July 02, 2006
Jeff Simpson on the mother of all resort booms that's heading to a Strip near you
One of the great things about covering Las Vegas business is the opportunity to witness gigantic projects move from concept to reality.
I've recently met with a number of top Las Vegas resort executives to learn about their plans to change the city's skyline.
For those of you in Las Vegas who think you are accustomed to the rapid pace of growth: Buckle your seat belts.
The last big wave of casino resort construction ended six years ago after Bellagio, Mandalay Bay, Venetian, Paris and Aladdin opened in a two-year span.
Since then the city has enjoyed a steady stream of property openings (Suncoast, Palms, Green Valley Ranch, Cannery, Wynn Las Vegas, South Coast and Red Rock Resort) that would be the envy of any casino market in the country.
But that stream is nothing like the flood of projects we're going to see open during the last few years of this decade.
They'll include: Sheldon Adelson's Palazzo, next to his Venetian; Steve Wynn's Encore, next to Wynn Las Vegas; the Cosmopolitan, just south of Bellagio on a thin slice of Stripfront turf; and Phil Ruffin's Montreux, on the site of his New Frontier.
Just those projects would surpass the size and cost of the resorts opened during the last resort boom.
But there's more - way more.
The city's three biggest casino operators are breaking out mammoth mixed-use projects: MGM Mirage's Project CityCenter, between its Monte Carlo and Bellagio; Boyd Gaming Corp.'s Echelon Place, on its Stardust site; and Harrah's Entertainment's soon-to-be-announced redevelopment of its prized center-Strip turf.
Those three projects may cost more than the combined construction costs of all of the resorts now open on the Strip.
In the locals casino market, Station Casinos and the Greenspun family, who own the Las Vegas Sun, are teaming up to build Aliante Station in North Las Vegas; Boyd Gaming has its own North Las Vegas casino site and expects to begin building a property next year near the Las Vegas Beltway interchange with Interstate 15.
That's not all. A couple of new entrants to the casino business plan to soon begin their own casino projects: Developer Garry Goett plans to build at the extreme southern end of the Strip near his Southern Highlands community; developer Anthony Marnell III has his own plans nearby; and the Edge Group is building a major megaresort with the W Hotel brand between the Aladdin and Hard Rock on Harmon Avenue.
Condominium king Turnberry Associates and former Mandalay Resort Group President Glenn Schaeffer plan to develop the former El Rancho site between the Sahara and the Riviera into a mixed-use resort, the Fontainebleau.
Recent meetings with Steve Wynn, Harrah's Chairman Gary Loveman, MGM Mirage Chairman Terry Lanni and Edge Group principal Reagan Silber make clear that the city will soon begin its biggest and most exciting growth spurt ever.
CityCenter's design is incredible. Two "leaning tower" condos on the Strip, a beautifully curved hotel tower with tons of clear glass and dramatic retail space are among the highlights.
The W Las Vegas resort will have a clean, contemporary look, and those with Southern California connections are already buzzing about Silber's deal to bring a Fred Segal store to the city.
Wynn plans to ratchet the luxury of Encore up a notch from his best-in-the-market Wynn Las Vegas, with bigger suites, better technology and refined design.
And Loveman promises that Harrah's redevelopment of the Center Strip will create the first group of resorts truly synchronized to create a distinct sense of place - an adult Disneyland, if you will.
We're just starting to see the beginning signs of the transformation of the city. As the foundations on these megaprojects get poured, steel gets erected, and dozens of cranes hoist the materials that make hotel towers climb toward the sky, take some time to absorb the scene.
You're witnessing history.
I love this town.
Jeff Simpson is business editor of the Las Vegas Sun and executive editor of its sister publication, In Business Las Vegas. He can be reached at 259-4083 or at simpson@lasvegassun.com.
Jeff Simpson on the mother of all resort booms that's heading to a Strip near you
One of the great things about covering Las Vegas business is the opportunity to witness gigantic projects move from concept to reality.
I've recently met with a number of top Las Vegas resort executives to learn about their plans to change the city's skyline.
For those of you in Las Vegas who think you are accustomed to the rapid pace of growth: Buckle your seat belts.
The last big wave of casino resort construction ended six years ago after Bellagio, Mandalay Bay, Venetian, Paris and Aladdin opened in a two-year span.
Since then the city has enjoyed a steady stream of property openings (Suncoast, Palms, Green Valley Ranch, Cannery, Wynn Las Vegas, South Coast and Red Rock Resort) that would be the envy of any casino market in the country.
But that stream is nothing like the flood of projects we're going to see open during the last few years of this decade.
They'll include: Sheldon Adelson's Palazzo, next to his Venetian; Steve Wynn's Encore, next to Wynn Las Vegas; the Cosmopolitan, just south of Bellagio on a thin slice of Stripfront turf; and Phil Ruffin's Montreux, on the site of his New Frontier.
Just those projects would surpass the size and cost of the resorts opened during the last resort boom.
But there's more - way more.
The city's three biggest casino operators are breaking out mammoth mixed-use projects: MGM Mirage's Project CityCenter, between its Monte Carlo and Bellagio; Boyd Gaming Corp.'s Echelon Place, on its Stardust site; and Harrah's Entertainment's soon-to-be-announced redevelopment of its prized center-Strip turf.
Those three projects may cost more than the combined construction costs of all of the resorts now open on the Strip.
In the locals casino market, Station Casinos and the Greenspun family, who own the Las Vegas Sun, are teaming up to build Aliante Station in North Las Vegas; Boyd Gaming has its own North Las Vegas casino site and expects to begin building a property next year near the Las Vegas Beltway interchange with Interstate 15.
That's not all. A couple of new entrants to the casino business plan to soon begin their own casino projects: Developer Garry Goett plans to build at the extreme southern end of the Strip near his Southern Highlands community; developer Anthony Marnell III has his own plans nearby; and the Edge Group is building a major megaresort with the W Hotel brand between the Aladdin and Hard Rock on Harmon Avenue.
Condominium king Turnberry Associates and former Mandalay Resort Group President Glenn Schaeffer plan to develop the former El Rancho site between the Sahara and the Riviera into a mixed-use resort, the Fontainebleau.
Recent meetings with Steve Wynn, Harrah's Chairman Gary Loveman, MGM Mirage Chairman Terry Lanni and Edge Group principal Reagan Silber make clear that the city will soon begin its biggest and most exciting growth spurt ever.
CityCenter's design is incredible. Two "leaning tower" condos on the Strip, a beautifully curved hotel tower with tons of clear glass and dramatic retail space are among the highlights.
The W Las Vegas resort will have a clean, contemporary look, and those with Southern California connections are already buzzing about Silber's deal to bring a Fred Segal store to the city.
Wynn plans to ratchet the luxury of Encore up a notch from his best-in-the-market Wynn Las Vegas, with bigger suites, better technology and refined design.
And Loveman promises that Harrah's redevelopment of the Center Strip will create the first group of resorts truly synchronized to create a distinct sense of place - an adult Disneyland, if you will.
We're just starting to see the beginning signs of the transformation of the city. As the foundations on these megaprojects get poured, steel gets erected, and dozens of cranes hoist the materials that make hotel towers climb toward the sky, take some time to absorb the scene.
You're witnessing history.
I love this town.
Jeff Simpson is business editor of the Las Vegas Sun and executive editor of its sister publication, In Business Las Vegas. He can be reached at 259-4083 or at simpson@lasvegassun.com.
ucking: seems like that is the way it is at any time of the year
