Revival has been the name of the game for Las Vegas over the last few months. The news of renovating and re-opening of older, forgotten casinos in a grand manner to draw the younger crowds has been doing rounds in the industry. There was a time when the Sin City was buzzing with activity and swarming with tourists from around the world, and the casinos and hotels only made profits. But that time ended after the recession, cutting down casino revenues significantly. This had some of the oldest casinos in downtown Las Vegas close doors while the big ones sought desperate measures to survive the crisis.
O’Sheas Casino to Reopen
Only recently, a number of older casinos in Vegas reopened in a newer and better avatar. First it was the Downtown Las Vegas, followed by the Hacienda which is getting a makeover to open as the Hoover Dam Lodge. Now, the once popular Irish casino and pub called O’Sheas is gearing up for reopening this month end. The casino was purely into gambling and had no hotel or restaurant for its visitors, and was closed in 2012 as a part of Caesar’s casinos LINQ project. As promised, the casino is being opened in a new location and will have its famous beer pong and Foosball games for its old timers.
Work on Resorts World to Resume
The grand project of the Genting Group, which had cost the Malaysian company between $2 and $7 billion, is set to get a new lease of life soon. News is that the Resorts World Las Vegas will see the light of the day sometime in 2017 and liven up the atmosphere on the Las Vegas strip. Work on the project, which began around 5 years ago, will soon resume, but the exact dates are not known.
Genting was constructing a multi-billion dollar resort and casino in the 87-acre wide Echelon site, but stopped construction for some reason. The project which was slated to be complete by 2014, will now be ready only in 2016 or 2017, for the construction of the 3,500 room mega-resort, the second on the strip after The Cosmopolitan that opened in 2010, will take at least 2 or 3 years to complete.
2014 to Bring Good News and Cheer, Say Analysts
The Genting Group’s Resort World may not open next year, but 2014 is going to be an eventful one for casinos on the strip, say analysts. Las Vegas gambling market has been making a slow, yet steady comeback from the recession years, and now it is moving towards profits. The gaming revenues are likely to increase next year, and analysts are expecting a positive first half for casino revenues next year.
In 2012, the gaming market showed an improvement of revenues by 1.5% to $10.86 billion and by October this year, the revenues were up by 2.4%. However, the Sin City has not been able to draw as many as 40 million tourists as targeted, but managed to do well with the 33.5 million people it had attracted during the year. While the number of people visiting the city individually, for gambling, has reduced, the number of people coming there on corporate tours is gaining ground. More and more corporates are holding their conventions and meetings in Vegas.
There is no saying if the number of people visiting Vegas is going to increase dramatically, but two more hotels are going to be opened on the Las Vegas strip next year. One will be the erstwhile Sahara reopening as the 415 million dollar SLS Las Vegas and the other will be the Bill’s Gamblin’ Hall, worth $180 million.