MGM Resorts International has had a busy year on The Strip in Las Vegas, building the world-class T-Mobile Arena, creating a new area between Monte Carlo and New York New York known as The Park, and this week they made yet another blockbuster announcement.
MGM has announced that they're working with Sydell Group to modify the Monte Carlo Resort and Casino on the Las Vegas Strip. Monte Carlo is still a popular hotel on The Strip but has become dated in comparison to sleek spots in City Center. Their response is a project that is going to cost $450 million to make the Monte Carlo more of a boutique-type place.
MGM has partnered with the people running the popular boutique hotel in New York known as the NoMad. The NoMad is a popular hotspot not only as a hotel but as a hot spot. There's a Michelin-starred restaurant inside along with several posh bars, including the NoMad Library.
In Vegas, MGM will be launching two new hotels with up to 2,700 rooms. The first will be called the Park MGM and the other will be the aforementioned NoMad Las Vegas, which will be on the top three floors of the existing Monte Carlo. The plan is to add more shops to bring in younger people that aren't solely focused on gambling. Monte Carlo has not been popular among the young crowd but a more modern hotel with a chic feel to it with cool shops and updated dining will catch the eye of those customers. By teaming with Sydell, which is based out of New York, MGM is looking to bring the Monte Carlo into the modern era by giving it a youthful look.
This is a move that coincides with the creation of The Park, which is the outdoor entertainment area and walkway leading up to T-Mobile Arena. That includes restaurants like Shake Shack and Bruxie, as well as a soon-to-be-completed new theater for Monte Carlo events.
It's interesting to see how The Strip is shaping up as there are some evident turf wars. When the Wynn was constructed, it drew a lot of luxury clients to the north end of The Strip. When City Center went up, it become the hub of the hip spots. Places like Aria and The Cosmopolitan are one of the first choices for young crowds and bachelor parties. But with MGM dropping in T-Mobile Arena, adding in The Park and renovating Monte Carlo, it's clear that they're trying to pull the attention back to their properties. MGM, New York New York, Monte Carlo and Mandalay Bay are all right by each other and MGM Resorts International is trying to convince customers that their spots are the place to be.
The partnership with the NoMad - really popular in New York - is a very shrewd move by MGM. Expect it to inject some life into the Monte Carlo Hotel & Casino, which was a place that was starting to be forgotten on The Strip.