The huge Las Vegas Strip project takes over over a dead former hotel

The huge Las Vegas Strip project takes over over a dead former hotel ...

The Las Vegas Strip has more than just casinos. Sure, the famous 4.2-mile stretch of road gets its name from the towering Caesars Entertainment (CZR) - Get MGM Resorts International Report, Wynn Resorts (WYNN) - Get Wynn Resorts, Limited Report, and the other iconic casinos, offer so many benefits.

You have a T-Mobile Arena, which hosts the Las Vegas Golden Knights NHL team as well as concerts, and a triad of other music and/or performance venues that include everything from large-name DJs, classic acts, and Las Vegas icons.

The Las Vegas Strip has also become a magnet for unique entertainment. From the wide spectrum of street buskers performing and oddball characters looking to draw you in to taking a picture, to massive displays such as the Fountains at Bellagio or the soon-to-be-defunct Volcano at The Mirage.

Vegas, of course, has one other thing on The Strip (aside from a severe marijuana smell), it has a fantastic deal of shopping. There are countless malls and shopping areas, from the classic Caesars Forum mall and the shops at many MGM hotels to the more practical Miracle Mile Shops at Caesars Planet Hollywood.

The Las Vegas Strip has a lot of retail, and while there is a lot of money to invest on that relatively small strip of land, it''s difficult to know if the area will be completed again.

The owner of the MGM''s non-gaming Harmon Hotel, who owned the premises, believes that the area will not only tolerate more retail but also care about it.

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Las Vegas Never Has Enough of Anything

The Harmon was thrown out from the start, and structural hazards forced it to be demolished. According to the Las Vegas Review-Journal, the prime location is now being developed as Project63, a four-story retail complex near the southwest corner of Las Vegas Boulevard and Harmon Avenue.

Brett Torino, a Las Vegas developer, and New York''s Flag Luxury Group have partnered to develop the project. The first batch of retail tenants is expected to begin in October.

Torino has made a great wager that Las Vegas visitors will go shopping more, but he''s very confident that they do. Retailers must be as well as the developer telling the paper that 80 percent of the space has already been under contract. He has not revealed which companies will be occupying the space.

Because "the reason that we are not, is that at least five of our tenants are what they call a flagship opportunity. They want to make their own announcements. We do not want to get in their way," the Review-Journal said.

Does the Las Vegas Strip Need More Retail?

As the Las Vegas Strip has grown more crowded, repetition has become more necessary. Many of the sidewalks are being broken up with escalators to overpasses that cross intersections. This makes even a mile-long trip a bit of a task, and one that no one would want to take during the chilly summer heat.

More shopping may be beneficial in a location that hasn''t had a similar location.

"Ive always been bullish about demand for it, and the type of demand has fluctuated as a result of the nature of retail being changing over time," Torino told The Review-Journal. "When I first started on the Strip, which was almost 30 years ago, people were out there pumping retail. Today they are not only pumping retail, but they are also pumping exposure because we get a lot of people walking by these initiatives and up and down the Strip."

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