Preview 2008: The Wave Swells

You know that fourth wave of Las Vegas growth we've been talking about? Well, it's here. It's forming at this very moment with the opening of Palazzo. Of course, that's just the start of it. This wave is so big, it'll take three-to-five years, to rise, crest, and finally hit the shore with full force.

This year's swell includes the opening of Cosmopolitan, Cannery East, and Aliante Station, as well as the Trump Tower and Palms Place condos, plus plenty in the way of expansion and redevelopment. That's a significant list, but even counting Palazzo in the '08 group, it's still just the rising of the wave. The cresting in 2009 will include the openings of M Resort, Encore, Fontainebleau, and the massive CityCenter, which will account for more than 15,000 of the 50,000 or so rooms slated to crash onto the Strip over the next five years. The $5 billion Echelon Place (2010), Crown Las Vegas (a hotel tower a few feet shorter than Stratosphere), and the new MGM-Dubai World metaresort (on the west side of the north Strip) will complete the wave in 2011 and '12. Or will they?

We may find that this wave just keeps rolling with new projects and no breaks. Which projects? I don't know, but I believe this will be the year that those waiting in the wings will declare. So while a fairly steady diet of resort openings will be the main course in 2008, we can also expect a lot of new announcements. Think Harrah's, Sahara, Tropicana, and Riviera. These are the places that need to ratchet up in order to catch up. And don't forget about the expansions. Caesars Palace is spending $1 billion on its makeover (due for completion in 2009); Hard Rock is also reportedly in the billion-dollar ballpark. Want a wild card? Consider that George Maloof will be freed up to operate again once Palms Place is completed this year (does anyone really think George is done yet?).

This year's complete Report Card and Progress Report appear below. The chart provides a vivid snapshot of the Las Vegas scene, with 82 entries in several categories. What other city in the world could render such a chart? One thing's for sure. If all goes according to plan, it looks like we can expect a swell 2008.

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2007 REPORT CARD

Opened

Expanded

Changed

Sky Las Vegas1
Panorama2
Allure3
Signature at MGM4

Town Square5
Planet Hollywood6
Palazzo7
McCarran Airport8

Premium Outlets9
Fiesta Henderson10
Santa Fe11
Red Rock12
Flamingo13
Golden Nugget14

Tropicana15
Silver Nugget16
Hyatt17
Barbary Coast18
Speedway19
Nevada Landing20
Sahara21
Golden Palm22

Stratosphere23
AZ Charlie's24
Primm25
MonteLago26
Stardust27
New Frontier28
Station29
Harrah's30

2008 PROGRESS REPORT

Opening

Expanding/Renovating

Cosmopolitan31
Trump32
Palms Place33
Cannery East34
Aliante Station35

Hard Rock36
Venetian37
Silverton38
Caesars39
Luxor40

South Point41
Golden Nugget42
McCarran Airport43
LV Convention Center44
World Market Center45

2008 AND BEYOND

In Progress

On the Drawing Board

Westgate46
Encore47
CityCenter48
Fontainebleau49
M Resort50
Allure51
Panorama52
Echelon Place53
City Crossing54
Pinnacle55

Lady Luck56
Elad Plaza57
Crown Las Vegas58
MGM metaresort59
Verge60
Harrah's Arena61
Moulin Rouge62
New District63
Elvis Hotel64
Charlie Palmer Hotel65
Dragon City66
Wild Wild West67
Durango Station68
Royal Palm69

Marriott70
Gold Spike71
Scandia72
World View Plaza73
World Jewelry Center74
Trump75
Aloft76
Water Park77
Monorail78
Castaways79
Inspirada80
Ultimate Sports81
Strip redesign82

1. 405-unit condo tower next to Circus Circus opened in January
2. second of three condo towers opened on Dean Martin Dr.
3. first of two condo towers opened on W. Sahara
4. third of three residential towers opened
5. 100-acre retail development on south Strip opened
6. changeover from Aladdin finally completed
7. 3,000-room Venetian megaresort opened December 28
8. new rental-car center opened
9. added 30 more stores and two parking structures
10. added new theater complex and food court
11. added new poker room and restaurants
12. added 400-room tower
13. all rooms/suites redecorated
14. added new restaurants
15. sold to Columbia Sussex
16. sold to Las Vegas developer Jeffrey Fine
17. sold to Loews
18. traded to Harrah's; renamed Bill's Gambling Saloon
19. sold to Las Vegas investment company Mandekic
20. closed in March to make room for massive development
21. sold to L.A. entertainment magnate Sam Nazarian
22. closed and for sale
23. sold to affiliate of Goldman Sachs
24. sold to affiliate of Goldman Sachs
25. three stateline casinos sold to Herbst Gaming
26. taken over from CIRI investors by PDS Gaming
27. imploded in March
28. imploded in November
29. buyout by management completed
30. buyout by private equity firms all but completed
31. center Strip casino scheduled to open in mid- to late 2008
32. north Strip condo tower to open in mid-2008
33. residential tower at Palms to open by end of year
34. new Nevada Palace casino to open in summer
35. Station's NLV casino scheduled for completion toward end of year
36. $1 billion 1,000-room expansion
37. $100 million room renovation
38. casino addition, 1,500-space parking garage, entertainment venue
39. $1 billion 665-room expansion and upgrade
40. $300 makeover to eliminate Egyptian theme
41. $95 million 830-room expansion, plus restaurants and bars
42. $150 million 500-room expansion
43. new $800 million terminal construction continues
44. $500 million expansion and upgrade continues

45. phase three of furniture giant ongoing
46. $400 million 800-unit timeshare next to Planet Hollywood
47. Wynn Las Vegas expansion to open in 2009
48. $7.8 billion monster development to open in 2009
49. $2.9 billion megaresort to open in fall 2009
50. $1.8 billion locals megaresort on far south Strip has broken ground
51. second condo tower going up on W. Sahara
52. third tower going up on Dean Martin Dr.
53. $4.8 billion Boyd metaresort going up on Stardust site in 2010
54. $2 billion mixed-use development going up in Henderson
55. $850 million 1,100-unit condo at Tropicana and Cameron
56. long-delayed plans to reopen still in force
57. $5 billion megaresort planned for New Frontier site
58. 1,064-foot-tall tower planned for Wet ‘n' Wild site
59. unnamed metaresort at Strip and Sahara to open in 2012
60. $135 million condo project slated for downtown
61. 20,000-seat arena near Bally's projected to open in 2010
62. 750-room hotel-casino planned for historic site
63. mixed-use project planned for near Palace Station
64. 18-acre partially Elvis-themed resort planned for south Strip parcel
65. 400-room boutique planned for Union Park downtown
66. 3,400-room hotel-casino planned for Chinatown
67. Station plans to replace with flagship casino
68. Station casino planned for southwest valley
69. $1 billion Klondike-site project postponed indefinitely
70. large parcel across from Convention Center slated for hotel
71. boutique resort proposed for site of downtown casino
72. 700-unit condo planned for amusement park site
73. second furniture market announced for downtown
74. 57-story jewelry center announced for Union Park downtown
75. second tower planned at Trump Tower
76. 14-story W-branded Starwood hotel at Paradise and Flamingo
77. 30-acre site at Strip and I-215 for ambitious water attraction
78. proposed extension to downtown, airport, and west Strip
79. small casino and restaurant planned by Station Casinos
80. Station casino planned for massive Henderson development
81. 5,500-room sports casino proposed for near LV Motor Speedway
82. landscaped median to make room for express bus

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