The Las Vegas Strip is no stranger to change, with iconic hotels and casinos coming and going over the years. However, the recent closures of two longstanding properties, the Tropicana and the Mirage, have sparked concern among some in the industry about the future of the hotel market in Sin City.
The Tropicana, which first opened its doors in 1957, is set to shut down in October 2021 after being acquired by Bally’s Corporation. The Mirage, another long-running staple on the Strip, will also be closing its doors in August 2022 as part of MGM Resorts International’s plans to redevelop the site.
Despite the closures of these two prominent properties, experts believe that the overall hotel market in Las Vegas will remain stable and vibrant. According to a report by the Las Vegas Convention and Visitors Authority, the city saw a record 42.9 million visitors in 2019, with hotels and casinos on the Strip reporting an average occupancy rate of over 90%.
Additionally, the recent surge in domestic travel and pent-up demand for vacations following the COVID-19 pandemic is expected to continue driving visitors to Las Vegas in the coming years. While the closures of the Tropicana and the Mirage may temporarily impact the availability of hotel rooms on the Strip, other properties are already poised to step in and fill the void.
One such property is the upcoming Resorts World Las Vegas, a $4.3 billion integrated resort set to open in June 2021. The property, which boasts 3,500 hotel rooms, a 5,000-seat theater, and a 117,000-square-foot casino, is expected to bring a new level of luxury and entertainment to the Strip.
Other major players in the market, such as Caesars Entertainment and Wynn Resorts, are also investing in new developments and renovations to attract visitors to their properties. Caesars recently announced plans to invest $325 million in upgrades at its flagship Caesars Palace property, while Wynn Resorts is set to open a new 430,000-square-foot convention center in 2021.
Overall, experts believe that the closures of the Tropicana and the Mirage are simply part of the natural evolution of the Las Vegas hotel market. As new properties with modern amenities and attractions continue to open, the city is expected to maintain its status as one of the premier destinations for travelers looking for excitement, entertainment, and luxury.
