It was announced today by MGM Resorts International that changes will be made to the Monte Carlo Resort & Casino located in Las Vegas. MGM Resorts is planning on focusing more on nongaming ventures, and will be working with the Sydell Group to renovate the Monte Carlo, with $450 million to be spent in the process. MGM will remain the full owner of the property as well as continue operations after the construction completion date which is expected to be by late 2018.
The redesign of the property will consist of creating two different hotels. Designed in the European style of the Monte Carlo, the Park MGM hotel is set to have 2,700 guest rooms. The second hotel will be titled The NoMad Las Vegas and will consist of 292 guest rooms. This hotel will be placed on the three top floors of the hotel tower that already exists on the property. This second hotel will go by the same name as the New York flagship property of the Sydell Group, according to the Associated Press.
The goal of the redesign is to attract a younger audience who wish to enjoy pleasing aesthetics and come to Sin City for high-end entertainment. Chairman and CEO of MGM, Jim Murren, stated that some of the lifestyle hotels being created are a little too sexy. MGM Resorts is going for more romance rather than sexy when redesigning the Monte Carlo, creating a ‘more soft, more comfortable, more residential’ environment. According to Murren, the NoMad will have a higher price point for reservations as it will be home to more suites than the Park MGM.
The project of renovating the Monte Carlo is a portion of The Park, a larger development project that MGM has been working on. The Park is located just north of Tropicana Avenue and will be a district devoted to outdoor entertainment. The hotels will be an anchor to The Park, which will be home to the T-Mobile Arena as well as restaurant dining.