The Las Vegas Strip is seeing millions and billions of US dollars invested by casino and hotel corporations Wynn and MGM as the pandemic restrictions which shifted gambling activity to the online realm have finally been eased and land-based businesses are on the go active again.

Wynn Resorts Spends Millions in Luxury Renovations of the Wynn Tower Suites
Renowned American casino and hospitality operator Wynn Resorts recently announced a multi-million US dollar investment into the complete renovation of one of its marquee assets - the Wynn Tower Suites on the Las Vegas Strip.

The company hopes to complete “the most extensive design evolution ever made to the venue” by the end of June. The redesign effort includes all 2,674 guest rooms, as well as the lobbies, the corridors and the elevators.

“Although individual touches have been created to suit differing room layouts, the most notable changes include a reconfiguration to the washroom in the standard guest room to introduce separate vanities and double the storage space; an expanded dressing area with mirrored walls and upgraded closet with new wardrobe; and an extended multi-purpose table in the main living room for working and dining. Additional power and data ports and advanced touchless in-room technologies complete the project,” the official statement of Wynn Resorts says.

According to the president of Wynn Las Vegas Brian Gullbrants, “Wynn sets the standard for luxury experiences” with the company’s unceasing evolutions answering the needs of its guests. Wynn appeals to the upper stratum of gamblers and tourists with high-tier hospitality, lavish interior designs, superb gambling experience and state-of-the-art spa areas for relaxation.

All Wynn venues demonstrate the company’s efforts to target wealthy clients, as the Wynn Palace in Macau boasts the largest number of five-star restaurants displayed by any resort in the world and the Wynn Macau has earned eight five-star awards so far.

The Covid Impact
Wynn is focusing its efforts on its native market in the US after the relaxation of Covid-related restrictions in the western world, while its highest-earning business in the special administrative region of Macau is still being devastated by the pandemic and China’s zero-Covid policies. As a whole, the global gambling and hospitality industry was struck hard by the Covid lockdowns which pushed bettors towards online casino games.

Even before the pandemic struck the world, online gambling was on a rise fueled by improving internet coverage, growing smartphone and mobile data penetration, and advances in digital payments. “The Covid-19 pandemic did the rest, putting offline entertainment to a halt and leaving iGaming as the reliable choice,” as concluded by Svilen Madjov, an analyst and real money gaming industry researcher at casino comparison platform SevenJackpots.

MGM Invests New Billions on the Las Vegas Strip
The restored faith in the continued relevance and growth of the Las Vegas Strip after the easing of most restrictions related to Covid-19 is further evidenced by the recent acquisition of the operation rights for the Cosmopolitan by MGM Resorts International in a deal with a total value of approximately $5.65 billion.

The transaction includes an initial cash payment of $1.63 billion and a 30-year lease agreement with three 10-year renewal options. The initial annual rent is set at $200 million, subject to yearly increases between 2 and 3 percent depending on inflation rates.

The real estate assets of the luxury casino and hotel establishment will be owned by Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust (BREIT) who purchased the property from Blackstone Real Estate Partners VII LP for a price of more than $4 billion.

The Cosmopolitan of Las Vegas with its 110,000 sq.ft (10,220 sq.m) casino, 3,033 hotel rooms, 3,200-seat theater, 26 eating and drinking establishments including a nightclub, and 36,000 sq.ft (3,345 sq.m) of retail space under lease will be a strong addition to MGM’s presence on the Strip with the Bellagio, the Aria, Park MGM and the MGM Grand.

“This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip’s premier resorts with an iconic brand, well-curated experiences and a loyal customer base,” said MGM President and CEO Bill Hornbuckle.