MGM Resorts International reported earnings earlier today, along with hosting an earnings conference call.
Usually MGM reveals some breaking news during these conference calls, but not so much today. Instead the focus was on topics already known to the public, including:
- The upcoming opening of the new T-Mobile Arena and The Park.
- MGM Growth Properties, the company's upcoming REIT conversion.
- The progress of new properties at MGM Cotai and MGM National Harbor.
Also discussed was MGM's infamous Profit Growth Plan. This initiative designed to cut costs and raise prices resulted in MGM's decision to charge for parking. The Profit Growth Plan is hated by in-the-know Vegas customers, and judging by MGM's stock price (down 8.32% today) the plan isn't rewarding shareholders either (yet).
Showing posts with label T-Mobile Arena. Show all posts
Showing posts with label T-Mobile Arena. Show all posts
Thursday, February 18, 2016
Friday, January 15, 2016
MGM Parking Garage and Valet Fees Introduced
In a story first reported by Vegas Tripping back in October, MGM Resorts International today officially announced they will be charging "modest" parking fees at most of their Las Vegas properties.
The MGM Resorts press release announcing the fee is pretty vague, largely because the plans probably aren't finalized yet. It states "An overnight guest utilizing a self-park facility will pay $10 or less."
If I stay 5 nights does that mean I pay $10 or $50?
Free valet service will be going away as well, a move that pretty much had to happen to avoid abuse now that self parking isn't going to be free.
From what I can gather hotel guests will not be exempt from the parking fees, which is absolutely ludicrous considering they are already paying a resort fee that can top $35 a night.
As part of the new parking initiatives MGM will also be building an additional garage on the Excalibur property which will serve the new T-Mobile Arena. An arena parking garage has been called for by locals since day one, but I'm guessing they didn't know it would come with extra parking fees.
Las Vegas locals might actually be the biggest loser in all of this. According to the press release, "Las Vegas locals will be given a grace period for free parking after the program starts and can maintain their free-parking status by enrolling and earning privileges through M life."
Yep, pretty much a slap in the face to locals. Come sign up for our loyalty program and gamble and we might throw you a bone with free parking. Yuck.
The question now - will other hotels copy MGM's lead and start charging for parking, or will they see it as an opportunity to steal some of MGM's customer base by keeping parking free forever? I think it will be the latter.
The MGM Resorts press release announcing the fee is pretty vague, largely because the plans probably aren't finalized yet. It states "An overnight guest utilizing a self-park facility will pay $10 or less."
If I stay 5 nights does that mean I pay $10 or $50?
Free valet service will be going away as well, a move that pretty much had to happen to avoid abuse now that self parking isn't going to be free.
From what I can gather hotel guests will not be exempt from the parking fees, which is absolutely ludicrous considering they are already paying a resort fee that can top $35 a night.
As part of the new parking initiatives MGM will also be building an additional garage on the Excalibur property which will serve the new T-Mobile Arena. An arena parking garage has been called for by locals since day one, but I'm guessing they didn't know it would come with extra parking fees.
Las Vegas locals might actually be the biggest loser in all of this. According to the press release, "Las Vegas locals will be given a grace period for free parking after the program starts and can maintain their free-parking status by enrolling and earning privileges through M life."
Yep, pretty much a slap in the face to locals. Come sign up for our loyalty program and gamble and we might throw you a bone with free parking. Yuck.
The question now - will other hotels copy MGM's lead and start charging for parking, or will they see it as an opportunity to steal some of MGM's customer base by keeping parking free forever? I think it will be the latter.
Thursday, January 07, 2016
T-Mobile Arena
The new Las Vegas Arena will officially be named T-Mobile Arena.
MGM Resorts International announced the new name in a press release, and T-Mobile tweeted about the new name.
T-Mobile customers will benefit from the naming rights deal, as they will have a VIP venue entrance at every event. They will also be eligible for ticket pre-sales, VIP experiences, and seat upgrade opportunities for select events.
