The December opening of The Cosmopolitan of Las Vegas is significant in a lot of ways - any new multi-billion dollar hotel-casino is at least noteworthy. But this one is slightly more important for one unique reason: it's probably the last new hotel that will open in Vegas for what could be a very long time. Las Vegas is heading into a dry stretch in terms of new and notable that it hasn't seen for more than two decades.
Before looking forward, let's take a look back, shall we?
The 1980s were relatively slow in terms of new development. Circus Circus, Sahara, Riviera, Imperial Palace, The Dunes, The Four Queens, The Sundance (now Fitzgerald's), The Holiday Casino (now Harrah's), El Cortez, and Lady Luck all opened new towers but the only significant all-new hotel-casinos to open were the Bourbon Street and The Gold Coast.
Then the 1989 opening of The Mirage kicked off a boom unlike any the city had ever seen. In addition to expansions at existing properties, here is a list of hotels that opened during the 1990s: Santa Fe Station, Rio Suites, Excalibur, Treasure Island, MGM Grand, Luxor, Fiesta Rancho, Boomtown (now Silverton), Texas Station, Hard Rock Hotel, Boulder Station, Stratosphere, The Reserve (now Fiesta Henderson), Orleans, Monte Carlo, Sunset Station, Paris Las Vegas, New York-New York, Bellagio, The Venetian, and Mandalay Bay.
While the 2000's were not as busy in terms of new stuff, it still brought about hotels such as Terrible's, Suncoast, Aladdin (now Planet Hollywood), The Palms, Green Valley Ranch, the late-great Ritz-Carlton Lake Las Vegas, the Hyatt Lake Las Vegas (now Loew's), Wynn Las Vegas, Encore Las Vegas, South Coast (now South Point), Red Rock Resort, The Cannery, The Eastside Cannery, Palazzo Las Vegas, and CityCenter plus major expansions at Bellagio, Caesars Palace, Planet Hollywood, and The Venetian among others.
So the 2010s... The Cosmopolitan, set to open December of this year and then... [insert sound of crickets chirping here].
At this point, there are absolutely no additional major hotel-casinos with official openings planned in the city for the rest of the decade.
Yes, there are some things in the works. On The Strip, only the Fontainebleau is in a position to open its doors sometime in the next few years. The 3,000 room resort on the north end of The Strip near The Riviera is about half finished according to most reports but is mothballed by the owner, billionaire Carl Icahn, who rescued it out of bankruptcy. He plans on keeping it that way until the economy improves, which could be years. Even when he decides to move forward, it will be at least a year of additional construction before the hotel can open its doors so my best guess is no earlier than 2012 and perhaps as late as 2014.
The two other big projects on The Strip will be even later, if they ever happen at all. Echelon, the replacement for The Stardust, is a dusty field of partially built buildings that will most likely need to get scrapped and redone once the parent company in charge of the project decides to move forward. If something actually gets built there, I would be surprised if it opens anytime in the next five or ex years. Ditto for The Plaza, the proposed replacement for The Frontier, which didn't even get to the building portion before the plan was put into limbo. The big empty lot will most likely remain that way for the bulk of this decade.
As for all the other hotel-casinos you may have heard about over the years such as the CityCenter-like project that was to be built on the empty lot across from The Sahara? Yeah, you can pretty much forget about seeing those anytime soon, if ever.
There are some expansions that will happen during this decade. The Harmon Hotel at CityCenter is partially complete (it's the sort of roundish one at the northeast corner of the property next to Cosmopolitan). They plan to keep it that way until demand for room inventory increases so that means 2011 at the earliest; maybe 2012.
Up the street, Caesars Palace has an expansion partially constructed with the 1,000 room Octavius Tower on the Flamingo side of the property. The billion dollar building is mostly just a shell right now but could be finished off and opened within a year once they decide to do it. Figure 2012 at the earliest on that one also.
And Steve Wynn is always someone worth watching when it comes to new Vegas development. He has room and rumored plans to build a third resort next to Wynn and Encore and it is public knowledge that he is annoyed by the big dusty lot across the street that was to be The Plaza. But even if he were to announce something tomorrow, it would be 2015 or later before any doors could open.
If you're looking for something new from the major casino players you're going to have to travel a bit further than Las Vegas. Most of the companies major profits are coming from casinos in Asia, with Venetian, MGM Grand, Sands, and Wynn hotels already open and more planned in Macau, China.
So for the most part, the new in Vegas for the foreseeable future is going to be limited to the stuff they don't have bring in cranes for - shows, restaurants, nightclubs, and attractions. There's always that Michael Jackson Cirque show in 2012.
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