Boyd Gaming Begins $50m Renovation of Fremont Casino in Las Vegas

  • Boyd Gaming is looking to invest $250m into capital projects during 2022
  • The Fremont will get a bigger and better casino floor, upgraded hospitality areas
  • This renovation work is set to be complete in early 2023, says the Boyd CEO
  • Boyd Gaming reported record-breaking revenue of $3.4bn for the full-year 2021 
Fremont hotel and casino
Boyd Gaming has commenced $50m worth of renovations to its Fremont Hotel and Casino in downtown Las Vegas. [Image: Shutterstock.com]

Getting a fresh look

Boyd Gaming has begun a $50m renovation of its Fremont Hotel and Casino in downtown Las Vegas.

Executives of the casino company announced the project on Thursday during a fourth-quarter earnings release. The renovation of the Fremont Hotel and Casino is part of a wider plan to spend $250m on capital projects this year.

enhancement and expansion of the casino floor

Much of the renovations will relate to the upgrading of food and beverage areas at the property. There will also be an enhancement and expansion of the casino floor. This will see the removal of a previous buffet area, as well as renovations to the gaming space.

The Fremont Hotel and Casino has always been a popular destination in downtown Las Vegas. Boyd Gaming had mulled an expansion to the property prior to the pandemic, with talk of a new tower featuring 509 hotel rooms.

Downtown Vegas thriving

Commenting on the prospects for the $50m Fremont renovation, Boyd CEO and president Keith Smith, said: “Based on the demand we’re already seeing at the Fremont, we expect to see excellent returns from this investment following its completion in early 2023.”

The Fremont gets a particularly large number of visitors from Hawaii. This side of the business slowed during the pandemic due to restrictions on travel but is now starting to recover, according to Boyd.

downtown Las Vegas is a popular destination for value seekers

Smith also noted how the recently opened Circa Las Vegas resort has attracted more people to the downtown area. According to the CEO, downtown Las Vegas is a popular destination for value seekers, a factor from which Boyd’s three properties in the vicinity have benefitted.

A strong year for Boyd Gaming

Boyd Gaming generated record revenue of $3.4bn last year, with adjusted earnings of $1.4bn. During the fourth quarter of 2021, 24 of Boyd’s 27 US properties had double-digit revenue growth. The company is very optimistic about the potential for continued strong growth in 2022.

There was somewhat of a slowdown towards the end of December and the beginning of January due to the rapid spread of the omicron variant of COVID-19. However, it appears that the sector is quickly bouncing back from that lull, according to Boyd executives.

The company is also looking to grow its business outside of Las Vegas. The Sky River Casino in Sacramento is set to open in the fall. Boyd Gaming has also forked out $95m to turn the Treasure Chest Casino in Louisiana from a riverboat into a land-based facility.