Prior to the naming rights announcements there were rumors that T-Mobile would be the namesake. Those rumors turned out to be correct. I had also heard that Coca-Cola was in the discussion for naming rights.
While the arena now has a name, the new name for Monte Carlo has not been announced yet. This is a little surprising because MGM CEO Jim Murren told us to expect an announcement before the end of the year.
Well it's 2016 and we still haven't heard much aside from a Robin Leach rumor that hot NYC restaurants NoMad and 11 Madison Park will be coming.
The New York connection further points to earlier speculation that the new name for Monte Carlo will be New York related - possibly something like "Park Avenue" or "Central Park." I've also heard people talk about "Brooklyn" being a possible name for the property.
MGM Resorts International announced the new name in a press release, and T-Mobile tweeted about the new name.
T-Mobile customers will benefit from the naming rights deal, as they will have a VIP venue entrance at every event. They will also be eligible for ticket pre-sales, VIP experiences, and seat upgrade opportunities for select events.
Prior to the naming rights announcements there were rumors that T-Mobile would be the namesake. Those rumors turned out to be correct. I had also heard that Coca-Cola was in the discussion for naming rights.
While the arena now has a name, the new name for Monte Carlo has not been announced yet. This is a little surprising because MGM CEO Jim Murren told us to expect an announcement before the end of the year.
Well it's 2016 and we still haven't heard much aside from a Robin Leach rumor that hot NYC restaurants NoMad and 11 Madison Park will be coming.
The New York connection further points to earlier speculation that the new name for Monte Carlo will be New York related - possibly something like "Park Avenue" or "Central Park." I've also heard people talk about "Brooklyn" being a possible name for the property.
Tuesday, January 05, 2016
Hyde at Las Vegas Arena
Las Vegas Arena will be getting a nightclub, as it has been announced that Hyde will be opening an 18,000 square foot space overlooking the arena.
A nightclub inside an arena at first seems like an "Only in Las Vegas" thing, but it's not. Hyde already has arena locations at Staples Center in Los Angeles, and at American Airlines Arena in Miami.
Hyde already has a location in Las Vegas - at Bellagio overlooking the fountains. Parent company SBE was involved in the development of SLS Las Vegas before selling off its stake last year.
Even before this nightclub was announced it appeared that the Las Vegas Arena would be one of the most hospitable arenas in the world. You can be sure that if you attend an event at this arena you won't go hungry or thirsty - assuming you're willing to pay.
A nightclub inside an arena at first seems like an "Only in Las Vegas" thing, but it's not. Hyde already has arena locations at Staples Center in Los Angeles, and at American Airlines Arena in Miami.
Hyde already has a location in Las Vegas - at Bellagio overlooking the fountains. Parent company SBE was involved in the development of SLS Las Vegas before selling off its stake last year.
Even before this nightclub was announced it appeared that the Las Vegas Arena would be one of the most hospitable arenas in the world. You can be sure that if you attend an event at this arena you won't go hungry or thirsty - assuming you're willing to pay.
Monday, December 07, 2015
The Killers and Wayne Newton open Arena
Back in September it was reported that George Strait would be the first performer to open the new Las Vegas Arena in late April 2016.
While Strait will still be doing his shows, the first performance will actually be done by Las Vegas band The Killers on April 6, 2016 according to FOX5 Vegas.
Mr. Las Vegas himself Wayne Newton will be a special guest, and North Las Vegas local Shamir will also be on the show.
It's kind of cool to see an all Las Vegas lineup to open the arena, and ticket prices start at a modest $35 making this arena-opening show affordable for many.
While Strait will still be doing his shows, the first performance will actually be done by Las Vegas band The Killers on April 6, 2016 according to FOX5 Vegas.
Mr. Las Vegas himself Wayne Newton will be a special guest, and North Las Vegas local Shamir will also be on the show.
