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Huge Las Vegas Strip Casino Project Moves Forward

TheStreet logo TheStreet 8/18/2022 Daniel Kline

Sin City looks set to welcome another massive resort/casino that's going to compete with industry leaders Caesars and MGM.

For a long time the Las Vegas Strip referred mostly to the Caesars Entertainment (CZR) - Get Caesars Entertainment Inc. Report and MGM Resorts (MGM) - Get MGM Resorts International Report properties on the South and Central Strip. Those two companies dominated by offering properties that appeal to every level of consumer.

Caesars has value properties in Bally's and Flamingo, up to mid-tier casinos Harrah's and the Linq, to top-tier resorts including Caesars Palace and the boutique Cromwell and Nobu Hotels. 

Similarly, MGM has Excalibur at the low end, New York New York, Luxor, and others in the middle, and MGM Grand, Mandalay Bay, and Cosmopolitan in the top tier.

They've always had competitors, of course, but Caesars and MGM made the Central and South Strips the dominant sections of Las Vegas Boulevard, with the North Strip mostly an afterthought. 

Sure, the end of the Strip had the Strat and Circus Circus sitting on the north end of the famed road, but the action was in the south and center of the 4.2-mile stretch of road.   

In the past year, however, the balance of power has shifted. Resorts World Las Vegas effectively extended the Strip past the Wynn Resorts (WYNN) - Get Wynn Resorts Limited Report properties. 

Multiple massive projects are under way on the North Strip, and now, one that has been 20 years in the making is inching closer to opening and has outlined some major plans,

Fontainebleau Las Vegas PR © Provided by TheStreet Fontainebleau Las Vegas PR

Fontainebleau Resort Casino Discusses Plans

Fontainebleau has followed an improbable trajectory. 

The project started nearly 20 years ago and went through multiple owners before falling back into the hands of the original owners, who now have the property on track for a late-2023 opening,.

Now, Fontainebleau Development has shared the first details of the unique luxury retail shops that will be located inside the resort casino. 

The property will have a "unique integrated design" to create a shopping district spanning 90,000 square feet and featuring about 35 luxury retail concepts on two levels, the company said in a news release.

“Fontainebleau Las Vegas’ unique vertical design gives us great creative flexibility when it comes to our retail space,” said Fontainebleau Development President Brett Mufson. 

“We’re incorporating other elements of the Fontainebleau brand into our space, making for a seamless guest experience and generating unprecedented exposure and foot traffic for our retail partners.”

The resort developers want to make shopping a key part of the Fontainebleau experience, offering retail space that "is conveniently connected and highly visible from the larger resort ecosystem," the company said. 

"[Every] space will be designed with accessibility top of mind – neighboring, either adjacent or above, Fontainebleau’s 173,000-square-foot casino, dining experiences, and other offerings."

“All facets of the resort have been thoughtfully considered with chic, sophisticated, and elegant architectural design and elements that echo the DNA of our brand,” Mufson said.

“By blending different programmatic elements throughout Fontainebleau Las Vegas, rather than keeping them separate, window shopping and billboarding take on a whole new meaning, as our retail partners will capture more business organically while keeping guests connected to the overall experience.”

Fontainebleau has billed itself as the first luxury hotel to be built in Las Vegas in 15 years.

Can Fontainebleau Make the North Strip Matter?

The South Strip and Central strip essentially have full density, You can walk in any direction and hit multiple massive casinos, shopping plazas, concert venues, and even T-Mobile Arena. It's a setup that attracts tourists.

You might be visiting Las Vegas because you have concert tickets at a Caesars venue and it makes sense to stay at one of that company's properties. 

While you are there, of course, it's easy to visit a number of MGM resort casinos, take in the Venetian, and hit the Caesars Forum Shops or the lower-end Miracle Mile mall.

The North Strip lacks that density, but Fontainebleau -- along with the North Strip NBA-ready arena project -- joins Resorts World in making the area a destination. 

It's not there yet, but while adding another massive resort casino to the area may not shift the city's attraction balance significantly, it'll at least make staying on the North Strip more of an option during Las Vegas's busier days.

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