During This Week in Gambling’s edition, J. Todd takes a look at hotel news on the Las Vegas Strip. There are comings, goings and a little bit in between.
Just weeks after announcing Las Vegas baseball was a done deal, and that a new stadium would be built off the Strip near Interstate 15, things have turned once again. Originally, the location of the new Las Vegas baseball stadium was west of Las Vegas Boulevard, across the freeway from the New York-New York Hotel & Casino. In order to build there; however, the team needed to secure $500 million in public funding. That’s a very short amount of time to raise a lot of money.
Fast forward to today as an alternative plan also known as Bally’s Corporation has entered the mix. Bally’s has an agreement to build a $1.5 billion stadium on a portion of land now occupied by the Tropicana Las Vegas, which will be torn down to begin construction. And by doing so, the amount of public financing needed falls to under $400 million.
This property will also contain a new casino, and while it’s not known exactly yet which casino it will be, the smart money is on a Bally’s Las Vegas.
The long awaited (and overdue) Fontainebleau Las Vegas, which has been under construction since 2007, announced that it will open its doors on the north end of the Strip this December. The development company running the project did not give a specific date, but did confirm what it is calling a “global debut” before the end of the year, but after the Formula One Las Vegas Grand Prix
in mid-November. The 67-story, $3.7-billion luxury resort will boast over 3,600 rooms as well as world-class restaurants, shops, and nightlife. It will also feature a spa, wellness services, pool experiences, and 550,000 square feet of convention space.
Not to be left out of the conversation, both the Bellagio and Paris Las Vegas are also under renovation at the moment.
The Bellagio just started a $100 million dollar transformation to more than 800 of its rooms and 100 of its suites. The redesign includes living areas, bedrooms and corridors. The first renovated rooms will be available for guests starting in July.
The Paris Las Vegas is also dropping $100 million to transform Jubilee Towers at the Horseshoe Las Vegas into the Versailles Towers at the Paris, which will add over 750 redesigned rooms to that resort. Construction should be completed this fall.