Local News


Casino owners reinvesting in Las Vegas

Posted at 11:19 PM, Nov 15, 2017
and last updated 2017-11-16 02:19:46-05

The Las Vegas Strip is constantly changing, but over the last few years things seem to be picking up speed.

Last week MGM Resorts CEO Jim Murren said the company will concentrate its capital in Las Vegas where it is strongest.

This after the company has built several other resorts outside the Silver State in recent years.

The company was careful to explain none of the capital improvements are going to be anywhere near the scale of the $550 million rebranding of the Monte Carlo into Park MGM.

Those who study the hospitality industry like College of Southern Nevada professor Terri Jones says the confidence to reinvest capital in Las Vegas shows the city’s economy has fully recovered.

Jones says there isn’t a huge need for more hotel rooms with the Resort World project in the works and new investors planning to complete the long-stalled Fontainebleau.

Until there is a demand for more rooms, Jones says it makes more sense for companies to spend their money improving the current properties rather than spending billions building new resorts.

"It's not cheap to renovate your properties.  We are still talking a significant investment, but far less expensive than from the ground up," Jones said.

You don't have to look far for to see those smaller changes.
Caesars Entertainment is currently renovating rooms at Harrah’s and the Flamingo. 

Most properties are working to add new restaurants.

When it comes to which properties get a makeover, Jones says it is all about the market and where companies see tourists heading.

She says it’s pretty easy to guess where companies will be spending their money in the coming years with a $1.9 billion NFL stadium under construction.