It's kind of cool to see an all Las Vegas lineup to open the arena, and ticket prices start at a modest $35 making this arena-opening show affordable for many.
Monday, September 28, 2015
George Strait to Open MGM Arena
George Strait will be the first person to perform at the new MGM-AEG Arena.
His first show will be on April 22, 2016 - which is presumably the first night the Arena will be open for business.
Six 2016 dates have been announced for the country legend at the new arena: April 22-23, September 9-10 and December 2-3. It's expected that more dates could be announced later.
George Strait has 60 number 1 country hits, and has sold almost 70 million records. No stranger to large crowds, Strait also headlined the first event in the new Dallas Cowboys stadium in 2009.
His catalog of hits, along with the setting of a brand new arena will likely make this a hot ticket. I would definitely consider seeing this show if the timing worked out.
His first show will be on April 22, 2016 - which is presumably the first night the Arena will be open for business.
Six 2016 dates have been announced for the country legend at the new arena: April 22-23, September 9-10 and December 2-3. It's expected that more dates could be announced later.
George Strait has 60 number 1 country hits, and has sold almost 70 million records. No stranger to large crowds, Strait also headlined the first event in the new Dallas Cowboys stadium in 2009.
His catalog of hits, along with the setting of a brand new arena will likely make this a hot ticket. I would definitely consider seeing this show if the timing worked out.
Thursday, August 27, 2015
Jim Murren News3LV Interview Highlights
MGM Resorts International chief executive officer Jim Murren did a TV interview with Jeff Gillan of KSNV News3LV the other day.
Some highlights:
Despite lowered revenues over the past year that he called growing pains, Murren is still bullish on Macau citing infrastructure improvements: a bridge from Hong Kong, development of the neighboring Hengqin island, a high speed rail network, expansion of the airport and light rail. Macau makes up about 20% of the company's revenue.
Talking about Las Vegas Murren highlighted a growing convention business and increased flight activity at McCarran International Airport. He talked about shifting demographics noting that the average age of the Las Vegas tourist is lowering. People are coming to Las Vegas for shows, entertainment, conventions, music festivals, sporting events - "Many of them have no interest in gambling and that's perfectly fine with me."
Murren still thinks Las Vegas will get a hockey team and he wants to attract locals with the new arena and park. Speaking about complaints that there will be a lack of parking at the arena, Murren said, "What's wrong with walking? Get off your butt and walk a little bit. We have garages up and down the Strip, which by the way are free."
And casinos, restaurants and bars attached to those garages!
Murren confirmed that he's not selling The Mirage.
Talking about a new name for Monte Carlo Murren said there will be an announcement by the end of the year. They're close to selecting a name that will attract millennials, people who are sports and entertainment oriented, and people who are spontaneous.
Related: Jim Murren Nevada Public Radio interview highlights from back in June.
Some highlights:
Despite lowered revenues over the past year that he called growing pains, Murren is still bullish on Macau citing infrastructure improvements: a bridge from Hong Kong, development of the neighboring Hengqin island, a high speed rail network, expansion of the airport and light rail. Macau makes up about 20% of the company's revenue.
Talking about Las Vegas Murren highlighted a growing convention business and increased flight activity at McCarran International Airport. He talked about shifting demographics noting that the average age of the Las Vegas tourist is lowering. People are coming to Las Vegas for shows, entertainment, conventions, music festivals, sporting events - "Many of them have no interest in gambling and that's perfectly fine with me."
Murren still thinks Las Vegas will get a hockey team and he wants to attract locals with the new arena and park. Speaking about complaints that there will be a lack of parking at the arena, Murren said, "What's wrong with walking? Get off your butt and walk a little bit. We have garages up and down the Strip, which by the way are free."
And casinos, restaurants and bars attached to those garages!
Murren confirmed that he's not selling The Mirage.
Talking about a new name for Monte Carlo Murren said there will be an announcement by the end of the year. They're close to selecting a name that will attract millennials, people who are sports and entertainment oriented, and people who are spontaneous.
