Monte Carlo will be renamed Park MGM as part of a $450 million remodeling project. The new name was announced in an MGM Resorts International press release earlier today.
The property will also feature a "hotel within a hotel" concept with NoMad Hotel occupying a small portion of the rooms. NoMad will be operated by the New York City based Sydell Group.
It's unclear what will happen to Monte Carlo's current "hotel within a hotel" concept Hotel 32.
Re-naming Monte Carlo after the adjacent Park promenade was a fairly predictable move, but attaching the MGM brand to the property is kind of a head–scratcher.
While I understand "MGM" is a valuable brand name to the company, having two different properties on the same street with MGM in the name could become pretty confusing.
I could see a drunk tourist who cant remember the exact name of the hotel telling a cabbie to take him to MGM which would probably get him dropped off at MGM Grand.
Friday, June 03, 2016
Tuesday, May 31, 2016
MGM buys Borgata - Monte Carlo Rename Next?
Boyd Gaming has agreed to sell its 50% ownership stake of The Borgata in Atlantic City to MGM Resorts International for a purchase price of $900 million. MGM was already the owner of the other 50% stake, however Boyd was the operator of the hotel and casino.
The announcement was made via separate MGM Resorts and Boyd Gaming press releases.
After the sale is complete MGM Resorts will transfer ownership of The Borgata to their real estate subsidiary MGM Growth Properties. The MGP REIT will then lease the property back to MGM, who will operate the hotel and casino. Borgata will become an M Life Rewards property.
This transaction doesn't have a direct impact on Las Vegas, but there's an interesting wrinkle. Now that MGM owns 100% of The Borgata I assume they are free to use "Borgata" as a brand name in Las Vegas.
Last year it was announced that Monte Carlo would be getting a name change. I had speculated that Borgata Las Vegas would be a great name for Monte Carlo. MGM's purchase of The Borgata today takes that unlikely scenario one step closer to reality.
Update - June 3, 2016: I guess it wasn't meant to be. The new name of Monte Carlo is Park MGM.
The announcement was made via separate MGM Resorts and Boyd Gaming press releases.
After the sale is complete MGM Resorts will transfer ownership of The Borgata to their real estate subsidiary MGM Growth Properties. The MGP REIT will then lease the property back to MGM, who will operate the hotel and casino. Borgata will become an M Life Rewards property.
This transaction doesn't have a direct impact on Las Vegas, but there's an interesting wrinkle. Now that MGM owns 100% of The Borgata I assume they are free to use "Borgata" as a brand name in Las Vegas.
Last year it was announced that Monte Carlo would be getting a name change. I had speculated that Borgata Las Vegas would be a great name for Monte Carlo. MGM's purchase of The Borgata today takes that unlikely scenario one step closer to reality.
Update - June 3, 2016: I guess it wasn't meant to be. The new name of Monte Carlo is Park MGM.
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