build the stadium, although it looks like UNLV will find productive uses for the land even if a stadium isn't built right away.
UNLV isn't known for its football program, but having a new stadium would certainly help. The stadium would be unique in this case because being in Las Vegas would open it up to hosting a multitude of events outside of football - like concerts, the rodeo, UFC and boxing, or even the Final Four or Super Bowl someday.
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