Related: Jim Murren Nevada Public Radio interview highlights from back in June.
Wednesday, August 19, 2015
MGM-AEG Arena Video
I've posted a fair amount on this blog about the new MGM-AEG Arena including a post showing a few interior and exterior construction photos.
I somehow had never come across this video from AEG which shows many computer animation renderings of different aspects of the arena. Not surprisingly - it looks like this arena will have a more upscale feel than arenas in other cities that I've experienced.
I somehow had never come across this video from AEG which shows many computer animation renderings of different aspects of the arena. Not surprisingly - it looks like this arena will have a more upscale feel than arenas in other cities that I've experienced.
Las Vegas Arena from AEG Multimedia on Vimeo.
Friday, August 07, 2015
MGM Arena Construction Taking Shape
I was looking at Las Vegas maps the other day and came across the new MGM-AEG Arena construction and The Park development. You can see where arena is located behind New York New York. The space between NYNY and Monte Carlo will be a pedestrian walkway back to the arena. There is also curve in the road where you can tell where the new Monte Carlo theater will be located.
Image: Google Maps.
The official MGM arena website also has some construction webcams up. The exterior camera and time-lapse video shows the progress of the arena so far. You can see how much work has been done in the 15 or so months that construction has been going on.
The interior camera gives a glimpse inside the arena. It looks like they might already be installing a hockey rink, which supports rumors of a hockey team moving or expanding to Vegas. You can see how much natural light is used, which I believe is pretty unique. The interior also has a time-lapse video.
Also, Vital Vegas posted this picture on Twitter of the interior of the arena from a different angle. It looks like the upper deck sections will have their entrances at the top of the section, instead of having tunnels at the bottom of each section.
Photo: John Kompare via Vital Vegas on Twitter.
Image: Google Maps.
The official MGM arena website also has some construction webcams up. The exterior camera and time-lapse video shows the progress of the arena so far. You can see how much work has been done in the 15 or so months that construction has been going on.
The interior camera gives a glimpse inside the arena. It looks like they might already be installing a hockey rink, which supports rumors of a hockey team moving or expanding to Vegas. You can see how much natural light is used, which I believe is pretty unique. The interior also has a time-lapse video.
Also, Vital Vegas posted this picture on Twitter of the interior of the arena from a different angle. It looks like the upper deck sections will have their entrances at the top of the section, instead of having tunnels at the bottom of each section.
Photo: John Kompare via Vital Vegas on Twitter.
Thursday, July 16, 2015
New Monte Carlo Theater in 2016
A new 5,000 seat theater will be built at Monte Carlo and open in 2016 according to a MGM Resorts International Press Release. The new theater will be adjacent to The Park development and MGM-AEG Arena.
The theater construction will cause some of MGM Resorts' signature shows to be shuffled around. Blue Man Group will move from Monte Carlo to Luxor this fall, while Jabbawockeez will move from Luxor to MGM Grand. This means both of these shows will be moving back to the properties where they first performed in Las Vegas.
With a 5,000 seat theater it looks like MGM Resorts is looking to attract the type of headliners who currently reside at The Colosseum at Caesars Palace and the AXIS Theater at Planet Hollywood - both owned by Caesars Entertainment.
The Monte Carlo theater will also help attract even more people to restaurants and bars which will be a part of The Park development. Between the arena and the theater there should be an event going on almost every night of the week.
Monte Carlo has been rumored to undergo a re-branding that could include a new name. It would make sense if this renaming takes place around the time of the theater and arena opening in 2016. We will have to see if Monte Carlo gets a new name, or if they decide to keep it as Monte Carlo.
Renderings: MGM Press Release.
The theater construction will cause some of MGM Resorts' signature shows to be shuffled around. Blue Man Group will move from Monte Carlo to Luxor this fall, while Jabbawockeez will move from Luxor to MGM Grand. This means both of these shows will be moving back to the properties where they first performed in Las Vegas.
