Increased gaming space no longer is a concern in Las Vegas, as gaming revenues continue declining in importance, and gaming operators diversify their operations.
MGM Resorts International just opened its 20,000-seat T-Mobile Arena, built and owned in a partnership with AEG, the complementary the Park recreational and dining area, and is building a 5,000-seat theater at the Monte Carlo, which MGM plans to rebrand this summer.
On the north end of the Las Vegas Strip, Steve Wynn announced plans to build a 38-acre water park, complete with a mile-long, white sand beach. That project is to be completed by 2018, and would occupy much of the resort’s current golf course property on the southwest corner of Paradise Road and East Desert Inn.
Tentatively called the Wynn Paradise Park,water park would include a 1,000-room hotel tower, and dining, recreational, and shopping, but no gaming. Visitors would pay an entrance fee of $25 to $30 to enter the water park and hang out all day, while hotel guests would have free admission.
Caesars Entertainment, likewise, made similar moves when it invested in it’s the Linq development, which opened two years ago and is anchored by the world’s largest observation wheel, the High Roller.
The Linq has ample dining, shopping, drinking, and entertainment establishments, but not so much as a single slot machine.
The changes in development use are reflections of the declining importance of gaming revenues, which remain primary economic drivers, but are declining in importance, as other revenue streams rise, including food and beverage sales.
Las Vegas Strip resorts also want to keep their rooms occupied, and are average better than 90 percent occupancy most days. That means more events that bring visitors to Las Vegas to have a good time in the world’s entertainment capital.
That has resort owners examining multiple options for new entertainment experiences for guests. Among the more odd “attractions” being considered is virtual reality porn.
Los Angeles-based Virtual Reality Bangers said it secretly is working with at least one unnamed hotel on the Las Vegas Strip to offer its virtual-reality technology “immersive” pornography technology via a headset.
If the project proves successful, the company said at least one major hotel will make a big announcement in the near future.
