Southern Nevada to see $4.5B investments in new hotel rooms, convention spaces by 2024

In its tourism construction bulletin, the Las Vegas Convention and Visitors Authority (LVCVA) announced Friday it is planning to spend $4.5 billion to add 7,602 hotel rooms and 791,000 square feet of convention space in Southern Nevada by the end of 2024. The budget would cover 29 projects under this endeavor, and would take the region’s room count up to a total of 158,059 in two years.

The bulletin said 12 projects that added 5,179 rooms and 670,000 square feet of convention space at a total cost of $4.8 billion were concluded in 2021. The projects estimated to be completed by the end of this calendar year include the reopening of the Palms under its new owners, the San Manuel Band of Mission Indians. This will reintroduce 766 hotel rooms and 190,000 square feet of meeting space to the market by spring, and 127 rooms at the new Holiday Inn Express at Railroad Pass opening in the fall. 

The largest project in the list is Fontainebleau Las Vegas on the Strip, with 3,780 hotel rooms and 550,000 square feet of meeting space expected to be concluded by Q4, 2023. Back in November, the long-stalled north Strip resort announced its construction was underway to reopen next year under the name Fontainebleau Las Vegas after 15 years. It will be a 67-story vertically integrated luxury resort and casino. When the announcement was made, Fontainebleau Developments assured the project was about “75% complete”. 

Another property inaugurating in Q4, 2023 is Station Casinos’ $750 million neighborhood casino project being built on Durango Drive in Southwest Las Vegas, which will add 211 hotel rooms and 21,000 square feet of meeting space.

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Also targeted for 2023 is the $1.9 billion MSG Sphere at the Venetian, a 17,500-seat entertainment venue.

However, the largest hotel project scheduled for completion in 2024 is the $850 million, 720-room non-gaming Majestic Las Vegas, which is being built on the former Clarion Hotel site across the street from the West Hall of the Las Vegas Convention Center on Convention Center Drive. 

Six new properties are planned for completion in 2024. The Element Las Vegas Airport with 119 rooms and a Springhill Suites by Marriott with 170 rooms are due January of that year. 

In February 2024, the 284-room, $100 million Delta Hotels by Marriott are also expected to open, with 10,000 square feet of meeting space; and the 322-room, $95 million AC Hotel by Marriott, with 20,000 square feet of meeting space. The Element is expected to open by that date as well.

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Dream Las Vegas, a 527-room, $500 million property, is also scheduled for February 2024. 

The construction bulletin added several transportation projects involved in this building investment, due for completion beyond 2024. The $8 billion Brightline West high-speed rail project, which includes a 65,000-square-foot, two-story Las Vegas station is included, as well as the 29-mile, 51-station Vegas Loop underground transit project by The Boring Co. 

 

Author: wpadmin

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