With a 5,000 seat theater it looks like MGM Resorts is looking to attract the type of headliners who currently reside at The Colosseum at Caesars Palace and the AXIS Theater at Planet Hollywood - both owned by Caesars Entertainment.
The Monte Carlo theater will also help attract even more people to restaurants and bars which will be a part of The Park development. Between the arena and the theater there should be an event going on almost every night of the week.
Monte Carlo has been rumored to undergo a re-branding that could include a new name. It would make sense if this renaming takes place around the time of the theater and arena opening in 2016. We will have to see if Monte Carlo gets a new name, or if they decide to keep it as Monte Carlo.
Renderings: MGM Press Release.
Monday, July 13, 2015
UFC 200 at MGM Arena
UFC 200 will take place at the new MGM-AEG Arena on July 2, 2016.
With a successful UFC 189 this past weekend in the books and a long history of hosting events at MGM owned arenas (MGM Grand and Mandalay Bay) it only makes sense that UFC would hold events at the new Las Vegas arena.
The new MGM arena could potentially be the home arena for the Arizona Coyotes and the Milwaukee Bucks. Another Mayweather fight has long been rumored for the arena, and there will likely be some college basketball tournaments held there as well.
Aside from sports, the arena will certainly host a number of concerts throughout the year. Having a high number of events will be key to supporting the many restaurants and shops near the arena.
With a successful UFC 189 this past weekend in the books and a long history of hosting events at MGM owned arenas (MGM Grand and Mandalay Bay) it only makes sense that UFC would hold events at the new Las Vegas arena.
The new MGM arena could potentially be the home arena for the Arizona Coyotes and the Milwaukee Bucks. Another Mayweather fight has long been rumored for the arena, and there will likely be some college basketball tournaments held there as well.
Aside from sports, the arena will certainly host a number of concerts throughout the year. Having a high number of events will be key to supporting the many restaurants and shops near the arena.
Tuesday, July 07, 2015
Milwaukee Bucks Eyeing MGM Arena?
The Milwaukee Bucks NBA team is threatening to move to Las Vegas if they don't get a new arena. According to multiple reports the Bucks are seeking up to $250 million of public funding which would pay for half the cost of a new arena in Milwaukee.
Most people think this is just a scare tactic and the Bucks will remain in Wisconsin. However Las Vegas is becoming a very attractive option for hockey and basketball teams because of the brand new MGM arena that is currently being built on the Strip.
Every team wants to play in a nice arena, and Las Vegas will have one of the nicest. I think getting an NHL hockey team is more likely for Las Vegas than getting an NBA basketball team, but I would't be surprised if either happened in the very near future.
Most people think this is just a scare tactic and the Bucks will remain in Wisconsin. However Las Vegas is becoming a very attractive option for hockey and basketball teams because of the brand new MGM arena that is currently being built on the Strip.
Every team wants to play in a nice arena, and Las Vegas will have one of the nicest. I think getting an NHL hockey team is more likely for Las Vegas than getting an NBA basketball team, but I would't be surprised if either happened in the very near future.
Thursday, July 02, 2015
Arizona Coyotes Moving to Las Vegas?
The Phoenix / Arizona Coyotes NHL hockey team is moving to Las Vegas according to a New York Post report.
The deal is far from done though, as both the Coyotes and the NHL have denied the report. NHL commissioner Gary Bettman went as far as to say "The Post was told the story was completely untrue. They ran it anyway. The story is garbage. Team is staying put."
Whether it will be the Coyotes, or perhaps an expansion team - it's becoming pretty clear that Las Vegas is getting a hockey team. Vegas has the lure of a brand new arena along with the support of 10,000 fans who've pledged to buy season tickets.
MGM Resorts boss Jim Murren predicted Las Vegas will have a hockey team in time for the 2017 season, and that's looking more and more likely to come true.
