Discussion in 'Casino Industry & Development' started by fischer, Dec 6, 2017.
Great news, would love to see the North Strip rejuvenated.
Awesome! The north strip is going to be really nice in a few years
And, all of the new higher-end places will hopefully drive prices down in the center and south Strip area.
FTFY. Run it for another 5 years as a low roller joint with low roller margins, and they would all become run down.
Another article from The Sun:
Alon : Wynncore :: Treasure Island : Mirage ?
It would be nice if Steve developed a upper mid-range property on that site to complement Wynncore. Think Treasure Island and Mirage. Things have changed and it certainly would not be themed, but carry over Wynncore style, service and panache at a 4 star level. I stayed at Mirage for the 1st time this month. It is aging, but the property was so well designed that it fares really well compared to others of the same age. One would imagine the same at TI if it had been maintained at the same level that MGM has put into Mirage. Even if relatively neglected, TI still functions well.
I thought about that too just based on the comparatively small acreage that the Alon site has compared to Wynncore, just like TI was built on the smaller area within the Mirage complex. I've never stayed at Mirage or TI.......I dislike how MGM got rid of a lot of the tropical theme at Mirage, and the skimpy pool area at TI would probably make that a non-starter as well (although I've preferred staying downtown for the past decade now).
As I said earlier in the thread, it could be that Steve rethinks his Paradise Park hotel tower and moves it across the street as part of a standalone resort. He promised a new room concept as part of that tower. Or perhaps he knows what concepts they were looking at with Alon and wishes to implement some of them there. It would be nice to try something "new and bold".......even if attaining that is more difficult to do after what Steve has accomplished already.
I don't see Steve Wynn building a 4 star joint when he thinks he has the ability to sell another 1,000+ rooms at $250 a night.
I highly doubt it. Construction on the golf course starts in a couple weeks and Wynn hasn't even closed the purchase of the Alon site yet
Yeah I think the lagoon is certainly a go, but wonder if the new hotel at Wynncore would possibly be scrapped if Steve is thinking about a standalone resort across the Strip. I'd personally look forward to towers at both places, especially since the one at PP will likely be online in around two years, while an Alon project is minimum five years from opening. But at the same time, Id look more forward to a whole new place at Alon than I am the PP addition.
With sky high construction costs that investors will expect to be paid off quickly, it almost forces a new property to go for 5 star level to get a high ADR.
I also wouldn't mind seeing a 4 star resort put at the Alon site. Steve Wynn will have to decide if there is enough demand to support another 5 star resort in that area through both good and bad economies. With the expansion of the convention center nearby he may also go after the Vegas business traveler and try to steal Venetian customers. There are just so many ways he can go with this site that have good potential that purchasing the land is a no brainer. I am sure that his biggest concern is to not canabolize Wynn and Encore but instead to compliment them. With his history of how he approached developing Mirage, TI, Bellagio etc. I think a 4 star resort is not out of the realm of possibilities. Remember each of those properties were designed to attract a different clientele and to create loyalty to his brand through variety and it worked.
Steve would be smart to throw a 4-star into the mix, if just to compete with Park MGM. As mentioned, an upper-mid development would complement his existing properties, and would certainly appeal to the convention crowd. It could also appeal to people who come to town for concerts at the new performing arts complex Sheldon is building nearby.
There is lots of action percolating North Strip, and the Alon property is right in the middle of it. Time will tell.
eh, if he thinks he can get Wynn level rates, why would he bother competing with Park MGM?
There's the rub. Does he?
Only Steve knows.
He has been upping the proposed room count at the new hotel tower to be built behind the current Wynn hotel. That makes me think he thinks there is room at the high end still.
Indeed, it would be fascinating to see what Steve Wynn conceives as "new and bold."
It will have to be bold to beat out the free circus acts in the neighborhood!
Its going to remain a dirt lot. Only now there is no hope of anyone building on the site.
I get many offers from his property that are in the 4 star range with freebies on incidentals. He might as well build the 4 star hotel to begin with.
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