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Being there What siren song is calling these brands to the Strip?
The Tea Lounge at the Mandarin Oriental, which opened in Las Vegas’ City Center in 2009.
For fiscal 2016, gaming accounted for 34% of the Strip's total revenue, the remaining revenue coming from hotel rooms, dining, entertainment and everything else.
"The fact that Las Vegas has been able to differentiate its spending profile makes more hotel brands fit better in the market and gives them increased interest relative to their ability to compete here," Aguero said.
Donald Bowman, general manager of Mandarin Oriental Las Vegas, agreed.
"I think Mandarin saw the tide turning, and as we looked we said, 'Yes, there's absolutely an opportunity,'" he said. MGM Resorts rebranded its THEHotel tower in Mandalay Bay as the Delano in 2014, working closely with Morgans Hotel Group to capture the essence of the South Beach-based brand.
I think there was a gentleman in Time magazine who called Las Vegas the 'world's greatest ghost-town-in-waiting.'"That dire prediction obviously did not come to pass.
After seeing visitation drop in 2008, the city's tourism numbers have rebounded and exceeded their prerecession highs.It's also the demographic evolution of the Vegas visitor: who's coming, what they want and how they're spending once they arrive.Mehmet Erdem, associate professor at the Harrah College of Hotel Administration at the University of Nevada, Las Vegas, said, "If you look at national chains and the proliferation of them entering the Las Vegas market, there is a direct correlation with how [for] travelers, the demographics are changing." According to the Las Vegas Convention and Visitors Authority, Las Vegas visitors are getting younger.In 2014, Las Vegas welcomed a record 41 million visitors. In 2016, Vegas set a record for the third consecutive year, drawing nearly 43 million people."When you get 43 million visitors every single year, the fact is that their customers are coming here anyway," Aguero said of national brands that are eyeing the Vegas market.In the last decade, however, the pace has quickened: Trump International debuted in 2008; the Mandarin Oriental opened at the City Center in 2009.