IT’S TIME TO START RETHINKING VEGAS
‘Sin City’ is experiencing a boom unlike any it’s seen in almost 30 years
The Las Vegas you know and love (or hate) is in the midst of a reinvention.
More than $5 billion worth of construction investment has poured into “Sin City” recently, resulting in such flashy ribboncuttings as the $375 million T-Mobile arena (home venue to the Vegas Golden Knights, an NHL team that just advanced to the conference finals in its first season) and plans for an NFL team (born the Oakland Raiders) to play in a glitzy, new $2 billion stadium.
That’s just sports. The convention center, which gets flooded with international visitors for conferences, from the Consumer Electronics Show to
the Roller Skating Industry Convention, is being overhauled and expanded at a cost of $1.4 billion, and hotel mainstays, from the Palms to Caesars Palace, are getting nine-figure renovations.
It’s a boom unlike any the city has seen in almost 30 years.
“The 1990s were when we came out with the marketing campaign ‘What happens in Vegas stays in Vegas,’ ” said Rossi Ralenkotter, chief executive officer of the Las Vegas Convention and Visitors Authority. “International trade shows were starting to come into town. Las Vegas was just becoming an exciting place.”
It was the only real boom since the city came of age in the late 1970s. “That was when Steve Wynn built the Mirage and all those resorts came in. The legalization of the gaming scene in Atlantic City made us wonder what we needed to do to compete,” Ralenkotter said.
Now the city is due for another marketing makeover. Following the Oct. 1 mass shooting that left 58 concertgoers dead, the city has experienced a tourism slump of 4.2 percent.
Luckily for all who bet big on Sin City, the current growth should do more than keep Vegas relevant. Look no further than the $550 million revamp of the Monte Carlo, which officially becomes the Park MGM this week. The new hotel — the result of a four-year collaboration between MGM CEO Jim Murren and hotel luminary Andrew Zobler — is poised to be Vegas’ new entertainment and dining hub.
Among its draws are 2,604 glamorous rooms, three intimate pools inspired by the French Riviera, the sixth American outpost of Eataly, and more than a dozen restaurants by a who’s who of influential chefs. Even such big names as Daniel Humm and Will Guidara — of Eleven Madison Park — and L.A. entrepreneur Roy Choi are getting in on the fun.
“We’d invested billions in the neighborhood surrounding the Monte Carlo,” Murren said. “And yet it had become a dormitory for people coming to town; it had terrible brand-awareness.”
The unremarkable thoroughfare that leads from the old Monte Carlo to T-Mobile Arena — itself a joint venture between MGM Resorts International and Anschutz Entertainment Group — has become the new jewel in Murren’s crown. He’s calling it “The Park,” and it’s the outdoor equivalent of City Center, the architectural marvel filled with high-end shops that almost bankrupted MGM in 2009. (The company scraped together funds just before it would have defaulted, and the shopping center endured.)
This time, the complex includes the 20,000-seat arena, a theater next door, an urban park, a 40-foot statue of a dancing woman (near an 18,000-square-foot nightclub), and a full suite of fast-casual restaurants, including Shake Shack.
The Park MGM — whose top floors will house a separate NoMad hotel — will anchor the complex, turning the sad Monte Carlo into the strip’s gleaming new flagship. It’ll steal attention from MGM’s highest-end hotel, the Bellagio, as well as the most recent hotel to bring such buzz to Vegas: the eight-year-old Cosmopolitan.
“People who had done lifestyle in Vegas were using a model that was 15 years old,” said Andrew Zobler, CEO of Sydell Group, who was introduced to MGM via his partner, investor Ron Burkle. “It was all about what happened after midnight.” With Park MGM, he aims to break that mold — and several others.
The design of the common areas is inspired by 18th-century English gardens. Restaurants are broken into small rooms, rather than overwhelmingly large spaces. And instead of having one giant pool with a DJ, there are three more intimate places to swim, all surrounded by date palms, olive trees and mint-green cabanas.
By bringing the outdoors in — and importing the type of high-touch service that characterizes Sydell Group’s hotels, from New York’s NoMad to the Ned in London — Zobler intends to create a boutique-like, all-day destination unlike anything else on the Strip.