The deal is far from done though, as both the Coyotes and the NHL have denied the report. NHL commissioner Gary Bettman went as far as to say "The Post was told the story was completely untrue. They ran it anyway. The story is garbage. Team is staying put."
Whether it will be the Coyotes, or perhaps an expansion team - it's becoming pretty clear that Las Vegas is getting a hockey team. Vegas has the lure of a brand new arena along with the support of 10,000 fans who've pledged to buy season tickets.
MGM Resorts boss Jim Murren predicted Las Vegas will have a hockey team in time for the 2017 season, and that's looking more and more likely to come true.
Wednesday, June 24, 2015
Hockey to Las Vegas One Step Closer
Hockey in Las Vegas is gaining momentum, as the NHL has formally began the expansion process. This doesn't guarantee a new team will be granted, but it opens the door to the possibility.
Las Vegas is seen as one of the favorites for an expansion team. The team already has a new arena in place, and some 13,000 people have put down deposits on season tickets.
Many people think the NHL to Vegas will happen. MGM Resorts CEO Jim Murren thinks a team could be in place in time for the 2017 season.
Seattle and Quebec are the other cities being mentioned for an expansion team.
Related: Can Las Vegas Support an NHL Team?
Las Vegas is seen as one of the favorites for an expansion team. The team already has a new arena in place, and some 13,000 people have put down deposits on season tickets.
Many people think the NHL to Vegas will happen. MGM Resorts CEO Jim Murren thinks a team could be in place in time for the 2017 season.
Seattle and Quebec are the other cities being mentioned for an expansion team.
Related: Can Las Vegas Support an NHL Team?
Saturday, June 13, 2015
Jim Murren Nevada Public Radio Interview Highlights
MGM Resorts International CEO Jim Murren was on Nevada Public Radio.
The interview started off talking about politics, and the retirement of Harry Reid.
Murren then talked about online gaming, which is something that MGM is looking to get into, although he said it's not something the company is dependent on. He also said he's a "big fan" of skill based gaming, which will help attract millennials and Gen X-er's.
In the future of Las Vegas Murren thinks resorts will become "more porous" allowing guests to flow from resort to resort instead of trapping them in a single resort. He stressed the importance of non-gaming which makes up 70% of the company's revenue.
Talking about MGM National Harbor, Murren said the resort will fit right in with the DC landscape, and uses some of the same architectural elements found in many of the monuments around the District.
Murren also addressed the hypocrisy of major sports leagues by allowing fantasy sports while trying to ban other sports gaming.
MGM's new arena is almost complete, and MGM is spending $100 million on the park surrounding the arena and New York New York (complete with a Shake Shack). Murren is optimistic about attracting a hockey team to Las Vegas "no later than the 2017 season."
As far as a possible merger between WYNN and MGM - Murren dismissed it as "total speculation."
MGM's power bill is $86 million a year, which is leading them to explore cutting ties with NV Energy in an effort to save money.
Despite North Strip struggles Murren is "very optimistic about the growth of Circus Circus." Monte Carlo is also ripe for growth, with MGM expecting to invest a large amount of money to re-position the property. He mentioned The Cromwell as an example of a successful re-branding.
Finally talking about Macau, Murren said he thinks the market is stabilizing, and expects the numbers to be back up in 2016.
Listen to the entire interview at Nevada Public Radio.
The interview started off talking about politics, and the retirement of Harry Reid.
Murren then talked about online gaming, which is something that MGM is looking to get into, although he said it's not something the company is dependent on. He also said he's a "big fan" of skill based gaming, which will help attract millennials and Gen X-er's.
In the future of Las Vegas Murren thinks resorts will become "more porous" allowing guests to flow from resort to resort instead of trapping them in a single resort. He stressed the importance of non-gaming which makes up 70% of the company's revenue.
Talking about MGM National Harbor, Murren said the resort will fit right in with the DC landscape, and uses some of the same architectural elements found in many of the monuments around the District.
Murren also addressed the hypocrisy of major sports leagues by allowing fantasy sports while trying to ban other sports gaming.
