The Las Vegas Strip has become a land where casino operators generally believe bigger is better.
Caesars Entertainment (CZR) – Get Caesars Entertainment Inc. Report and MGM Resorts International (MGM) – Get the MGM Resorts International report It mainly operates large and large-scale resorts, while Wynn Resorts (WYNN) – Get the Wynn Resorts Limited report Signature properties also fit into this category.
Most new buildings on the Las Vegas Strip also meet this standard. The new Resorts World International hotel tower is 59 stories tall, with more than 3,000 guest rooms and nearly 120,000 square feet of gaming floors—two U.S. soccer fields—and more than 40 dining options.
On a 4.2-mile stretch of road that includes massive vistas of the Eiffel Tower, Statue of Liberty, and Egyptian pyramids, it’s hard to stand out without doing something daring and daring.
However, a new casino project broke ground on the South Las Vegas Strip and took a different approach.
Hotel brand has a Las Vegas dream
Dream Hotel Group operates boutique hotels, and the company has a very specific philosophy about it.
We built our entire brand around you and your perfect vacation. Within each dream hotel, you’ll enjoy upscale amenities, mesmerizing service, built-in nightlife that seems natural, and a rare source of raw energy from some of the world’s most exciting cities.
We don’t just offer a bed to sleep in for a night or two – we offer an introduction to a whole new way of life. We’ll show you the very best in art, architecture and design, spaces that balance health and well-being, the latest fashion collaborations and music artists, and state-of-the-art technology from the comfort of your room.I
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Caesars and MGM certainly have high-end properties in their portfolios, but this could still be an underserved market in Las Vegas. Dream hopes its new flagship hotel/casino will satisfy customers looking for luxury in a smaller package.
The company has broken ground on Dream Las Vegas 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 cost about $550 million and 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,”
Dream Las Vegas wants to be different
Las Vegas-based Contour and Shopoff Realty Investments will develop the project, and Contour CEO David Daneshforooz commented on how Dream Las Vegas will stand out.
“Las Vegas has no shortage of large resorts, but it lacks boutique hotels that offer a more intimate, curated experience,” the hotel management report.
“A brand new dream hotel with world-class dining offerings is the obvious choice for boutique execution on this site and will be a great addition to the Las Vegas Strip,”
Basically, Dream decided to do something that didn’t exist in the market. Caesars does refer to its Cromwell hotel as a “boutique” hotel and also operates the Nobu Hotel in the sprawling Caesars Palace complex.
But Dream Las Vegas may be able to offer a more intimate experience than anything the big brands offer.