Resurgence of downtown Las Vegas

Lea Hogg March 28, 2024

SiGMA news

Resurgence of downtown Las Vegas

Las Vegas is witnessing a remarkable transformation. As the glittering Strip becomes saturated with mega-resorts, developers are turning their attention downtown, breathing new life into abandoned properties.

One such property is the Tropicana Las Vegas. Once a high-end hotel casino that opened its doors in 1957, it is now slated for demolition. The land it occupies is earmarked for a new stadium for Major League Baseball’s Athletics, set to begin playing there in 2028.

New beginnings

Another iconic property, the Mirage Volcano, has been a crowd-puller since its opening in 1989. However, its days are numbered. Hard Rock International, which bought the Mirage from MGM Resorts International in 2022, plans to replace the volcano with a Guitar Hotel. The timeline for this transformation remains unclear, but Clark County has approved the project.

As real estate prices on the Strip skyrocket, some developers are setting their sights on downtown Las Vegas. The Circa Resort and Casino, a Strip-style resort that opened downtown in 2020, has become a major anchor in the area. The Fremont Street Experience, also downtown, continues to draw crowds for entertainment.

A historic hotel casino property on Fremont Street for example, the long-shuttered Western Hotel Casino, may soon rise from the ashes. The family of the late former owner, Tony Hseih, has indicated a desire to sell the property to the Nevada Gaming Commission for possible redevelopment.

Richard Hseih, the late owner’s father and administrator of the estate, has applied for a one-day licence to operate slot machines to keep the Western’s gaming license active. He has also extended the casino’s tavern license with the City of Las Vegas until February 2025

The attorney for the Hseih estate, Dara Goldsmith, reportedly told the gaming commission that the estate has “active interest in the property and are optimistic we will get this property set up for redevelopment

The Western, which opened in 1970, was known as the world’s largest bingo parlour, boasting 1,020 seats and 15,000 square feet of gaming space. By the 2000s, the hotel casino had become run-down, with the hotel closing in 2010 and the casino shuttering in 2012.

The hotel casino’s original owner, Jackie Gaughan, sold the property to Barrick Gaming in 2004. Tamares Real Estate, which purchased a lease from Barrick the following year, sold the property in 2013 to one of Hseih’s companies affiliated with his Downtown Project revitalization group for $14 million.

The future of downtown Las Vegas looks bright as developers seize these opportunities to transform the cityscape. As these historic properties find new life, they promise to usher in a new era of growth and prosperity for the city.