Las Vegas has a lot of icons and properties that are known all around the world.
You can show nearly anyone a picture of Caesars Entertainment's (CZR) -) Caesars Palace and they know what they're seeing and where it is. The same can be said for other Las Vegas Strip resorts like MGM Resorts International's (MGM) -) New York, New York, or its pyramid-shaped Luxor.
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In fact, the 4.2-mile Las Vegas Strip may have more visually iconic properties than any similar stretch of road in the world. You won't find the actual Eiffel Tower down the street from the real Statue of Liberty, near canals like the ones found in Venice, but on the Strip, all three of those things are in easy walking distance from each other.
That's part of Las Vegas's appeal, but it's also a major challenge for the resort casino companies that operate there. There's always something new on the Strip, so what was once special can quickly become overlooked and replaceable.
At one point, The Strat, once known as the Stratosphere, was one of those signature Las Vegas properties. It's signature spire and its location on the northern tip of the Las Vegas Strip made the resort casino standout. Now, even as the north section of the Strip has been partly revitalized by the addition of Resorts World Las Vegas, The Strat has become a second-tier property.
Now the company's owner, Golden Entertainment (GDEN) -), has quietly completed a major renovation of the resort and it's getting closer to opening a new attraction that could be a major driver for the property.
Image source: Flite Golf
The Strat Completes Its Las Vegas Strip Makeover
While The Strat has remained visually striking, and its thrill ride-- which lets you throw yourself off one the highest points in Las Vegas while wearing a bungee cord remains a draw -- the property has been overshadowed. Resorts World, which opened during the pandemic, has drawn more people to the North Strip, but it has also added thousands of rooms in that area.
To compete, Golden Entertainment has revamped and remodeled the hotel at The Strat with very specific timing in mind. Chief Financial Officer Charles Protell addressed the changes at The Strat during his company's second-quarter-earnings call.
He noted that earnings were down because a portion of the rooms at The Strat were unavailable as they were being renovated to be ready for some specific events.
"We wanted to complete before the strong Las Vegas calendar later this year," he said.
Las Vegas has a Formula 1 race scheduled in November and the Super Bowl in February. Both events will likely more or less sell out the available hotel rooms on the Strip at higher-than-usual prices. Golden has been renovating The Strat in phases so it can be fully operational for the Formula 1 race.
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The Strat Is Adding Atomic Golf
With its less-than-ideal location and lack of neighbors, The Strat needs attractions for which people are willing to travel. That's why Golden has big hopes for Flite Golf & Entertainment's Atomic Range, which is currently under construction next to The Strat.
The 99,000-square-foot golf complex will house four stories with 103 separate hitting bays, six bars, 10 putting bays, meeting space, and a multiuse Astrocade that will feature large-scale screens for sports and entertainment viewing.
Protell said construction remains on track for the first-of-its-kind-on-the-Strip attraction.
"Atomic Golf construction remains on schedule, and we expect it to open by the end of the year, which we expect to drive meaningful new visitation to The Strat," he shared.
"Atomic Range, our first flagship location, will feature the latest in golf and entertainment technology for those looking to create memorable experiences with friends and family. The location along the Strip adjacent to The Strat is truly unmatched and accessible from anywhere in the Valley," said Flite Golf & Entertainment CEO John Vollbrecht in a news release.
Golden Entertainment Executive Vice President Blake Sartini estimated during his company's first-quarter-earnings call that Atomic Golf would drive "roughly 500,000 to 600,000 visitors."
