MGM Plans to Focus on Strip Remodels Rather Than New US Casinos
As reported by the local media, the CEO of MGM Resorts International recently announced that the company is no longer going to spend its investment dollars on building new casinos across the United States. Instead, the company plans to take its cue from the Monte Carlo remodel and invest the money on revamping its existing properties along the Strip.
Jim Murren, the CEO at MGM resorts revealed in a press conference that the company is already done with building new casino resorts around the US, although the firm might establish a new integrated casino resort in Japan. Talking of the latest casino establishments developed by MGM, Murren said that their newest offering in Macau, the Cotai is slated to be inaugurated sometime in January next year. In addition to this, the Springfield Mass casino resort that is currently being built in the United States and slated to open in September will essentially be the company’s last new venture in the country.
Murren further added that if indeed there are plans for any new large-scale projects, they will essentially be developed in the region that they dominate, that is Las Vegas. The remodel and rebranding of these Las Vegas casino projects will be majorly inspired by the one carried out in Monte Carlo.
Last year in June, the company had unveiled its plans to remodel Monte Carlo and also invest a staggering $450 million to develop two luxury hotels in the Park MGM building. The plans included the development of the Park which would be a luxury hotel comprising of 2700 rooms and inspired by the outdoor theme of the MGM and the 292 room hotel called NoMad with its own set of restaurants, cafes, casino, lobby, and swimming pool. While a majority of the new establishments are already functional, the others are likely to be winded up only by 2018.
Expressing his excitement over the success of their new establishments, Murren remarked that whenever the company has been involved with the development of a new project, it has always turned out be incredibly successful and has been well received by the customers. He further added that the return on their investment for the Monte Carlo remodel has been extraordinarily high and the best that they have seen in quite some time now. Speculations are ripe that one of the first properties to be remodeled by MGM would probably include its oldest, the Circus Circus.