There’s a lot happening on the north end of the Vegas Strip. At the same time, there’s not much happening. The happening: The Stratosphere and SLS Las Vegas were both sold recently. There will be changes coming to both properties in the near future but nothing too major. The not much happening: Alon, Resorts World Las Vegas, Fontainebleau, and All Net Arena. Let me explain.
Happening (Stratosphere, SLS Las Vegas)
Stratosphere Sold
Golden Entertainment recently purchased the Stratosphere and three other casinos for $850 million. You might be familiar with Golden Entertainment since they own over 50 taverns around Las Vegas. PT’s Pub is the most popular of their tavern brands. The sale should become official by the end of the year.
It doesn’t appear as though there will be many changes at the Stratosphere immediately. They will consider upgrading food, beverage, and entertainment to appeal more to Generation X and millennial customers visiting their pubs. It wouldn’t be a surprise to see PT’s Pub replace Sin City Hops at some point in the future as they look to cross market their brands.
While some entertainment might change the thrill rides everyone loves should remain intact. On a call with investors, Golden Entertainment made sure to mention that these rides appeal to all marketing segments, especially millennials. Everyone loves the millennials!
SLS Las Vegas Sold
The future of SLS Las Vegas is a bit more uncertain. The casino was recently purchased by the Meruelo Group. They’re the owners of the Grand Sierra Resort and Casino in Reno, NV. This sale is also expected to close by the end of the year. The Meruelo Group says they’ll be visiting the property during the year to decide the future of the casino that was built on the bones of the Sahara.
The future is more uncertain at SLS Las Vegas because the SLS hotel brand is owned by another company. Many of the restaurants are also operated by another company. There’s speculation that many of those dining options will be changed out. The changes seem logical but we shouldn’t hear anything for a few months.
Furthermore, SLS Las Vegas had a close relationship with hotel operator Starwood. One of the towers at SLS Las Vegas is branded as W Las Vegas. The hotel relationship is expected to continue but that hasn’t been confirmed yet. There should be more news to come here before the year is out.
Not Happening (Alon, Resorts World Las Vegas, Fontainebleau, All Net Arena)
The land across the street from Wynn Las Vegas that was supposed to be used for Alon is being sold. Resorts World Las Vegas was supposed to be opening across the street from SLS Las Vegas this year or next and still hasn’t started construction. They say they’ll be starting construction, but we should believe it when we see it.
Fontainebleau is still a big blue eyesore with no buyer in sight. Even though work has supposedly started on All Net Arena next to SLS Las Vegas, it looks like they’re just pushing rocks around.
There’s still a lot of space and work to be done on the north end of the Vegas Strip. Hopefully, new ownership can shake things up and bring people to the area.
