For decades, the Fremont Street area of downtown Las Vegas has been an alternative to the glitz and glamour of the mega-resorts on the Strip.
With the streets closed to traffic and the massive light and music show known as the Fremont Street Experience, not to mention the live music and DJs that take over after dark, downtown Las Vegas has become a non-stop party.
Downtown casinos are closer to old-school Las Vegas than mega-resorts owned by Caesars Entertainment, at least until Circa opens during the pandemic (CZR) – Get Caesars Entertainment Inc. ReportMGM Resorts International (MGM) – Get the MGM Resorts International reportWynn Resort (WYNN) – Get the Wynn Resorts Limited report, and new players including Resorts World International. Casinos on Fremont Street offer lower table limits, louder music and a party atmosphere that Caesars and MGM hotels usually don’t offer (and certainly not Wynn Resorts).
Now, a downtown casino owner, Tilman Fertitta, who owns the Golden Nugget in the heart of Fremont Street, has big plans for some of the land he’s buying on the Strip.
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Will gold nuggets hit the Las Vegas Strip?
Fertita didn’t say much about his plans for the 6.2 acres he bought for $270 million a few weeks ago. That’s a pretty staggering $43.5 million per acre, a figure that shows the incredible value the Golden Mile is selling right now.
“The land now owned by Fertitta is currently occupied by the Travelodge motel, strip mall and parking lot,” Casino.org reports. “The property is across from CityCenter and some of the most luxurious properties on the Strip, including Aria and Cosmopolitan, as well as non-gaming Waldorf Astoria and Vdara.”
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Businesses operating on the property have all recently closed.
Now Casino.org’s Scott Roeben, who runs the popular Vital Vegas Twitter account, believes the billionaire owner of the NBA’s Houston Rockets has big plans for the site.
Robben “believes that the billionaire plans to make the east side of the Strip just as luxurious as the west.” He said, “There is a good chance that Fertitta will build a nugget on this land.’ Think more Beautiful,'” he added.
While the Golden Nugget was once a gem of the Fremont St. area, it’s dated and fairly old school compared to the modern Caesars, MGM and Wynn properties. Sure, there’s some nostalgic value to the name, but it’s probably not enough to compete with the oversized concepts running on the Las Vegas Strip.
The Las Vegas Strip has a moment
Fertitta’s rumored project is just one of many currently under development on the 4.2-mile Las Vegas Strip. Another casino, a more humble but still a high-end boutique resort casino, Dream Las Vegas has broken ground.
The new property will be located on the Las Vegas Strip near McCarran International Airport’s private air terminal. Two blocks from Allegiant Stadium and closer to T-Mobile Arena. The 531-room hotel will open in 2024, according to the Las Vegas Review-Journal.
“Dream Las Vegas will include seven dining and nightlife venues: a rooftop deck, bar and lounge; three specialty restaurants; two additional bar and lounge concepts on the gaming floor; and a grab-and-go café on the street,” hotel management reports . “In addition, it will provide 12,000 square feet of private meeting and event space, a spa, fitness center and on-site parking,”
On top of that, the Las Vegas Fontainebleau project, which has been running an Odyssey for nearly 20 years, seems poised to open in late 2023. Additionally, Hard Rock International will take over the Mirage from MGM and build the Guitar Hotel where its famous volcano currently sits.
