How long does the old resort last?

There have been numerous news reports, but so far, everything remains the status quo. With Boyd Gaming announcing the groundbreaking of its $4 billion Echelon Place project in 2007, the trend toward a five-star, multi-billion dollar condominium hotel continues its relentless march north along the Las Vegas strip.

The outposts of Old School Vegas that recently dropped out of the condo hotel blitz include the clownish Boardwalk Hotel & Casino, West Lake Casino, and Sister Lake. This spring, Hara Entertainment will announce a redevelopment at the Streep Flamingo intersection, which could merge Hara’s Las Vegas, Imperial Palace, Flamingo Hilton, O’Shea’s, the defunct Bourbon Street Hotel & Casino, and even Bali’s Las Vegas into one mega resort.

Is this onslaught of capital-intensive development putting pressure on pre-Mirage casino hotels to reinvent themselves? The San Remo Hotel is undergoing renovations and additions, and it reopened under the Hooters banner over Super Bowl weekend, while the Tropicana Resort & Casino has closed its rooms again, leading some Vegas watchers to believe that its owner Aztarsa is serious about redeveloping the hotel. Probably.

New Frontier Hotels & Casino owner Phil Ruffin’s sale of the Bahamas resort in April for $150 million was seen as a harbinger of an imminent new frontier leap, but nothing has been announced. Similarly, while Sahara Hotels & Casino is quiet, Riviera Holdings stood firm on its flagship building, Strip, last November. That could all change when real estate and gaming companies take over (see article on page 3).

As for Circus Circus, another clown-themed casino, Terrence Lanni, CEO of MGM Mirage, said the sprawling hotel/motel/RV park complex is making the most of the site inefficiently. However, industry watchers agree that MGM Mirage is unlikely to do anything about Jay Sarno’s aging clown palace as long as it has a project city center. 슬롯머신

MGM Mirage spokesman Alan Feldman reiterated Rani’s earlier comments, saying the circus site was “not at all efficient” as it had 27 acres of outdoor parking and low-rise buildings. But he said the aforementioned agreement was correct and “that question (about redevelopment) would take at least five years.” Feldman said “the market is very well served at the moment in every way,” while Rani made record moves, saying one of the attractions of the Mandalay resort group’s portfolio is that it gives MGM Mirage a presence at every price point in the strip market.

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