Head of MGM explains new venture on Las Vegas Strip - 8 News NOW

Head of MGM explains new venture on Las Vegas Strip

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LAS VEGAS -- MGM Resorts International just unveiled its new plans for a dynamic park, dining and entertainment district.

It is called The Park, and it will connect New York-New York and Monte Carlo with MGM's new arena.

8 News NOW talked to MGM CEO Jim Murren, and this time their plans for bringing people in are actually bringing them out.

Las Vegas reinvents itself every few years, and this is MGM Resorts' new endeavor.

"The Park will be a preeminent gathering place for tourists and locals here in Las Vegas," Murren said.

Murren says the park will be an interactive neighborhood environment. The area between New York-New York and Monte Carlo will be transformed into a "robust plaza environment." The park includes eateries, bars, and retail, all leading up to a 20,000 seat arena.

"It'll be beautiful. It will be designed with the desert in mind. It will be a sustainable park using recyclable materials. We're not going to pull any water out of Lake Mead. We're going to create microclimates that show the desert is beautiful, and it can be a great gathering place," Murren said.

The gathering place will be the first of its kind park on the Las Vegas Strip. It's designed to draw people from the hustle and bustle of the Strip to what MGM Resorts calls "an oasis" offering unique opportunities to experience Las Vegas outdoors.

"I think it will be a good thing because there are tons of casinos, so it would be something different. I think it will be a good idea," Stacey Hollister, who is visiting from Canada, said.

Murren says the next generation of guests inspired this transformation.

"40 million a year come to Las Vegas and they're getting younger. Five years ago the average was 51 years old. Now it is 46 and it's declining. Millennials, the folks that are 18 to 30 years old, they're going to represent half of all travel by the year 2020," Murren said, "Those tourists are experimental, they're spontaneous, they don't want to be trapped into any particular itinerary, and they're collecting experiences."

The Park opens in 2016, in conjunction with the arena, a part of our economic bounce back.

"Las Vegas obviously went through a punishing recession, and we've shown that we can be resilient and I'm really proud of the whole valley, led by MGM, that we're pulling ourselves out of the recession, and 2014 is off to a great start," Murren said.

Murren not only credits his company, but others for helping Las Vegas get back on a roll.

"Investments like this and the LINQ with Caesars and SLS and Genting coming to the market, and festival grounds, we're bringing Rock in Rio, which is going to bring hundreds of thousands of people here listening to great music. This is all generating more tourism, more jobs for Las Vegas, and more visitation," the executive said

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