Vegas - the cycle of change starts again

Life in Las Vegas has never stood still for long, and while the last few years have been an exception to that rule for the most part, the next round of major deck shuffling is imminent.

It’s hard to remember a quieter period in terms of new openings, implosions and takeovers than the last few years, with the not-entirely-successful opening of the Lucky Dragon and conversion of Sahara to SLS being the only projects of note visible to the average Vegas goer – and they’re not exactly on the City Center scale.

However, hold onto your hats, because the next round of development is well under way.

Genting’s Resorts World is taking shape nicely on the Strip just south of Circus Circus and opposite perennial brunch favourite, the Peppermill. A mildly comedic lawsuit notwithstanding (partly due to the colour of the glass on the outside of the building being similar to that used on the Wynn nearby), the site is due to open in late 2020, and the plan will involve partnerships with Genting’s other businesses around the globe. The senior management will no doubt be slightly unsettled by the fate of the Lucky Dragon, which was nearby, similarly squarely aimed at the Asian market and failed pretty dismally, but Genting have a far bigger database, far more experience and a much bigger site, perhaps big enough to draw people to the north of the Strip just for a nose around.

Also coming down the chute (for late 2020) is Circa, the first major property to open in downtown Las Vegas in forty years. Developed by the same guys who own the D downtown, this is around 800 rooms and looks to be an attempt to go upscale in a big way – 6 pools, rooftop amphitheatre etc.  It’s hard to argue with the concept, with downtown so far immune to the incredible price gouging present on the top end locations on the Strip. Many Vegas visitors will have one night downtown per trip for a change of scenery – and beers that might be less than $5 – but the idea of having an upscale resort in the area seems like a solid way to attract large numbers of mid-level spenders who have a respectable bankroll, but want their money to last a little longer, while having  Strip quality surroundings.

There are also the usual rumours of takeovers and changes of ownership.  Caesars Entertainment’s situation is fluid, with talk of them being for sale as this article is typed, and Carl Icahn acquiring shares at a rapid rate. It seems unlikely that any sale would make a dramatic difference to the Vegas offering at least - the power of the Caesars Rewards database (rebranded from Total Rewards) is huge across eight Las Vegas properties – but who knows which territories would be considered non-core and sold off. Regulatory risk might be the key consideration.

Our old friend the Hard Rock Hotel and Casino will also be changing, to become the Virgin hotel.  The synergies are obvious, with Virgin Atlantic and Virgin Holidays being under the same ownership umbrella, so it’s easy to see incremental trade being driven to the slightly off strip location occupied currently by the Hard Rock site. It’s always had a great feel about the place, so it will be fascinating to see how the transformation develops away from rock memorabilia (often from bands you’ve never heard of ) to a more contemporary scheme. Virgin are also trialling their Hyperloop nearby –  the fabled sub one-hour rocket speed journey from Los Angeles may not be imminent, but you can bet it’ll happen eventually.

There’s plenty more going ion in and around Las Vegas, so the city with more image makeovers than Madonna isn’t done yet.

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