MGM Grand and Mandalay Bay have been sold for $4.6 billion. Which is only news to you if you don’t read headlines, but whatever.
According to a news release, MGM Growth Properties (MGP) and Blackstone Real Estate Income Trust (BREIT) will co-own the resorts. MGP will own 50.1% of the joint venture, and Blackstone will own 49.9%. Blackstone also owns Cosmopolitan.
Yeah, not exactly sexy, but news is news.
Customers won’t notice any changes at Mandalay Bay, so don’t freak out.
The bottom line is this deal is similar to the recent sale of Bellagio in that MGM Resorts will continue to operate the resorts.
The sale of MGM Grand and Mandalay Bay are part of a larger “asset light” strategy on the part of MGM Resorts. It also seems to be part of a larger “boring us to death” strategy involving REITs, lots of initialisms and companies paying themselves rent.
MGM Resorts’ initial annual rent will be $292 million. Which shouldn’t be a big deal until the recession hits, then everything goes to hell in a handbasket.
MGM Grand is the green one.
The deal is expected to close in the first quarter of 2020.
It’s been a minute since we shared photos of Downtown Grand’s new hotel tower, so consider this that.
We’re calling it topped off.
The new tower is set to open in mid-2020, and will have seven guest room floors, adding 495 new rooms to the downtown hotel-casino.
The 495 new rooms will include 405 standard rooms, 67 studio units, 20 one-bedroom suites and three presidential suites. Guests will be able to recognize the presidential suites immediately because their quality will be unimpeachable.
Downtown Grand says it’s known for its “industrial chic aura.” We enjoy visiting, anyway.
The new Downtown Grand tower is being build where the hotel’s valet parking was once located. Construction began about a year ago.
The new tower will connect to Downtown Grand on the casino and pool levels.
While Downtown Grand’s casino has struggled since the resort opened in Oct. 2013, its hotel business is said to be stronger, so the owners are clearly playing to the resort’s strengths in an attempt to drive more room revenue.
The views won’t win any awards, but Downtown Grand’s rooms are some of the best downtown and quieter than those along Fremont Street, as is the casino.
Downtown Grand, formerly Lady Luck, is owned by CIM Group and operated by Fifth Street Gaming.
While we’re on the subject of Downtown Grand, we recently spoiled the surprise the hotel will be getting a new restaurant, Hot N Juicy Crawfish. No, the new restaurant hasn’t yet been announced yet, that’s just how we roll.
Interesting how “hot” gets top billing. “Juicy” needs a better agent.
The Louisiana-style seafood restaurant will move into the space previously home to Commissary After Dark and the short-lived Downtown Underground eSports Lounge.
We’ll keep an eye on the construction at Downtown Grand, so check back for further updates whenever you’re done skimming stories on blogs where you don’t even bother to read the last sentence. Rude.
Circa Las Vegas has made impressive progress during its first year of construction, and we’ve got a look at the current state of the new hotel-casino downtown.
The $1.2 billion Circa is expected to open in December 2020. The project broke ground on February 19, 2019.
Downtown’s about to get some new shiny.
Here’s an amazing fun fact about Circa: Since Oct. 3, 2019, Circa has been adding a floor per week.
The 44-story, 500-foot-tall Circa will eventually have 777 rooms, but will open with closer to 500 rooms, plus 71 suites. The final mix of rooms and suites will be based upon demand.
Among the new resort’s features will be what’s billed as the “world’s largest sports book.” Gird your loins, Westgate.
Here’s a look at the space where the sports book will reside when it slides into home. Or something.
They’ll probably spruce it up a bit before opening day.
The three-level Circa sports book, expected to cost about $20 million, will have a 78 million pixel high-definition screen.
Here’s a rendering of the finished product for comparison purposes, reversed angle from the perspective above.
Consider it spruced.
The jewel of Circa will be its rooftop pool complex, with six pools open 365 days a year. It’s projected the pools will be able to serve about 4,000 people a day.
