Monte Carlo Hotel and Casino, long a staple on the Las Vegas strip, announced full plans in their transition to Park MGM. Park MGM will be the larger brand, with The Nomad being a “boutique” style hotel within Park MGM itself. The best way to look at this would be if you imagined Cromwell Las Vegas inside of Caesars. Both of these brands are owned and operated by CET, with Caesars being very large and sprawling, while Cromwell is, relatively speaking, very small from both a hotel and gaming aspect.
The difference between how MGM will operate The Nomad dynamic of the property is that it will be managed by The Sydell Group, a company that also owns hotels in major cities across the United States, including Los Angeles, Miami, Chicago, Scottsdale, and Palm Springs. The total size of The Nomad will be 292 rooms, a small number when compared to any major resort on the strip, but Park MGM as a whole will have 2,700 rooms. The rooms, as is standard, will feature standard options as well as suites of varied price ranges and sizes. All in all, the casino and resort is expected to be live and operating as Park MGM by the end of 2018. Of course, if history has taught us anything, whether it be due to financing or otherwise, this launch could easily take place a few months early, several years later, or not at all.
Las Vegas Boulevard Has Major Changes Coming
This is interesting timing, as Las Vegas, particularly The Strip on Las Vegas Boulevard, is going through many transitions. Palms was recently sold, Resorts World is being built on the site of never-completed Echelon Hotel and Casino, Wynn is launching a new beach themed resort that will replace their golf course, and much more.
It is hard not to consider the similarities between this recent explosion in development and redevelopment on and around The Strip itself now and what took place in 2008-09. When Las Vegas was last peaking, it experienced a very, very big crash brought on by a dive in real estate pricing, lack of available capital and financing, as well as significant weakening in the economy as a whole. These newly announced and in progress projects in LV will each take years to be completed, perhaps even longer, and with the United States being in such a volatile economic period, it is worth considering that history does have a chance to repeat itself.
Change in Las Vegas Tourism
This news announced by MGM and their plans to launch Park MGM are another sign of the times. Where casinos used to brag about and capitalize on their extravagant gaming areas, today the focus continues to shift more towards the hotels themselves, along with dining and entertainment. Many Las Vegas visitors in 2016 are much more interested in the new restaurants being launched than they are in playing blackjack, and MGM plans to cater to these demands with the new Park MGM and The Nomad.
In addition to the hotel, Park MGM will also include Park Theater, which is a $100 million dollar project that is expected to launch soon; by the end of 2016. In all, Park Theater will seat 5,300 and is another way for MGM to capitalize on the seemingly never ending flow of entertainment money coming into Las Vegas each year.