Upon completion of its acquisition of the Mirage from MGM, Hard Rock plans to rebrand it and build an iconic guitar-shaped hotel located on the Las Vegas Strip. Photo Credit: Hard Rock International
For Las Vegas, the promise of a surge of international travellers
awaits, as well, thanks to loosened Covid-testing requirements and a
growing number of overseas flights. Developers and resort operators
there are readying for more meetings business, with new venues under
development and improvements throughout.
Las Vegas
Convention attendance is on the upswing in Las Vegas, and while its
upward trajectory isn't as steep as the city's overall visitation
numbers, the trend certainly bodes well for the local meetings industry.
Of the nearly 15.3 million people who had visited in 2022 through the
end of May, just shy of 2 million were convention-goers. Although that's
still 34% lower than the convention attendance for the first five
months of 2019, it is a whopping 878% increase over the same period in
2021.
Most impressively, the city's hotel revenue per available room has
recovered to pre-pandemic levels — on the strength of a year-to-date
average daily rate of US$163.84, which exceeds the 2019 rate by a hefty
18.5%. Meeting professionals looking for negotiation leverage should
note that hotel occupancy is much higher on weekends (87.6%) than
midweek (69.8%).
Fontainebleu Las Vegas
And there's no question that resort operators are eager to attract
more meetings business. Developers responsible for projects such as
Fontainebleau Las Vegas, which is set to debut on the North Strip in the
fourth quarter of 2023, are specifically targeting groups. The
3,700-room property across from the Las Vegas Convention Center's new
West Hall is promising more than 51,096sqm of indoor and outdoor meeting
space, including an expansive, 9,755sqm pillarless ballroom. A
three-level, 8,547sqm theatre is also part of the plan, as is a 2,415sqm
"hospitality garden".
Majestic Las Vegas, which is being built next to the Fontainebleau, is set to open in 2024.Majestic Las Vegas
Majestic Las Vegas is being built near the convention center. Also
conveniently located across from West Hall, the wellness-minded Majestic
Las Vegas is being constructed on the lot adjacent to the
Fontainebleau. The US$850 million, 720-suite nongaming resort's
signature feature will be a four-level, 6,503sqm wellness center, Spa
Majestic. The ultra-luxury facility also will feature a world-class gym,
yoga and meditation facilities, and on-site fitness and nutrition
experts. Ample gathering space will be available on the nine levels of
"corporate sky suites" on the building's upper floors — some covering an
entire floor, or as much as 2,322sqm of space. The resort is scheduled
to open in 2024.
Dream Las Vegas
At the south end of the Strip, work has begun on the 531-room Dream
Las Vegas, which also is set to debut in 2024. The US$550 million
project will feature a 1,858sqm casino and 1,115sqm of meeting space,
including a 464sqm ballroom and a 90-seat theatre. The 20-story tower
also will offer seven dining and nightlife options, and a rooftop pool
and club.
OVG Hotel & Casino
Meanwhile, a true Vegas mega project has been designated for 10
hectares south of the Strip. Construction could begin next year on a
retail and entertainment district, which would include a 20,000-seat
arena, a hotel, a casino and an amphitheater. The US$3 billion OVG Hotel
& Casino will be designed to host concerts, sporting events,
conventions and more at the arena. The site is adjacent to the planned
Brightline high-speed rail station, for the proposed bullet train to
southern California.
The Cosmopolitan is now part of the MGM Resorts portfolio.The Cosmopolitan
The Cosmopolitan is now part of the MGM Resorts portfolio. Along the
Strip, the 3,033-room Cosmopolitan of Las Vegas is now part of the MGM
Resorts portfolio. MGM closed the US$1.63 billion acquisition in
mid-May, and no major changes are expected at the resort, which will
remain in Marriott's Autograph Collection.
MGM Resorts
MGM Resorts will have a total of nine Las Vegas properties as soon as
the sale of the 3,044-room Mirage Hotel and Casino to Hard Rock
International closes. The new owners of that iconic Strip property
intend to rebrand it as the Hard Rock Hotel and Casino and build a
guitar-shaped hotel tower on-site. The deal is expected to close in the
second half of this year.
Caesars Entertainment
Meanwhile, Caesars Entertainment is gradually rebranding Bally's Las
Vegas Hotel & Casino to the Horseshoe Las Vegas. The
multimillion-dollar project will involve renovating the exterior and the
casino floor, and redesigning much of the interior with the gold
Horseshoe branding. The former sportsbook area at Bally's will be
transformed into an all-ages gaming area called, simply, Arcade. The
650sqm venue will be outfitted with more than 80 arcade games and a
redesigned bar. No opening date has been set for Arcade, although
Caesars expects to complete the resort rebranding by the end of the
year.
Resorts World Las Vegas
The biggest Las Vegas mega resort to debut over the past several
years — the three-hotel, 3,506-room Resorts World Las Vegas complex —
recently unveiled the first Las Vegas Loop passenger station on the
Strip. The Loop connecting the expansive convention centre campus has
been operational for more than a year. Resorts World station is the
first of more than 55 proposed additional stops, which could include
connections to Harry Reid International Airport and downtown Las Vegas.
Source: Northstar Meetings Group