Strip forecast sees $1.5 billion invested over next two years
After two years of modest reinvestment and upgrades of Strip properties, a group of gaming industry analysts and brokers thinks more than $1.5 billion will be invested by companies and investors in the Las Vegas gaming real estate market over the next two years.
Colliers International issued the upbeat forecast to introduce its new gaming division.
Already a well-known player in the office, industrial and retail sectors of the commercial real estate business, the firm brought in veteran Las Vegas-based analysts and brokers to create the Colliers International Gaming Group.
Mike Mixer, head of the gaming group, said the new division will provide asset valuations, advice on strategic acquisition and sales, and tax services. The gaming group includes Gabe Telles and Josh Smith, who both recently worked at CB Richard Ellis.
Low-stakes tourist game on pause for Caesars' Vegas Strip overhaul
Bill’s Gamblin’ Hall on the Strip will close Feb. 4 when Caesars Entertainment Corp. begins a $185 million renovation of the 198-room hotel-casino.
The hotel-casino, which was built by Michael Gaughan and opened in 1979, will be reopened in early 2014 under a new name and theme, Caesars Entertainment said in statement.
The casino’s 600 employees were notified Thursday morning of the closing under the Worker Adjustment and Retraining Notification Act.
Caesars Entertainment Senior Vice President Jan Jones said efforts are already under way to place the workers in jobs at the company’s casinos. Caesars operates 10 resorts on or near the Strip, including Caesars Palace, Harrah’s Las Vegas, Planet Hollywood and the Rio.
Jones said the company has roughly 10,000 open positions at its more than 50 casinos throughout the U.S., and some of Bill’s soon-to-be former employees might choose to relocate.
The renamed Bill’s is expected to employ more than 1,000 workers.