MGM has released plans for remodeling of the Monte Carlo Casino. The $450 million renovation plan will upgrade the twenty-year-old building. The Las Vegas establishment is undergoing renovations to appeal to both a younger and a more affluent demographic. MGM is working with Sydell Group for the renovation’s construction. The hotel will be divided into two separate hotels, which will be called Park MGM and NoMad Las Vegas. This hotel has been a part of the “Vegas Strip” since 1996. The renovations are projected to be completed by the end of 2018.
A Big Year for MGM
One could say that 2016 appears to be a very busy year for MGM. They are also building the MGM Springfield location, which is in Massachusetts. The cost of this facility is estimated to be around $1 billion. Additionally, they are in the process of buying out the shares of Boyd Gaming at the Borgata. The cost of the sale is $900 million. The Atlantic City areas have been problematic, and buying a hotel here some say is a risky venture. Still, MGM remains focused on their goal at all of their new projects. They want to attract the younger demographic.
MGM Gets Help in Atlantic City Endeavors
Some good news is coming to the Atlantic City area, and this revitalization effort could help MGM and its endeavors. The Showboat casino was one of the casualties of the 2008 hotel bankruptcies in Atlantic City. Bart Blatstein purchased the old building for $23 million in January of this year. Stockton University was the seller and the Philadelphia-based developer was glad to have this venue to restore.
Although he has no plans of turning it into a casino, it will be a lovely hotel for guests who are not there for gambling. The previous owner had tried to create a satellite campus at that location, but due to a series of legal battles, they were unsuccessful. It was the Trump Taj Mahal that brought them the greatest problems. They argued that all of the college students within steps from the location could cause problems with underage gambling protocols.
Due to the fact that the properties legal standing is still a bit blurred, Blatstein may or may not be able to open a casino in this location. When he was asked point blank about a casino venue, he simply stated that nothing was out of the question. This hotel has 852 rooms, which means it is the largest hotel in New Jersey. With all that space, it deserves to have something grand on the inside.
Seeking The Fountain of Youth
It appears that MGM is trying to revitalize the gambling community and attract the younger crowds. Many of the younger people turn to online gambling rather than frequenting these establishments. Their plans are to change things from coast to coast, to ensure that brick and mortar gambling businesses do not become extinct. Only time will tell if their investments are a worthwhile adventure.