Published on Thursday, April 19, 2007
On the resort front, Las Vegas continues to be a dynamic construction market. Between now and 2010, there are approximately 38,600 new hotel and motel rooms planned or already under construction, totaling approximately $30 billion.
In 2007, Aladdin Casino and Resort's transformation into Planet Hollywood Resort and Casino will be complete. The remodeling began in October 2005 and has been carefully executed in phases so that the property can remain open throughout the entire renovation process with minimal impact on the guest experience.
Also this year, look for the debut of The Venetian’s Palazzo, a $1.6 billion hotel and casino that will have 3,020 hotel rooms and 450,000 square feet of meeting space.
Station Casinos, Inc. and The Greenspun Corporation, the partnership behind Green Valley Ranch Resort, have entered into an agreement to develop Aliante Station, a hotel and casino in Aliante, a 1,905-acre master-planned community in North Las Vegas. Station Casinos broke ground on the project in early 2007.
The newest Station Casino, Red Rock Casino, Resort & Spa, which opened last year, will complete its expansion during the first quarter of 2007 featuring 430 additional hotel rooms and a larger spa. In the second quarter, Red Rock will open a 72-lane bowling center, which will include a lounge, dining, full-service pro shop and VIP area for private parties.
In 2008, Palms Place, the 50-story Condominium Hotel and Spa Tower at the Palms Casino resort, is expected to open. The 599-room project is expected to cost approximately $600 million and will feature the SkyTube, a moving walkway that will join the residences with the resort’s casino, restaurants and nightlife.
Also in 2008, Trump International Hotel & Towers will make its debut on the Las Vegas Strip. At $500 million and 1,282 rooms, it will be one of the few Strip properties without a casino. Instead, the property will house luxurious resort amenities including a private spa, fitness center and a world-class gourmet restaurant.
The Cosmopolitan Resort and Casino is a $2 billion project scheduled for completion in 2008. The resort is expected to have approximately 3,000 hotel rooms and luxury condominium units, a full-service casino, 150,000 square feet of convention space and over five acres of swimming pools, nightclubs and restaurants.
Encore, the second tower of Wynn Las Vegas, is under way with completion expected in 2008. The $1.4 billion hotel and casino will house approximately 2,000 rooms. The tower will house its own casino, pool, restaurants and other luxury amenities.
In 2009, MGM MIRAGE will debut what it is calling a multi-billion dollar "urban metropolis." The 76-acre development is named CityCenter for now. The 18 million-square-foot project calls for a 4,000-room hotel and casino, two 400-room boutique hotels (including Las Vegas' first Mandarin Oriental), 2,700 luxury residences and 550,000 square feet of retail, dining and entertainment space. CityCenter will cost $7 billion, making it the largest privately funded project in the United States. CityCenter residences are now available for purchase.
Boyd Gaming Corp. plans to develop a $4.4 billion resort on the 63-acre site once occupied by the Stardust. Echelon Place will include 5,300 rooms, 1 million square feet of meeting and convention space, 350,000 square feet of retail stores and a 140,000-square-foot casino. The project is scheduled to open in 2010.
W Hotels Worldwide, in partnership with Edge Resorts, will open its first hotel and residences in Las Vegas - the W Las Vegas Hotel, Casino and Residences. The $1.7 billion W Las Vegas will be located at the intersection of Harmon and Koval. The W Las Vegas will embrace the stylish, signature comforts W is known for including striking architecture, multiple restaurants, nightlife and spa amenities. The development will be the brand's first property with a casino. There will be a mix of approximately 3,000 hotel and residential units and 300,000 square feet of meeting space. W Las Vegas is scheduled to open in 2010.
Named after the Swiss resort and its jazz festival, Montreux will take the place of the New Frontier, which will likely be demolished in 2007. Montreux is scheduled to break ground this year and open in 2010. The new hotel is expected to have 2,750 rooms, including 750 suites. The property will also feature an observation wheel (tentatively called the "Las Vegas Eye") which will be positioned in front of the hotel, facing the Strip. The wheel will be slow-moving with temperature-controlled cabins that rise 450 feet in the air. The cost is projected to be $2 billion.
Report by Chitra Mogul
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