80 billion dollars of new Vegas hotels
I’ve reported before that there’s currently $30 billion’s worth of construction going on around the Las Vegas strip, with high profile hotels such as Project CityCenter, Echelon Place, Fontainebleau, Encore at Wynn and the Palazzo all under various stages of construction.
But $30 billion is not enough for Las Vegas – if you’re going to gamble, you might as well do it large, and if the whole city’s going to gamble with its future, large means really large!
Aaron Auxier has compiled a list of projects that are about to begin or are in the planning stage, and has calculated that the list of new projects comes to another $30 billion! Read on to see what else is coming Vegas’s way.
According to Auxier, the existing $30 billion that are currently accounted for include the following projects:
- Tropicana Condo Hotel Expansion – $2 billion
- MGM Mirage Project CityCenter: $7.7 billion
- Signature at MGM Grand: $400 million
- Planet Hollywood Towers: $750 million
- Cosmopolitan Resort Casino (this is one I missed!): $1.8 billion
- Caesar’s Palace expansion: $1 billion
- Palazzo: $2.2 billion
- Encore at Wynn: $1.8 billion
- The Plaza Hotel: $5 billion (Auxier estimates between $6 – $8 billion)
- Trump Towers: $1 billion
- Echelon Place: $4 billion
- Fontainebleau Las Vegas: $3 billion
- Sky Luxury Condos: $350 million
- Allure: $250 million
Total: $31.25 billion!
These projects are all under construction now. They’re not speculation, they’re not in the planning stage – they’re all either in the process of being built, or closing down the old hotels on which they’re going to be be built.
But that’s not all – not by a long way. According to Auxier, the following projects are also on the drawing board:
- The Place at Mandalay Bay
- MetroFlag Resort
- Bally’s Expansion
- Harrah’s Expansion
- Riviera Project
- Crown Las Vegas Tower
- Sahara Expansion
- The 108 acre MGM land
- The Stratosphere Expansion
Total cost of these projects: another $30 billion! Add $20 billion that’s also being spent on downtown Las Vegas, and you get a phenomenal $80 billion of new construction projects – that’s nearly the entire Gross Domestic Product of Peru!
To say Las Vegas is in the grip of the biggest building boom in its history is a huge understatement. Quite how the City will support all the extra visitors these projects are clearly relying on is anyone’s guess!
[Source: LasVegasHighRiseBlog, Wikipedia]
June 25th, 2007, 23:42
[...] Las Vegas is currently in the middle of an unprecedented $30 billion building boom, with another $50 billion set to follow that, with few analysts worrying over whether Las Vegas can support the tens of thousands of new hotel rooms that are being created. [...]
November 19th, 2007, 19:26
The Boardwalk Hotel and Casino has been closed and was imploded by new owners MGM/Mirage to make way for their new “City Center” highrise and casino. Construction is going at a rapid rate.
A recent implosion of the Castaways/Showboat in January and The Bourbon Street Hotel in February. March broght on the toppling block of the Stardust, The New Frontier went next in October. The Tropicana Hotel is bound to be next, we all know what dump that place is.
The Imperial Palace is as bad if not worse than the Trop, looks as though it may be a year before anything implosive happens there though.
We can only hope we knock out all the old dumps in the next few years. Bring on the ultra modern hotels and casinos. Keep up the good work Vegas!