The video screen at the pool will have 14 million pixels.
Here’s the owner of Circa, Derek Stevens, showing off his baby. Stevens and his brother Greg also own The D and Golden Gate.
We were the first to quote Derek Stevens as saying, “Downtown is under-pooled.” He’s determined to remedy that.
Here’s the rendering of what the pool deck will look like when it’s completed.
Good luck escaping the sports at Circa.
It was a blast being among the first to walk around the future Circa casino, where we fully anticipate making regular donations.
Circa will have 1,350 slot machines and 49 table games.
Here’s a “before” shot of Circa’s casino!
Savsies on Wheel of Fortune.
During our tour, we spotted an area we’re pretty sure will be the home of Vegas Vickie upon her much-anticipated return to Fremont Street. She is set to be a featured part of Circa’s
The Circa lobby will have a moon roof.
From what we can tell, the Vegas Vickie sign is so tall (40 feet), she’ll actually extend beyond the ceiling of the casino, protruding through an opening in the ceiling.
We couldn’t help but create this weak and entirely speculative image of where Vegas Vickie might go at Circa.
When we asked a friend at Circa which way Vickie’s leg will go, the reply was, “We don’t know.” If they don’t know, we sure as hell don’t.
Our mole got some sweets shots of Vegas Vickie during her renovation at Yesco Signs. She’s got a fresh coat of paint!
If you love classic Vegas signs, this photo gives a whole new meaning to “halfway to completion.”
Across the street from Circa is another key element of the project, deemed Garage Mahal.
The nine-story Garage Mahal structure will hold about 1,200 vehicles, but the big selling point is it’s the first parking garage in Las Vegas to be built around catering to rideshare services like Lyft and Uber.
In Persian, “Mahal” means mansion or palace. Because writing photo captions is hard.
More fun facts: More than 10.75 million pounds of rebar (emphasis on “bar,” because Vegas) have been installed at Circa to-date, as well as 12.2 million pounds of structural steel (emphasis on “pounds,” because you know how we are).
Circa is set to announce more about its bars and five restaurants in the next couple of months. Let’s just say the mix of cuisines will augment the already popular options at The D. Hint: Think “east,” both “coast” and “far.”
We haven’t heard much about non-sports entertainment at Circa, although a stage production called “Circa du Soleil” would have been absolute gold, marketingwise.
How is Circa coming along so quickly? Credit has to go to the stellar efforts of Steelman Partners (architecture and design), McCarthy Building Companies (general contractor) and Tre Builders (construction manager).
Oh, and the construction folks, of course. The total number of construction workers on Circa and Garage Mahal is about 600. Note: Safety vests are hawt. Are we right, ladies?
Oh, like we were going to write this entire story without a single use of the word “erection”? Do you know this blog at all?
Disclosure: We work in digital marketing at Fremont Street Experience as our day job, and The D and Golden Gate are member casinos of that organization. Our opinions are our own.
Update (1/7/20): The first windows have been put into place at Circa.
No panes, no gain.
Enjoy a few more photos of Circa’s construction, several of which are accidentally in focus.
Update (1/14/20): On Jan. 14, 2020, the pedestrian bridge between Circa and Garage Mahal appeared overnight, literally.
Fluid budget and sliding open date aside, Resorts World is looking pretty slick and has released more information about its amenities.
Here’s a look at Resorts World’s pool complex.
There will be no shortage of breast strokes at Resorts World.
The pool complex will be a Vegas-sized 220,000-square-feet, including an 1,800-square-foot infinity pool. In the parlance of pool construction, that’s one big-ass pool complex.
Here are some other numbers of interest about Resorts World:
70,000-square-feet of retail space
350,000-square-feet of meeting and banquet space
200,000-square-feet of restaurants and bars
27,000-square-foot world-class spa
14,000-square-foot race and sports book and live entertainment venue
50-foot diameter video globe
Because this blog is of the male persuasion, we perked up when we heard the side of the hotel’s west tower will have a 100,000-square-foot LED screen, making it one of the largest LED screens in the country.
