MGM Resorts International CEO Jim Murren may be playing his cards close to the vest, but it has become obvious the company may give the Monte Carlo casino a major facelift, which could include a name change, among other things. While Murren did not reveal details in a recent interview, he said the company has big plans for the future of the Monte Carlo.
With the opening of the Park, a shopping and entertainment area between the Monte Carlo and New York-New York, the company is set to examine the property, which he considers a “gateway” that is “cradling” the company is building. Both the Park and arena will open in Spring 2016.
When speaking of the casino, Murren said, “It clearly is an underutilized asset today.” He continued, “We have big, big plans for Monte Carlo over time, and I wouldn’t rule anything out.”
Michael Parks, a real estate broker from CBRE Group, said, “Instead of building a brand new hotel-casino from the ground up, it’s much more cost-effective to reposition and re-brand a property while creating the same type of buzz.” David Schwartz, the director of UNLV’s Center for Gaming Research pointed to the Imperial Palace, which had not aged well, which created a problem with the image, which re-branding aimed at fixing.
Schwartz pointed out that Monte Carlo does not suffer from the same problem, but a change might be for the better. “I’ve never heard anybody have a complaint about the facilities at Monte Carlo. I think (MGM Resorts) might just want to align it better with what they’re doing at the Park.”
