Monte Carlo Las Vegas Rebranding & Renovation
Las Vegas is constantly upgrading, updating and innovating. We have seen this in the past with the birth of so called “megaresorts” and now most recently with a move to non-gaming experiences. An example of this is the Linq mall anchored by the High Roller Observation Wheel and Steve Wynn’s proposed lagoon that is to be built on the site of that resort’s golf course.
When Linq was built, the adjacent Imperial Palace (and then the Quad) was renovated and eventually named Linq as well to bring synergy between the projects. It now seems that the same is going to happen with the Monte Carlo. A couple of months ago The Park dining and entertainment district opened up between the Monte Carlo and New York New York. It leads from the Strip all the way down to T-Mobile Arena. (Which may be getting an NHL hockey team!) With the Park firmly open and thriving, Monte Carlo will be changing to Park MGM.
Park MGM Details – Two Hotels & More
This $450 million renovation and re-branding will actually see the current 3,000 room Monte Carlo split into two hotels. The Park MGM will have 2,700 rooms and “target a younger, well-traveled demographic seeking unique experiences and innovative design” according to the companies press release. Park MGM will incorporate the European influences of the current Monte Carlo while also tying into the Park next door.
In addition to Park MGM, the rest of the property will be converted into The NoMad Las Vegas. MGM Resorts is partnering with Sydell Group to bring this concept that has been successful in New York over to Las Vegas. The NoMad Las Vegas will have a total of 292 rooms and suites and will also feature a dedicated drop off, lobby and swimming pool.
As part of the $450 million renovation, MGM Resorts and Sydell will bring new gaming, dining and shopping experiences to the project. Among them will be Chef Daniel Humm’s NoMad Restaurant. The press release also mentions that several other dining concepts will debut at the property which is set to conclude renovations in late 2018.
Analysis
It seems that a lot of the details are still being worked out, but overall I think this is a good move. Monte Carlo is connected via tram to City Center and Bellagio and it always seemed very down market compared to those properties. New York New York is down market enough, so tying these two luxury brands into the very nice Park entertainment district is a good move.
I stayed at the Monte Carlo last year and the rooms are very dated. While the name may indicate it is a luxury property, it was never actually built to fill that segment, so the companies have a big job ahead of them to complete this transformation. Rooms aren’t overly large and the bathrooms are fairly basic. I can’t wait to see how it will all turn out.
Conclusion
Some would argue that Las Vegas doesn’t need yet another luxury property on the Strip, but market dynamics say otherwise. The Monte Carlo has always been a nondescript uninspired property in my eyes and I think this renovation combined with the Park and the 5,000 seat theater currently under construction will make this one of the more interesting and popular properties on the Las Vegas Strip. Now we just need to know how much the price of parking will go up to cover the cost of this renovation. 😉
What do you think?
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What my wife and I always liked about the Monte Carlo (and we are staying there again later this month), is that it is a mid-level hotel. The Bellagio is above our price range. The Excalibur is very dated and entertains too many kids. Maybe a shift to Harrah’s is in order.
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Having stayed at Monte Carlo a few months ago, I would be pleasantly surprised if it could ever be labeled as upscale/luxury. (MGM CEO) Murren has even more ambitious plans for NoMad (Hotel 32), hoping for rates to hover in the Wynn/Encore range.
Dang it, the Monte Carlo was my secret weapon. Where you saw down market, I saw an expensive way to stay perfectly located. If you’re doing Las Vegas with the guys, the amount of time spent in the room is minimal anyways.