“We are bullish on these projects, as they all should be accretive to the Las Vegas market in general,” DeCree said. Not only are the $3.7 billion Fontainebleau Las Vegas and $750 million Durango Casino set to open later this year, but the $2.1 billion 17,500-seat MSG Sphere arena will also open in September behind the Venetian. This means the projects slated to open this year could be the last wave of major developments in Las Vegas for a little while.” “Given the rising cost of construction and tight credit markets, we suspect development activity will cool off, at least for now. A spokesman for Fertitta Entertainment recently suggested the company hasn’t decided on when to move forward with the construction of an already-approved casino resort, citing rising construction costs and an inflationary environment.ĭeCree said signs are emerging of development activity slowing amid rising interest rates, inflation, and growing recessionary concerns. It will resume when the financing is finalized.Īlso on hold is Texas billionaire Tilman Fertitta’s plans for a 43-story 2,400-room resort on the Strip at Harmon Avenue on 6.2 acres acquired for $270 million.
On Monday, the Las Vegas Review-Journal reported that Dream Las Vegas, the $550-million-plus boutique hotel-casino on the far south end of the Strip, has halted construction, due to lack of financing to pay the $25 million to $30 million owed for work so far.
