Las Vegas, long renowned for its dazzling neon lights and mega casino-resorts, is set to add another jewel to its crown. MGM Resorts International has announced it will be investing approximately $1 billion in the construction of a new casino resort on the famed Las Vegas Strip. Scheduled to break ground in early 2024, the project marks a significant expansion in the area, promising to boost local tourism and economy.
The new development, aptly named “The Diamond,” aims to redefine luxury gambling and entertainment in the city. Designed by acclaimed architects and set on a 15-acre parcel of land, the project will feature a state-of-the-art casino, a 500-room hotel, multiple dining outlets, a spa, and an exclusive concert arena. With this move, MGM continues to solidify its presence as a dominant force in the global gaming and hospitality industry.
Bill Hornbuckle, President and CEO of MGM Resorts International, expressed his enthusiasm for the project, stating, “The Diamond is set to become a landmark in Las Vegas, reflecting our commitment to innovation and quality while enhancing our portfolio in one of the world’s most vibrant entertainment markets.”
The announcement comes at a time when Las Vegas has been witnessing a remarkable recovery in tourism following the downturn caused by the COVID-19 pandemic. According to recent data from the Las Vegas Convention and Visitors Authority, the city welcomed over 42 million visitors in the past year, inching close to its pre-pandemic high. The new MGM project is expected to attract an additional 3 million visitors annually, creating substantial economic benefits.
Tourism experts predict that “The Diamond” will not only increase visitor numbers but also create thousands of jobs during both construction and operation phases. “This project is a major economic boost,” said Dr. Andrew Spencer, a professor of economics at the University of Nevada, Las Vegas. “It’s not just about the tourism dollars; it’s also about job creation which is crucial for the local economy. Projects like these stimulate growth in numerous sectors.”
Furthermore, MGM Resorts is planning to incorporate advanced environmental technologies to make “The Diamond” a benchmark for sustainability in the hospitality and gaming industry. This includes building to LEED Gold standards, utilizing solar energy, and implementing state-of-the-art water recycling systems.
The casino at “The Diamond” will house over 2,000 slot machines and 100 gaming tables, offering both traditional and innovative games. Additionally, the resort will feature a sports betting arena, tapping into the rapidly growing sports gambling market that Las Vegas is famous for.
MGM Resorts also plans to leverage cutting-edge technology to enhance the guest experience. Expected innovations include mobile check-in and digital keys, personalized gambling experiences powered by artificial intelligence, and VR experiences that complement traditional entertainment options.
Local officials have welcomed the announcement with open arms. “Las Vegas has always been at the forefront of the hospitality and entertainment industry,” said Carolyn Goodman, Mayor of Las Vegas. “This new project by MGM Resorts is a testament to our city’s resilience and continual growth.”
As construction is set to begin next year, other businesses in the vicinity are also preparing for the influx of tourists and the economic ripple effect expected. Local restaurant owner, Elena Ramirez, shared her optimism: “This is fantastic news. It will bring more people to the area, and that means more business for everyone.”
“The Diamond” is projected to open its doors in 2026, and if all goes according to plan, it will not only enhance MGM Resorts’ portfolio but also significantly contribute to Las Vegas’s reputation as a global leader in entertainment and gaming. In anticipation, investor interest in MGM Resorts has surged, with stock prices experiencing a noticeable uptick following the announcement.
This development is a clear indicator that the future of Las Vegas shines as brightly as ever, with its continuous evolution and ability to attract visitors from all corners of the globe. As the cityscape prepares to welcome a new era of luxury and entertainment, “The Diamond” stands poised to become a pivotal part of Las Vegas’s iconic skyline and an enduring symbol of its lavish allure.