MGM's new arena is almost complete, and MGM is spending $100 million on the park surrounding the arena and New York New York (complete with a Shake Shack). Murren is optimistic about attracting a hockey team to Las Vegas "no later than the 2017 season."
As far as a possible merger between WYNN and MGM - Murren dismissed it as "total speculation."
MGM's power bill is $86 million a year, which is leading them to explore cutting ties with NV Energy in an effort to save money.
Despite North Strip struggles Murren is "very optimistic about the growth of Circus Circus." Monte Carlo is also ripe for growth, with MGM expecting to invest a large amount of money to re-position the property. He mentioned The Cromwell as an example of a successful re-branding.
Finally talking about Macau, Murren said he thinks the market is stabilizing, and expects the numbers to be back up in 2016.
Listen to the entire interview at Nevada Public Radio.
Wednesday, August 27, 2014
Can Las Vegas Support an NHL Team?
The news that an NHL hockey team might be coming to Las Vegas has sparked much debate whether the city could support a professional sports franchise.
Usually the biggest obstacle for a city attracting a team is to have an arena. With the new MGM arena being built that major hurdle has already been jumped.
The arena's prime location on the Strip should attract both tourists and locals alike. I can imagine folks using a hockey game as another entertainment option on their vacation. It wouldn't surprise me to even see tickets for the NHL team being sold at ticket booths around the Strip alongside traditional shows.
So I think attendance will be reasonably strong when you combine tourists and locals. The larger concern would be whether a hockey team could thrive in the desert and gain a strong local TV following among a transient population. Phoenix has had similar struggles with their hockey team.
Whether the team is ultimately successful or not, bringing a pro sports team would be a victory in defining Las Vegas as a major city and would continue to diversify the city's entertainment portfolio beyond gaming.
Usually the biggest obstacle for a city attracting a team is to have an arena. With the new MGM arena being built that major hurdle has already been jumped.
The arena's prime location on the Strip should attract both tourists and locals alike. I can imagine folks using a hockey game as another entertainment option on their vacation. It wouldn't surprise me to even see tickets for the NHL team being sold at ticket booths around the Strip alongside traditional shows.
So I think attendance will be reasonably strong when you combine tourists and locals. The larger concern would be whether a hockey team could thrive in the desert and gain a strong local TV following among a transient population. Phoenix has had similar struggles with their hockey team.
Whether the team is ultimately successful or not, bringing a pro sports team would be a victory in defining Las Vegas as a major city and would continue to diversify the city's entertainment portfolio beyond gaming.
Monday, July 28, 2014
MGM-AEG Arena and The Park
One of the more exciting development projects in Las Vegas is the new MGM-AEG Arena. The $350 million 20 thousand seat arena will be located directly west of (behind) New York New York. The joint partnership between MGM Resorts International and AEG Live is expected to attract top concerts, and possibly a pro sports team (although that's a long-shot).
Part of the arena development will be The Park, which will be a retail walkway between Monte Carlo and NYNY. The outdoor space is a similar concept to The Linq. We can expect lots of restaurants and bars on the way back to the arena. There will also be changes to the front of NYNY which will add more retail space.
I'm looking forward to the new arena (expected to open in 2016) and The Park, although I'm wondering if Las Vegas really needs more retail space. There seems to be a mall on every corner these days. It will also be interesting to see how visitors handle the hot weather in some of these outdoor spaces.
Part of the arena development will be The Park, which will be a retail walkway between Monte Carlo and NYNY. The outdoor space is a similar concept to The Linq. We can expect lots of restaurants and bars on the way back to the arena. There will also be changes to the front of NYNY which will add more retail space.
I'm looking forward to the new arena (expected to open in 2016) and The Park, although I'm wondering if Las Vegas really needs more retail space. There seems to be a mall on every corner these days. It will also be interesting to see how visitors handle the hot weather in some of these outdoor spaces.
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