After the Nevada Gaming Control Board approves the sale by MGM, Hard Rock International will open the first casino hotel on the Las Vegas Strip that is owned by a tribal organization. The board has recommended that the $1.075 cash acquisition be approved. Before the official grand opening, there will be additional investments totaling at least $1 billion.
On Wednesday, Jim Allen, chair of Hard Rock International, made a nearly four-hour presentation to the control board describing Seminole Gaming's ambitions, which include building a massive hotel in the shape of a guitar and expanding every other aspect of the business.
The Seminoles are anticipated to sign a long-term lease with REIT VICI Properties for a period of 25 years with the possibility of three 10-year extensions. REIT VICI Properties owns the actual site.
Allen said the aim is to construct an all-suite hotel in the form of a guitar similar to what the business did at the Seminole Hard Rock Hotel Hotel & Casino Hollywood in Florida, though it still needs clearance from Clark County.
When we announced that we would construct a structure in the form of a guitar, Allen claimed that "people thought I was utterly nuts." "Today, it has become a global icon. It's incredible how much tourism we get in that structure. I should have built it bigger; the building has already exceeded its year six, year seven, and year eight estimates. This will probably become yet another landmark in the skyline of the Las Vegas Strip.
Philip Katsaros, a member of the Gaming Control Board, said: "It's historic. Because it led to the revitalization of the Strip that we witness today, this property is iconic. Everyone on the Strip will have a better experience playing after this. There is a new player in the market.
The Mirage, which Steve Wynn built in the 1980s, featured the Strip's first "larger than life attraction" with a nightly erupting artificial volcano.
"We present you today not simply a rebranding of the Mirage with a new sign and new carpet," Allen remarked as he began his presentation to the board. We want to spend billions of dollars building a new resort destination on the Strip. We are really happy that it is located on the 50-yard line. It is a gift from God.
Along with non-gambling resort hotels all over the world, Hard Rock also runs around a dozen casinos in the US, with plans to open one in Virginia and another in Ontario, Canada.
Massive renovation plans are still awaiting permission. For instance, Allen intends to construct a hotel that will be almost 1,000 feet tall, but he acknowledges that it might only be approved for fewer than 700 feet. Although Hard Rock anticipates expanding the 3,044 currently available rooms by 596, the actual number of rooms will depend on how high they can construct.
All of the current hotel rooms will be completely renovated down to the supporting walls, and all of the villas will be spared the bulldozer and also renovated.
According to the calculations, the existing casino floor, which is 94,000 square feet, will get an extra 80,000 square feet, making the entire gaming space 174,000 square feet. The convention space will grow by 83,000 feet, totaling 283,000 square feet.
From 3,278 to 6,265 seats will be available in the theater, and the existing 18 food and beverage outlets will be increased by at least 3. Public spaces, swimming pools, F&B establishments, and the casino will all be completely gutted and remodeled.
We want to construct a brand-new Hard Rock Live, Allen declared. We believe this may be another destination for entertainment because of our connections with Live Nation, Roc Nation, and AEG. The Beatles LOVE tour has been extended through 2019 and 2024.
A significant expansion of slots will add 1,164 to the current 836 on the floor, in addition to the proposal to add 110 tables, increasing the total number of slots to 212.
While it develops final plans and outsources the construction work, the business intends to retain every Mirage employee and operate the facility mostly "as is" for nearly a year and a half. Allen stated at the time that although there is always a chance of a temporary shutdown, the project is anticipated to be finished in 26–30 months.
"We don't want to renovate a little space and finish it in ten years. Recessions and supply-chain concerns are both relevant. After finishing all of our construction drawings, we'll assess our progress in light of the economy and other relevant considerations. We anticipate using this facility for at least 18 months in its current form.