North Las Vegas Hotels And Casinos – Card changes for iconic Las Vegas Strip after big hotel and casino deals Hotel sales in the city account for 17% of all hotel deals in the US over the past two years
Several projects are underway that could activate Las Vegas’ North Strip, with the expected return of the Fontainebleau and the debut of Resorts World Las Vegas across the street from the convention center expansion paving the way. (iStock)
North Las Vegas Hotels And Casinos
The past two years have seen a flurry of hotel investment activity in the Las Vegas market, with nearly 10 transactions achieving sale prices in excess of $1 billion.
South Point Hotel Casino & Spa
Total hotel sales volume over the past two years in Las Vegas is nearly $16.8 billion, representing 17% of total US hotel sales volume during that time frame. Las Vegas hotel transaction volume this year surpassed the total annual Las Vegas hotel sales set over the past decade and is close to surpassing the cumulative sales volume from 2012 to 2019.
Luxury resort hotels have become a favorite among guests and investors. And not only in Las Vegas. Even with higher operating costs, the strong bottom-line performance of luxury resort properties combined with rising property prices has attracted healthy investor appetite for this asset class, which has earned a reputation as almost “recession-proof.”
While many of the larger recent hotel deals have garnered media attention, some of the smaller transactions by comparison or those resulting from M&A activity may have been overlooked, but are likely to impact major Las Vegas real estate changes in the near future.
The former Las Vegas Travelodge is gone after buyer Fertitta Entertainment demolished the hotel at 3735 S Las Vegas Blvd. and some adjacent retail buildings to make way for Fertitta’s plans for a 43-story, 2,420-room hotel-casino at the city’s famous resort. ()
The Best Hotels For A Good Walk In Las Vegas (all Indoors!)
The 125-room Travelodge Las Vegas Center Strip is located on the southeast corner of Las Vegas Blvd. and Harmon Ave., which traded for approximately $141.5 million in June. Obviously, a small economy class hotel would not trade for such a high price on its own, but it was sold for land value as part of a larger portfolio transaction. Fertitta Entertainment, led by billionaire NBA Houston Rockets owner and Landry’s restaurant operator Tillman Fertitta, purchased the hotel and three adjacent commercial properties for a total of $270 million.
Since then, Fertitta has received approval to build a 43-story luxury casino resort on a prime 6.23-acre site that will include 2,420 rooms with restaurants, convention space, a spa, a wedding chapel, a car showroom and approximately 2,000 square feet of theater with 500 seats. The breakthrough date has not been revealed. Based in Houston, Fertitta Entertainment also owns the Golden Nugget casino in downtown Las Vegas and recently became a major shareholder in Wynn Resorts.
Last December, Hard Rock International announced that it had agreed to pay more than $1 billion in cash to acquire The Mirage business from MGM. The deal is expected to be completed at the end of this year. While not specifically a real estate transaction, the operational takeover will mean big changes for the iconic 3,044-room Las Vegas Strip hotel.
Part of the purchase agreement includes the option to keep the property branded as The Mirage for up to three years, but Hard Rock appears ready to make the changes long before then. Hotel guests were informed that “The Mirage Hotel and Casino will be renamed The Hard Rock Hotel and Casino effective December 19, 2022 and will no longer be under the MGM brand.” In a previous announcement to the news, Hard Rock said it expects to unveil an “expansion to the property” in 2025, and while no details have been released, there is speculation that the property could be turned into Hard Rock’s signature guitar-shaped hotel.
Closed Casinos, Visitation Declines Hurt Two Clark County Gaming Markets
The sale of the 1,470-room DoubleTree Tropicana transaction was announced last year but officially closed in September. The hotel was bought by Bally’s Corp. for $148 million, or $100,700 per key.
Details of what will happen to the hotel are unclear, but the new owners say they are considering demolishing the structure originally built in 1957 and that a Major League Baseball stadium project for the Oakland Athletics at the Tropicana is still “very much in the works.”
It’s not the only Las Vegas location being considered for a potential baseball stadium, as the owners of Treasure Island and Circus Circus are open to using the Las Vegas Festival Grounds at Las Vegas Boulevard and Sahara Avenue as a potential stadium site. However, in early November, Nevada’s governor said state funds would not be used to build the stadium, so the A’s may be looking at other markets as state funding is believed to be an important factor in their potential move.
