A major Las Vegas property is getting $600 million renovation

A major Las Vegas property is getting $600 million renovation ...

Las Vegas, which has been on a nearly 20-year odyssey, is expected to expand into its horseshoe brand at the moment, according to Get Caesars Entertainment Inc Report, who has decided to rebrand it''s Bally''s Casino into its own brand, a move that was prompted by Bally''s Corporation (BALY) - Get Bally''s Corporation Report intending to use that name on a revamped Tropicana.

Those moves are all happening at the same time two different NBA-ready arena projects are underway in the city, while a contract for a Les Vegas Strip stadium for the Oakland Athletics appears to be in the works.

If there wasn''t enough major renovation, Las Vegas may include several smaller but still substantial projects, but the city also has a rebranding of the Mirage into a Hard Rock, which will likely involve the demolition of the famed Mirage Volcano (despite efforts to derail that project).

Even in Las Vegas, a lot of work has gone by. A new project has emerged that may not be as complex as Caesars, but also be more significant for every casino operator on the Strip, including MGM Resorts International (MGM) - Get Wynn Resorts, Limited Report, and other big players.

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Conventions Come Back to Las Vegas

The epidemic put group events and conventions on hold. Even as covid''s impact has faded, the return to normal in this area has been slow. This year''s Consumer Electronics Show (CES) had an in-person event after being virtual in 2020, but only about 25% of its regular attendance.

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According to MGM CEO Bill Hornbuckle during his first quarterly earnings call, conventions have slowly moved back to normal.

"We continue to anticipate our convention room nights to reach 90% of 2019 levels in the back half of 2022," says the author. Increasingly, we are seeing our groups spend increased year to year, including catering and banquets, and to highlight that our international leisure trends were beginning to see positive indicators of the return of international flight capacity.

While all the major casino operators have convention centers, the most important shows the ones that lower room rates and fill the city are held at the Las Vegas Convention Center (LVCC). That historic venue is about to make a significant change.

A Las Vegas Institution Getting a Makeover

According to the Las Vegas Review-Journal, the board of directors of the Las Vegas Convention and Visitors Authority (LVCVA) approved its budget for 2022-2023. That budget includes funds for the previously-announced $600 million renovation of the LVCC.

Ed Finger, the chief financial officer of the LVCVA, believes the budget represents a return to normal-sized financial activity for the organization. It involves funding to complete the renovations of the convention center''s North and South halls.

According to the study, the LVCVA has planned construction around major conventions so that they won''t have to travel elsewhere during the construction process. A major component of the renovation will be the construction of a climate-controlled corridor that connects the North, Central, and South halls.

Renovating the LVCC will stay up to the standards required to host conventions that attract over 100,000 sometimes up to 200,000 people to Sin City. This move may not be as severe as casinos changing its names and new mega-resorts rising from the dirt, but keeping the venue up to date helps increase growth for the entire city.

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