When people think about Las Vegas, the Las Vegas Strip immediately comes to mind. That makes sense because that roughly four-mile stretch of road contains an epic array of properties ranging from the Grandeur of Caesars Palace (CZR) and the Venetian to the modern chic of The Cosmopolitan and MGM Grand (MGM), and heavily themed properties like Caesars Paris, MGM's New York New York, and the pyramids of MGM's Luxor.
The Strip, of course, never stops changing. Caesars will remake its Bally's Property into its Horsehoe Brand because the Bally's Corporation (BALY) has purchased the Tropicana, with plans to demolish it to build a self-named hotel/casino. And, of course, Hard Rock International has bought The Mirage from MGM and it will knock down that property's iconic volcano in order to build its signature guitar hotel.
Along with all of those changes the long-awaited Resorts World Las Vegas opened on the Strip during the pandemic and the decades-delayed Fontainebleau Las Vegas appears on track for a 2023 opening.
That makes it seem like the future of Las Vegas lies on The Strip, but what if that's not the case and another part of town, Downtown Las Vegas, -- an area where neither Caesars nor MGM owns a property -- stands ready to make a play for its share of tourist dollars.
Image source: Daniel Kline/TheStreet.
Welcome to Downtown Las Vegas
While the Las Vegas Strip has a mix of glamour and grit, it's best known for its top-tier properties. Downtown Las Vegas, centered around Fremont St. has been known for a more old-school experience.
Hotels like the Golden Nugget and Binion's offer a more classic Las Vegas experience complete with cheap shrimp cocktail, discount steaks, and a mix of vintage waitresses and younger ones in more provocative waitresses.
Those casinos (and other similar downtown properties) sit on Fremont St. which has a canopy full of lights that delivers the over-the-top Fremont St. Experience show after dark. Add in a lot of live music, people zip lining through the sky, and a mix of oddities including showgirls, Elmo, Optimus Prime, PAW Patrol, and a cast of somewhat desperate (and sometimes poorly done characters) looking to pose for a picture for cash.
It's a compelling scene, but a decidedly downmarket one from what Caesars, MGM, and others offer on The Strip. That's something that Derek Stevens. and his brother Greg, hope to change with downtown's newest property, Circa.
Can Circa Bring Upscale to Downtown Las Vegas?
Circa, which opened its first tower in October 2020 mixes an old-school Las Vegas feel with new school luxury. The property has a first-of-its-kind tiered swimming pool, Stadium Swim, sportsbook -- a site to see that's truly unique -- as well as a mix of upscale restaurants and cocktail lounges.
The property opened its second tower in December 2020 and Derek Stevens made its purpose clear in his comments in the launch press release.
“They say to save the best for last, and when you see our hotel tower and Legacy Club, you’ll see that’s exactly what we did,” said Circa CEO Derek Stevens. “Circa is now home to some of the most stunning hotel rooms and suites in all of the city and watching Las Vegas light up before your eyes from Legacy Club is one of those ‘wow’ moments you have to experience for yourself.”
Stevens, who owns the Golden Gate and The D, both on Fremont St. believed the time was right to bring a modern, billion-dollar property downtown.
"I was fortunate. I got to buy the Golden Gate 15 years ago, and then bought Fitzgerald’s and turned it into The D," he told the Las Vegas Review-Journal. "I always thought the amount of people that would come down to Fremont Street, who enjoyed Fremont Street, I always thought there was some room to have some new product here. And what we’ve really tried to do here is create a resort with a number of attractions, like Stadium Swim and the world’s largest sportsbook."
Stevens, who told the paper he had no plans to buy or build a property on The Strip (although he admitted that things can change) believes that a simple philosophy can draw people to his Downtown Las Vegas properties.
"Every customer that walks through these doors, let’s be thankful that they’re willing to give us 48 hours of their life or 72 hours of their life. The fact that someone from Columbus or somebody from Atlanta, or somebody from Salt Lake City is willing to spend their weekend here or potentially even just a few hours here, let’s be respectful. If they’re giving us their time, it’s our responsibility to give them the time of their life," he said.
