2024 Fall Issue of Urban Land - 52

Opened in 2020,
Allegiant Stadium
played host to the
2024 Super Bowl and
Taylor Swift's Eras Tour.
The 65,000-seat facility
is home to the NFL's
Las Vegas Raiders.
Ch-ch-ch-changes
Major redevelopments underscore the city's
commitment to purpose-driven adaptation
and evolution. For example, the Tropicana,
one of the Strip's earliest landmark hotels and
casinos, closed in April 2024, after 67 years,
to make way for a new 33,000-person Major
League Baseball ballpark in 2028-the future
home of the relocating Oakland A's. Although
it may have held nostalgic value, the site was
overdue for a second life.
" The Tropicana was a property that had not
been redone in a long time, and something
did need to happen, " Belarmino says.
The iconic Mirage, which revolutionized the
casino resort industry in 1989, had also seen
better days when it finally shuttered for good
in July 2024. Hard Rock International is now
building a new hotel on the site: a 700-foottall
(213 m), guitar-shaped tower. The company
plans to add 600 rooms to the existing
3,044. The revamped resort will feature a
49,000-square-foot (4,552 sq m) gaming
space, 96,000 square feet (8,919 sq m) of
retail and dining options, plus other amenities,
including a pool, spa, fitness center, and salon.
The Hard Rock Las Vegas is slated to open in
early 2027.
Hotels shift focus to luxury and health
Belarmino notes that the Las Vegas consumer
base has shifted in recent years to include
52
URBAN LAND FALL 202 4
more well-heeled travelers. Tourists who once
considered the Strip a value destination-one
in competition with such places as Atlantic
City-have more options. " Consumers nowadays
tend to compare Las Vegas to cities like
San Francisco or New York, where we still
offer value in comparison, " Belarmino says.
Changes in consumer preferences and traveler
priorities have led many hotels to shift
their focus away from the casinos and cheap
buffets to emphasize luxury and health amenities
instead. " Luxury has outperformed other
hospitality segments, " Davis says.
The recently opened Fontainebleau Las
Vegas signals the city's move toward a " new
era of hospitality " on the Strip, according to
the hotel's website. The 67-story, 3,600-room
hotel has an expansive casino and hosts conventions
and corporate events, leveraging its
proximity to the Las Vegas Convention Center.
The hotel's December 2023 opening followed
18 years of development setbacks, including a
halt during the Great Recession.
" I always think of Las Vegas as a market of
rebirth and second chances, " Davis says. " The
Fontainebleau is certainly an example of that. "
Since Covid-19, luxury hotels have increasingly
emphasized health and wellness to
attract out-of-town guests. Although gambling
remains a significant market driver, Robert
Schulman, chairman of Schulman Properties,
estimates that 30 percent of non-gambling
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2024 Fall Issue of Urban Land

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