Fontainebleau Las Vegas at 2755 Las Vegas Blvd. S. is expected to open late next year in time for Las Vegas to host the 2024 Super Bowl ()
Three Las Vegas Area Casinos To Be Demolished
Fontainebleau Las Vegas is not a new project for Las Vegas, but significant updates were made last year. The 60-story, 3,780-room mega-resort has been under development for more than a decade with numerous hiatuses in construction and changes in ownership groups.
The hotel was nearing completion and was due to reopen in the fall of 2009, but fell into bankruptcy during the global financial crisis. After that, it stood empty for more than a decade. Last year, the property was purchased by its original owner, Fontainebleau Development in partnership with an affiliate of Wichita, Kansas-based Koch Real Estate Investments. A previous plan to call the redeveloped resort The Drew and house three Marriott hotels has been scrapped.
Now the facility is reverting to its original name of Fontainebleau and is expected to open late next year in time for Las Vegas to host the 2024 Super Bowl.
There have been several other notable changes to the Las Vegas hotel landscape, perhaps none more significant than the 2021 opening of the 3,500-room Conrad Las Vegas hotel at Resorts World featuring the three Hilton brands.
New Move Continues North Las Vegas Strip Casino Resurgence
Located above one of the stations of the new Las Vegas Loop, a tunnel system created by Elon Musk’s Boring Company that connects to the convention center. The resort has three separate brands and price categories. The most affordable option, and also the largest of the three hotels, is the Las Vegas Hilton with over 1,700 rooms. For those looking for a little more luxury, Conrad Las Vegas offers. Resorts World’s finest rooms are part of Crockford’s Las Vegas, a boutique Hilton brand with just under 1,500 rooms with private entrances and tea service upon check-in. There is also a hidden speakeasy located in the restaurant, with no external signs and a hidden entrance.
In 2020, the 777-room, luxury, adults-only Circa Resort & Casino opened, the first hotel-casino built from the ground up in downtown Las Vegas since 1980, replacing Club Las Vegas, which was demolished in 2017.
In 2022, the property won the North American Property of the Year award for the second year in a row at the Global Gaming Awards in Las Vegas. This year, the property unveiled its newly expanded 35,000-square-foot meeting and convention space. With a ballroom, lounge and banquet hall, and an adjacent pre-ceremony space with a 1,600-square-foot outdoor patio, the timely new space has opened just as business meetings and events continue to grow since the pandemic.
The $200 million conversion of the former Hard Rock Hotel in Las Vegas with 1,502 rooms reopened in March 2020.
Palace Station Hotel Las Vegas (book Direct And Save)
The $200 million conversion of the Hard Rock Hotel to the 1,502-room Virgin Las Vegas Hotel, part of Hilton’s Curio Collection, reopened in March 2020. The resort’s more than 1,500 rooms are spread across three towers.
In March, Oak View Group (OVG) acquired 25 acres of land near the intersection of I-15 and I-215. and announced plans to develop the OVG Las Vegas Hotel & Casino, which would include an 850,000-square-foot arena, casino, hotel and additional entertainment amphitheater. Various media sources have indicated that construction will begin this year or next; however, the project is not listed on the company’s website with other current development projects. This year, OVG opened the Moody Center at the University of Texas in Austin, Texas, and Acrisure Arena in Coachella Valley, California. Last year, OVG opened the $1.2 billion 18-seat, 100-seat Climate Pledge Arena in Seattle, the world’s first certified net-zero carbon arena; and UBS Arena, a multi-purpose, state-of-the-art $1.1 billion arena located on the historic Belmont Park grounds. These arenas are home to the Seattle Kraken and New York Islanders NHL hockey teams.
Several other major hotel projects listed below have been announced in Las Vegas, however they have remained in the proposed construction phase for years, and given the challenging and extremely expensive development costs of major hotel projects in the market, the future of these projects is unclear. However, if they came true, they would too
Old las vegas hotels and casinos, station hotels and casinos las vegas, las vegas strip hotels and casinos, map of las vegas hotels and casinos, north las vegas casinos, jobs in las vegas casinos and hotels, las vegas hotels and casinos, fremont street hotels and casinos las vegas, best hotels and casinos in las vegas, downtown las vegas hotels and casinos, las vegas hotels and casinos list, new hotels and casinos in las vegas