Operator News
US – Golden Gate’s doubling in size highlights downtown’s resurgence
By Phil - 21 July 2017
The iconic Golden Gate has announced plans for a major expansion that will nearly double the size of the 111-year-old downtown casino.
“Since opening in 1906 as Hotel Nevada, Golden Gate has played a key role in the growth and success of downtown Las Vegas,” CEO Derek Stevens said in a press release. “We are thrilled to continue Golden Gate’s incredible narrative and evolution, while also contributing to the area’s ongoing revitalization.”
The work is to be completed in late August after a five-day closing, August 20 to 25.
The project marks Golden Gate’s second major expansion in more than 50 years. The first being the addition of a five-story luxury hotel tower, new lobby and exterior in 2012, also headed by Stevens.
Golden Gate’s renovation will a doubling in size of the gaming floor. The new casino space will introduce almost 100 new slots to the casino floor. The centerpiece of the space will be a 360-degree, 24-foot tower of televisions. Additionally, visitors will be greeted by a multifaceted crystal chandelier, composed of spirals cascading downward in tiers of beveled mirror accents.
The work will also see a facelift for the resort’s OneBar. As a non-stop beverage destination on Fremont Street Experience, One Bar at One Fremont Street will expand 20 feet to become one of the longest bars in downtown Las Vegas. Featuring external televisions, frozen libations and, of course, the popular flair and dancing bartenders.
Evoking the essence of vintage Vegas glitz and glam, Golden Gate will introduce a completely redesigned Fremont Street façade, including glamorous velvet drapes to create a casino entrance from Fremont Street Experience. Inspired by the Jazz Age, the drapery will be adorned with exquisite gold medallions, serving as a grand arrival to the casino’s marble-floored rotunda.
In terms of percentage growth in GGR, Downtown Las Vegas has a hot spot in 2017. Downtown’s revenue is up 8.1 per cent making giving it the best growth of any region in the state.
The Fremont Street area reported total gaming win of $55.23m in May, marking close to a 10 per cent gain on 2016’s figures. The last three months, has seen Downtown’s GGR improve by almost 18 per cent.
Alongside the GoldenGate renovation, The D Casino is planning to revitalize the western end of the Fremont Street Experience by renovating the former Las Vegas Club and Mermaid properties.
The Downtown Grand has received approval from the Las Vegas Planning Commission to build an eight-story, 495-room hotel tower.
Downtown’s hotel occupancy is reaching an average of 83.8 per cent this year, an increase from 82.3 percent in 2015.
“They are seeing occupancy going up, and it makes sense financially,” said David Schwarz, director of UNLV’s Center for Gaming Research.
Michael Lawton, a senior research analyst with the board’s Tax and License Division, said of the overall results in Nevada in May.
“We were up 3.5 per cent, or $33.7m. I think, overall, it was a very positive month for Nevada gaming revenue. We’ve recorded three consecutive increases of 3.8 per cent for the calendar year to date. I’m pleased with results and optimistic for the future. Slots and tables games grew equally. Both saw increase in volume.”
