Las Vegas resort updates
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Details have emerged on Southern Nevada’s next big casino-resort project which will include a major sports and entertainment arena. Last week, Tim Leiweke and partner Irving Azoff of the Los Angeles-based Oak View Group named the executives that will drive development of the 2,000-room OVG Las Vegas Hotel & Casino and its adjacent 20,000-seat NBA-ready arena.

They’re Randy Morton, former co-CEO of the Foley Entertainment Group and a four-decade hospitality executive with experience as president and chief operating officer of Bellagio, and Marc Badain, the longtime former president of the Raiders, who helped relocate the team to Las Vegas from Oakland and guided construction of the $2 billion, 65,000-seat Allegiant Stadium.

The $3 billion project — $1 billion of which is dedicated to the arena — will be built on about 25 acres at Las Vegas Boulevard and Blue Diamond Road, right next to Interstate 15 and 1½ miles south of Interstate 215.

Source: https://www.reviewjournal.com/business/casinos-gaming/details-emerge-on-plans-for-south-strip-resort-nba-ready-arena-2598514/ & https://www.msn.com/en-us/sports/more-sports/developer-plans-dollar1billion-nba-ready-arena-near-the-las-vegas-strip/ar-AAVG9d5

Another potential new casino or resort in the pipeline?

Tilman Fertitta, the billionaire who owns the NBA's Houston Rockets as well as the downtown Las Vegas casino the Golden Nugget has closed on a 6.2-acre piece of land on the Strip for $270 million. That's $43 million per acre, according to a story in the Las Vegas Review-Journal. A sometimes reality TV star who made his fortune in the restaurant business, Fertitta has kept his Las Vegas Strip plans close to the vest.

"It could also lead to a ground-up project by Fertitta on Las Vegas Boulevard, an ultra-competitive tourist corridor that regularly sees fresh development plans, albeit with a mixed record of projects actually getting built," the paper's Eli Segall speculated. The property currently is home to retail including souvenir shops as well as a Tex-Mex restaurant and a motel that's currently closed. Fertitta could build a casino resort on the property or opt for a luxury hotel without a casino.

Source: https://www.thestreet.com/investing/another-huge-las-vegas-strip-casino-hotel-project-moves-closer

No new construction but MGM have taken ownership of The Cosmopolitan.

The Cosmopolitan has officially joined the MGM Resorts as a property on the Las Vegas Strip. The MGM Resorts International announced on Tuesday that they have completed the transaction with Blackstone to own the operations of The Cosmopolitan of Las Vegas for $1.625 billion.

MGM Resorts said they entered a 30-year lease agreement, with three 10-year renewal options.

Source: https://www.ktnv.com/news/mgm-resorts-international-takes-over-the-cosmopolitan-for-1-625-billion

New internal images from The Sphere.

Some most recent information concerning the resorts in Las Vegas that are still a work in progress, including their dates of a potential opening:

Fontainebleau Las Vegas
Located just north of the former Riviera site, and across the street from Circus Circus, the blue behemoth was originally slated to open as Fontainebleau Las Vegas in 2009. Unfortunately, funding ran dry as a result of the 2008 financial crisis, bringing construction to a grinding halt. A groundbreaking ceremony was held on November 9th, 2021 with many notable guests in attendance, including Governor Sisolak. While very little new information of substance was shared, the intent to open the property in Q4 of 2023 was communicated in a subsequent press release. They also stated in the press release that the structure is in “Mint condition” and that construction work has already started. If Fontainebleau comes to fruition, the resort will offer 3,700 rooms, 550,000 square feet of convention space, a rooftop pool deck, and a casino.

Atari Hotels Las Vegas
The video game console-themed property plans to combine your typical hotel amenities like bars, restaurants, and a rooftop pool with esports, virtual reality, and other “immersive” experiences. According to Gensler’s website, the project is still slated to open in 2022, however, updates and progress have been minimal since the original announcement.

Dream Hotels Las Vegas
Dream Hotels Las Vegas plans to build on a vacant parcel of land on the south end of the Strip next door to the Pinball Hall of Fame and steps away from the “Welcome to Fabulous Las Vegas” sign. Dream plans to offer a casino, 450 guestrooms, 12,000 square feet of meeting space, and a spa in addition to dining, drinking, and nightlife outlets. The initial timeline slated construction to commence in early 2021 for a 2023 opening, however, the project has yet to break ground.

Durango
Station Casinos intends to break ground in 2022 on a new casino property focused on the locals market southwest of the Stip. The new resort will have an 83,000+ square foot casino, meeting space, and a 200+ room hotel. Dining options will include 4 sit-down restaurants and a food hall with fast-casual options. Current projections see Durango opening in late 2023.

Oak View Group Casino/Hotel/Arena
The Oak View Group recently announced a 25-acre land acquisition south of the Strip at the intersection of I-15 and I-215 to build a $3 billion entertainment complex. The yet-to-be-named project will have a casino, hotel, and “NBA Ready” arena. Groundbreaking is anticipated to occur in 2023, and we’ll be sure to share more details as they emerge.

Source: https://lasvegasthenandnow.com/new-casino-resorts-coming-to-las-vegas/

https://www.youtube.com/watch?v=8wMsoPU4yek

Las Vegas real estate investor Steve Siegel is perhaps best known for his portfolio of low-priced apartment complexes bearing his name. But he has also acquired hotels and other buildings near the Strip, and now he is the casino corridor’s newest landowner.

Siegel, founder of The Siegel Group, purchased roughly 10 acres of real estate on and near the north Strip for $75 million. The sale closed this week, property records show.

The buyer now has more than 12 acres of contiguous property along Las Vegas Boulevard and Convention Center Drive, Clark County records show, and says he is eyeing a project that could include a hotel-casino, condo units and retail.

One of the parcels, a 5-acre plot next to the Peppermill restaurant, sold for $180 million alone in fall 2007, not long before Las Vegas’ frenzied real estate market crashed.

Source: https://www.reviewjournal.com/business/business-columns/real-estate-insider/siegel-has-big-plans-for-recently-acquired-strip-land-2558839/

Oak View Group has unveiled plans for a $3 billion entertainment district spanning 25 acres south of the Las Vegas Strip. The project will be located at the intersection of Interstates 15 and 215, and is set to include an 850,000-square-foot arena, casino, hotel and an additional entertainment venue. The arena will host upwards of 20,000 seats and will offer amenities such as suites and premium hospitality clubs.

Groundbreaking on the project, which is designed by architecture firms Gensler and Populous, is scheduled for 2023. Marc Badain, former president of the NFL’s Las Vegas Raiders, will also partner with Oak View Group on the development.

Source: https://rebusinessonline.com/oak-view-group-unveils-plans-for-3b-arena-casino-project-south-of-the-las-vegas-strip

Downtown Las Vegas’ Circa Resort will begin work next week on a multimillion-dollar, 35,000-square-foot meetings and convention area that will be ready for business in September.

Source: https://www.reviewjournal.com/business/casinos-gaming/circa-bringing-high-tech-expansion-to-downtown-las-vegas-2549208/