The Las Vegas Strip has become a land where casino operators have generally decided bigger is better.
Caesars Entertainment (CZR) and MGM Resorts International (MGM) mostly operate massive megaresorts while Wynn Resorts' (WYNN) signature property fits that category as well.
And most new construction on the Strip meets that criterion as well. The new Resorts World International's 59-story hotel tower has more than 3,000 rooms as well as a gaming floor that's nearly 120,000 square feet -- that's two U.S. football fields -- as well as more than 40 food and beverage choices.
On a 4.2-mile stretch of road that contains an Eiffel Tower, a Statue of Liberty, and a giant take on an Egyptian pyramid, it's hard to stand out if you don't do something big and bold.
A new casino project, however, has broken ground on the South Las Vegas Strip and has taken a different approach.
Image source: Daniel Kline.
Hotel Brand Has a Las Vegas Dream
Dream Hotel Group operates boutique hotels for whichthe company has a very specific philosophy.
We’ve built our entire brand around you and your perfect getaway. Inside each Dream Hotel, you’ll appreciate upscale amenities, obsessive-meets-compulsive service, built-in nightlife that seems to come naturally, and rare, raw energy drawn from some of the most stimulating cities in the world.
We don’t just offer beds to lay your head on for a night or two – we provide an introduction to a brand-new lifestyle. We’ll show you the finest art, architecture, and design, a space for balanced health and well-being, the latest fashion collaborations and musical artists, and state-of-the-art technology right in the comfort of your own room. I
Caesars and MGM certainly have high-end properties in their portfolios, but this still might be an underserved market in Las Vegas. And Dream wants its new flagship hotel/casino to cater to customers who want luxury in a smaller package.
The company has broken ground on Dream Las Vegas on Las Vegas Boulevard near the private aviation terminal at McCarran International Airport. That's two blocks from Allegiant Stadium and relatively close to T-Mobile Arena. The 531-room hotel should cost around $550 million and open in 2024, the Las Vegas Review-Journal reported.
"Dream Las Vegas will include seven dining and nightlife venues: a rooftop deck, bar and lounge; three feature restaurants; two additional bar and lounge concepts on the gaming floor; and a grab-and-go café on the street level," Hotel Management reported. "Additionally, it will offer 12,000 square feet of private meeting and event space, a spa, a fitness center and on-site parking,"
Dream Las Vegas Wants to Be Different
Las Vegas-based Contour and Shopoff Realty Investments will be developing the project, and Contour's chief executive, David Daneshforooz, commented on how Dream Las Vegas would stand out.
“There is no shortage of megaresorts in Las Vegas, but there is a lack of boutique hotels that offer a more intimate curated experience," Hotel Management reported.
"A ground-up Dream hotel with its world-class food-and-beverage offerings was an obvious choice for a boutique execution on this site and will be a great addition to the Las Vegas Strip,”
Basically, Dream has decided to do something that doesn't really exist in the market. Caesars does call its Cromwell property a "boutique" hotel and it also operates the Nobu Hotel inside the massive Caesars Palace complex.
But Dream Las Vegas may be able to over a more intimate experience than anything provided by the bigger brands.
