Las Vegas, Nickname “city of light,” “the gambling capital of the world,” “the entertainment capital of the universe,” “the capital of second chance and happenings,” etc. is the most populous city in Nevada. Internationally recognized for its major resorts within which activities like gambling, fine dining, nightlife and shopping were enormously concentrated. In southern Nevada, Las Vegas is found to be the leading financial, commercial and cultural center of the region adding to their revenue and economy. Its mega casino hotels and associated entertainment hubs have marked the city as one of the top leading most visited areas in the United States for conventions and business meetings.
Las Vegas is a large urban settlement which has got more five star established hotels than any other city in the world, making Las Vegas count as one of the top tourist locations in the world and a worldwide leader in the hosting, lodging and entertainment industry.
Demolishing to Pave Way for New Mega Resorts
Las Vegas has a long history of building giant hotels and getting them demolished for a more profitable mega-resort to be constructed. Some of Las Vegas hotels that have been turned down and demolished for a larger mega-resort include the Desert Inn Hotel which made way for the Venetian and Palazzo Las Vegas and the MGM resort, the old Dunes Hotel was also imploded to make way for the Bellagio. Land on the Las Vegas strip is found so economically valuable that destroying an old hotel to make way for a new one makes more sense than building off-strip on underdeveloped sites.
It has been years since the last resort was demolished for a new resort to be built. The slowdowns happened due to the great global economic recession in 2008. In recession denied most financial communities including Las Vegas sustainable ability to get on and embark on investment projects. As of recent, in the midst of recovery, Las Vegas demolition crews have commenced again their activities of getting hotels blown up. This is turning the skylines of Las Vegas dusty with the cloud of smoke that follows the demolition.
Why Blow them Up?
Before an organization embarks on its Las Vegas hotel or casino demolition, one thing they put first in consideration is money, that is finance and revenue. The potential profit from a prospective yet un-constructed casino has to be larger than the cash flows of the existing casino awaiting demolishment decision. For example, the MGM isn’t going to displace the Las Vegas Bellagio, since the Bellagio presently poses a lucrative estimate of $1.25 billion in revenue, $409 million in EBITDA, and a promising future prospect to add. Hence it won’t make sense to build a resort that would cost billions of dollars in construction, only to generate a small amount of cash flow from its return when viewed from the financial angle of it.
But across the street of the Bellagio exists a better option. There lies a group of properties that would make a great site for a Las Vegas mega resort innovation. Here we find the Flamingo‘s, the Cromwell, the LINQ hotel and the Herrare Las Vegas hotel which are some of the worst properties in the area to be improved on.
Hotel blowing up and turning down has being a regular exercise of the Las Vegas metropolis. Some hotels include the Desert Inn hotel casino which disappeared in seconds during its implosion on November 2004.
Another hotel which was demolished is the Landmark Hotel which was displaced by a parking lot having aged 32 years. The hotel was built in 1963, but didn’t open until 1969. These remarkable building by the Jetsons-esque architecture stood tall and proud and was loved in the community. In 1995, it became the second major property to be imploded. This is because the Landmark was old, in bad repair and unpopular and since the Las Vegas convention center needed more parking space, The Landmark Hotel had to go ka-boom for a 22-acre plot surface parking lot to be placed. This parking lot is becoming more valuable as time goes on, which means there are no immediate plans for developing the site.
In, the Hacienda, a hotel of about 300 rooms and 11 stories was opened at the far south of the Las Vegas strip long before the successful Luxor and Excalibur in 1990, which were situated around it. But since the Hacienda hotel seemed isolated at the location and didn’t enhance development at the area, it had to be imploded to make way for Mandalay bay resort. This implosion which happened at New Year eve of 1996 was after the owners of Hacienda’s neighboring and more lucrative hotels Luxor and Excalibur had bought Hacienda from its owners.
Aladdin hotel from its beginning seemed to be doomed for failure, and at that time was called “the Vegas jinx With its history of many owners, name changes, remodels, openings, closings, and mob dealings, it was closed down forever in 1998, after 26 years. It was imploded , 1998 at about 7 p.m., leaving only the performing art center saved in the demolished Aladdin building, giving way to the construction of the latter known Planet Hollywood mega resort.
Presently, Las Vegas gets ready to demolish the famed Riviera Hotel casino. This hotel was among the first to be opened along the Las Vegas Boulevard and for decades it has hosted many Hollywood celebrities and has been a site for film shots also since the 60s. This once famous 14 story Monaco tower resort along the Las Vegas strip is about to come tumbling down, vanishing within minutes after being imploded as scheduled. The Riviera hotel being closed for a year has its owners the Las Vegas convention and visitors authority, spend about $42 million to get it destroyed after a 60-year run on the northern end of the strip. One other tower which is expected to get demolished soon is the Monte Carlo hotel casino resort, whose demolition has been scheduled to somewhere around.
Top 10 Casino Implosions
Sands, Frontier, Stardust, Hacienda, Aladdin, Landmark, Castaways, Bourbon Street, Boardwalk and the Dunes.