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US – Monte Carlo’s transformation into Park MGM underway

By - 11 December 2017

The US$450m transformation of Monte Carlo Resort in Las Vegas is now well underway as the resort looks to attract a younger, affluent visitor and make better use of one of its most valuable pieces of land.
The site is the most centrally located among MGM’s Strip properties and adjoins the 20,000-seat T-Mobile Arena.

The resort’s owner’s MGM Resorts is teaming up with Sydell Group, to see Park MGM come to life on the Las Vegas Strip, taking the place of what is currently Monte Carlo Resort and Casino.

Park MGM will retain 2,700 rooms, while about 290 rooms and suites in the existing hotel’s top floors will be transformed into NoMad Las Vegas, a version of Sydell Group’s New York City flagship property by the same name. Sydell expects to have 90 per cent of the rooms rennovated by next week.

Set to become a cornerstone within the city’s new entertainment epicenter, Park MGM will be located adjacent to a newly opened park environment and the 20,000-seat T-Mobile Arena. The design of Park MGM, an approximately 2,700-room luxury resort, will incorporate European design and local desert influences with a powerful connection to The Park next door. Working with talented British designer Martin Brudnizki, Park MGM’s design will reflect a residential feel signature to Sydell Group. Furthering the neighbourhood’s entertainment offerings, Park MGM will be home to The Park Theater, a 5,300 seat venue slated to open later this year. Park MGM will share the building with The NoMad Las Vegas hotel, a Las Vegas inspired location of the famed Eataly concept and some of the most exciting and innovative food and beverage experiences in the US.

MGM stated: “The Monte Carlo is being transformed from an antiquated midlevel property taking up prime real estate on the Las Vegas Strip into the upscale Park MGM casino-hotel. With a robust art collection, rooms with a residential feel and an overall romantic atmosphere that contrasts sharply with the city’s stereotypical glitz. A lifelike network of twisting tree roots emerges from the ceiling and branches out into the lobby featuring green, earthy accents, crystal chandeliers. Steps away from the check-in desk, Pablo Picasso artwork graces a South of France-inspired restaurant.”
The Monte Carlo is now 21-year-old.

Fitch ratings’ Alex Bumazhny said: “It was not living up to its potential based on its real estate.MGM is doing the right thing by redeveloping both in terms of return on investment and having better flow of traffic of people going through their most prized corridor. Other Las Vegas hotels that have been rebranded have seen strong results.”

Park MGM is expected to be finished in the first half of 2018.

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