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.
Showing posts with label The Park. Show all posts
Showing posts with label The Park. Show all posts
Friday, June 03, 2016
Thursday, February 18, 2016
MGM Talks About Upcoming Projects
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).
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).
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.
Monday, August 10, 2015
Monte Carlo Name Change
Monte Carlo is getting a new name. This has been hinted at and speculated for a few months now, but MGM Resorts International CEO Jim Murren has all but confirmed it. The name change will likely take place in 2016 around the same time the new Monte Carlo theater is finished.
Murren was quoted today in a Vegas Inc article saying, "a name change is almost a certainty." Apparently in focus group testing the Monte Carlo brand name did not resonate with customers as well as other MGM properties did. This isn't really surprising, as Monte Carlo is often overlooked despite its prime Strip location.
Here's the part of the blog post where I wildly guess some possible new names for Monte Carlo:
The Park - Naming the hotel and casino after the attached promenade would be taking a page directly out of the Caesars Entertainment playbook when they ultimately renamed Imperial Palace as The Linq. While this would make logical sense - it isn't the most exciting option.
Central Park - This name would incorporate a few different things. "Central" would highlight the hotel's relative location on the Strip and close proximity to City Center. "Park" is the name of the outdoor promenade. "Central Park" is obviously a New York reference which would essentially turn New York New York, The Park development, and the Central Park hotel into one distinct area.
Park Avenue - Another name with a New York twist. I think the road going through The Park development will be named Park Avenue, so the hotel having that same name might be a possibility. The strong New York tie-in would make this a de facto sister property to New York New York, which would make perfect sense since they will be sharing The Park development.
Borgata Las Vegas - This one is total speculation and is the longest of the long-shots, but in my mind it would be a good move. If you're not familiar Borgata is the nicest hotel casino in Atlantic City. It is owned as a 50/50 joint venture between MGM Resorts and Boyd Gaming. MGM could trade their stake in the AC property to Boyd in exchange for exclusive Borgata Las Vegas naming rights. Again, this is extremely unlikely but if MGM wanted to make a big splash with the re-name I can't think of another brand that would bring more excitement or credibility than Borgata.
Update - June 3, 2016: Park MGM is the new Monte Carlo name.
Murren was quoted today in a Vegas Inc article saying, "a name change is almost a certainty." Apparently in focus group testing the Monte Carlo brand name did not resonate with customers as well as other MGM properties did. This isn't really surprising, as Monte Carlo is often overlooked despite its prime Strip location.
Here's the part of the blog post where I wildly guess some possible new names for Monte Carlo:
The Park - Naming the hotel and casino after the attached promenade would be taking a page directly out of the Caesars Entertainment playbook when they ultimately renamed Imperial Palace as The Linq. While this would make logical sense - it isn't the most exciting option.
Central Park - This name would incorporate a few different things. "Central" would highlight the hotel's relative location on the Strip and close proximity to City Center. "Park" is the name of the outdoor promenade. "Central Park" is obviously a New York reference which would essentially turn New York New York, The Park development, and the Central Park hotel into one distinct area.
Park Avenue - Another name with a New York twist. I think the road going through The Park development will be named Park Avenue, so the hotel having that same name might be a possibility. The strong New York tie-in would make this a de facto sister property to New York New York, which would make perfect sense since they will be sharing The Park development.
Borgata Las Vegas - This one is total speculation and is the longest of the long-shots, but in my mind it would be a good move. If you're not familiar Borgata is the nicest hotel casino in Atlantic City. It is owned as a 50/50 joint venture between MGM Resorts and Boyd Gaming. MGM could trade their stake in the AC property to Boyd in exchange for exclusive Borgata Las Vegas naming rights. Again, this is extremely unlikely but if MGM wanted to make a big splash with the re-name I can't think of another brand that would bring more excitement or credibility than Borgata.
Update - June 3, 2016: Park MGM is the new Monte Carlo name.
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 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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