LAS VEGAS - Gaming experts say the developments of SLS Las Vegas and Resorts World Las Vegas could spark a domino effect on north Strip development.
The $350 million purchase of the Echelon site by Genting Group will change business on the north end of Las Vegas Boulevard. Genting Group's planned Resorts World Las Vegas will include an Asian-themed hotel/casino. It's expected to bring more international tourists to Las Vegas.
This is good news which could spark changes to nearby casinos.
Circus Circus is one of the older properties near Las Vegas Boulevard and Convention Center Drive, but its family friendly niche has helped the casino stay in the black. Gaming experts say they do not expect changes to that property.
One block north lies the Fontainebleau, which appears almost completed from the outside, but casino brokers say after sitting empty for several years, the property will cost more than a billion dollars to finish. That's why companies with previous interest in the Fontainebleau have shied away.
Experts say with all of the undeveloped land nearby, something big is brewing, and a potential deal could be in the works.
"There are deals in process that greatly make a difference to this property at this end of the Strip," said David Atwell of Resort Properties of America.
The reach of prosperity could also extend beyond the Strip. Atwell says properties along Convention Center Drive doubled in value the day of the Resorts World announcement.
Those properties will soon sit between what Atwell calls the most spectacular project ever built on the Strip and a newly revamped $2 billion Las Vegas Convention Center.
The purchase of the Echelon site set a price other land owners can now use to gauge how much their properties are worth - something that hasn't really been available since 2007.