We are confident enough in our masculinity to swoon at a video screen bigger than a football field. A football field is 57,600-square-feet.
There are some concerns about Resorts World, including that the resort says it will have a “75,000-square-foot nightclub and dayclub concept.”
That trajectory seems a holdover from a pre-Kaos era in Las Vegas. The nightlife business model has been described as broken, and not just by us. Listen to us talk about the state of Las Vegas nightclubs on KNPR.
The bigger concern, of course, is Resorts World is set to come online with a ton of supply (3,500 rooms) at a time of uncertainty about demand, as Las Vegas visitation is essentially flat and drive traffic from California has dropped significantly due to increased competition.
Lots of hopes are being pinned on the expanded Las Vegas Convention Center and Raider Stadium. It remains to be seen if those projects move the needle, and by how much.
Still, Resorts World is sparkly and we love new Las Vegas things.
So pretty, but if you’re headed to the hotel or casino, you’re in for a schlep.
The new Resorts World renderings serve to confirm why Wynn Resorts dropped its lawsuit asserting Resorts World was copying its “trade dress.”
Modesty precludes us from mentioning we were mentioned in that lawsuit, as well as the fact Resorts World has officially confirmed our story about smartly dropping the resort’s Asian theme.
You know we’ll be keeping an eye on Resorts World, and we can’t wait to take her for a test drive when she’s unveiled in 2021 or whenever.
Sports are a big deal, and a big draw, at The D. So, it’s not all that surprising to hear the downtown casino will turn its showroom into a proper sportsbook.
The closure of The D’s second floor showroom means its five resident shows will be out as of Jan. 5, 2020.
The curtain’s falling on The D’s showroom. Oh, like you didn’t see that coming.
The five shows closing at The D are: “Marriage Can Be Murder” (dinner show, never saw it), “Laughternoon” (entertaining, family-friendly show featuring Adam London), “Friends, The Musical Parody” (valiant effort, but forgettable), Jokesters Comedy Club (missed this one, too) and “Defending the Caveman” (the only show we’ve ever seen that was so bad, we walked out, then saw it another night with a different actor, just so we could walk out again).
“Marriage Can Be Murder” recently celebrated its 20th anniversary, with more than 6,000 performances under its belt. The dinner show originally opened at the Showboat Hotel & Casino.
The announcement of a new sportsbook at The D comes on the heels of a recent retooling of The D’s diminutive sportsbook not too far from the showroom. The unveil of that sportsbook happened in conjunction with a renovation of our home away from home, Vue Bar.
Please don’t disturb us at Vue Bar. We already have carpal tunnel from all the autographs.
The showroom at The D never seemed an especially good fit for the casino. Downtown is much more about drinking and gambling than it is about theatrical productions.
Aside from the current crop, the only other show we can remember seeing in The D’s showroom was “Ja-Makin-Me-Laugh,” a show so awful it made “Defending the Caveman” look like “The Book of Mormon.”
Oh, and “Aussie Hunks” may have been there for a minute. Otherwise, we have no explanation for having taken this photo in 2015.
Not to be mistaken for “Thunder From Down Under” or “Aussie Heat,” probably.
The new sportsbook at The D follows the recent launch of Circa Sports, a sports betting venture from brothers Derek and Greg Stevens.
The Stevens own The D, Golden Gate and the under-construction Circa Las Vegas resort. Circa is expected to open in Dec. 2020. (Note: We work in digital marketing at Fremont Street Experience as our day job. The D is a partner casino.)
We trust a couple of the shows displaced by the closure of The D’s showroom will find new homes. Hopefully, not all of them. Because life’s too short for entire shows centered around losing TV remotes and leaving the toilet seat up. All due respect to toilet seats.