Las Vegas has come out of the pandemic with a building boom and another massive project is slated for Las Vegas Boulevard.
The post-pandemic Las Vegas Strip construction boom continues.
Seemingly every piece of available and could-be available land on the vaunted 4.2 mile stretch of road will eventually host some sort of mega-development. And, while it would seem like at some point Las Vegas would hit a saturation level when it comes to casinos, each new one seems to actually find its own niche.
Caesars Entertainment (CZR) – Get Caesars Entertainment Inc. Report and MGM Resorts International (MGM) – Get MGM Resorts International Report have both tweaked their portfolios as huge projects seek to take some of their audience. MGM sold Mirage and bought Cosmopolitan while Caesars has taken the Bally’s name off one of its Strip properties to soon replace it with its Horseshoe brand. Caesars has also (seemingly) struck out on its efforts to sell Flamingo, although that deal could very well still happen at a later date.
Along with those two major projects, the North Strip has added Resorts World Las Vegas while Fontainebleau will open in the same area next year. The Strip will also soon add the massive MSG Sphere music venue and a boutique resort casino is being built near the airport.
Now, Billionaire Houston Rockets owner Tilman Fertitta, who also owns the Golden Nugget casino in downtown Las Vegas has shared his plans for the piece of property he bought on the Las Vegas Strip.
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Golden Nugget Owner Plans to Make his Mark on the Strip
Fertitta bought a piece of land in April on the Las Vegas Strip located between Caesars’ Planet Hollywood and the MGM Grand. At the time, it was expected that he would use the property to build a high-end casino — not a Golden Nugget — that would compete with Caesars, MGM, and other higher-end players.
Now, the billionaire’s company has filed plans to build a 43-story, 2,420-room hotel/casino on the property, the Las Vegas Review-Journal reported.
“The upscale project, on roughly 6 acres at the southeast corner of Las Vegas Boulevard and Harmon Avenue, calls for restaurants, convention space, a spa, wedding chapel, auto showroom and a theater with around 2,500 seats, Clark County records show. It would also include suites and villas, VIP salons and a bar and lounge for high-limit gamblers, building plans indicate,” the paper added,
Fertitta Entertainment owns Landry’s Dining, which owns a huge array of restaurant brands, as well as the Houston Rockets, the Golden Nugget, and Post Oak Motor Cars among other brands.
Fertitta Has Big Plans, but Big Competition
Fertitta, who owns multiple casinos under the Golden Nugget, has been long rumored to buy into the Las Vegas Strip. His name has popped up in connection with pretty much every property that has become available in recent years and it was assumed he would try to take on Caesars, MGM, and others when he acquired the Strip plot.
Competing, however, is a multi-billion dollar expense just to get up and operating. The plans for the site did not estimate construction costs, but the lavish Resorts World Las Vegas cost around $4.3 billion to build. Fertitta won’t have to spend that much, as his piece of land is smaller, but construction alone should cost over $1 billion.
The site currently hosts a shuttered motel and some closed retail stores. Those will need to be cleared before construction can begin and the plans do not include a construction timetable.