Stratosphere Hotel-Casino Due for $140 Million Face-lift
LAS VEGAS, NV – The Stratosphere Hotel-Casino in Las Vegas is due for a major upgrade in the form of a $140 million renovation courtesy of new owners Golden Entertainment, who acquired the property in 2017. The work is to be carried out over the next three years, according to reports.
The improvements will take major and much-needed steps to renovate and upgrade the existing 1,100+ rooms, add new restaurants, and provide an overall modernization of the resort. The work is expected to take place over three separate phases, with each one taking approximately one year; the initial phase, scheduled to begin in the second quarter of 2018 at a projected cost of $32 million, will see 317 of the establishment’s hotel rooms receiving a full remodeling effort, as well as the addition of a viewing lounge giving guests an expansive overlook of the casino floor, a gastro-pub, an overhaul to the observation deck, brand-new signage on the exterior and a new rewards center and area for VIP guests to register for stays.
Phase two will kick off at the start of 2019, with an additional 452 hotel rooms being remodeled. Also, a new steakhouse restaurant and Starbucks coffee house will be added, the casino floor will be re-done, and the general design and architecture of the resort will be tweaked and updated to reflect a more modern aesthetic.
2020 will see the third and final phase of the Stratosphere’s remodeling, with the renovation of 364 remaining hotel rooms and the additions of more eateries in the form of a noodle bar and a food hall. More casino space will be added with attractions aimed at drawing in a younger demographic, a revamped showroom, and adding space for a proposed convention center by redesigning the mezzanine level.
However, that isn’t all when it comes to the possibilities presented by the Stratosphere renovation; there remains an additional 16 acres of property surrounding the resort that will lend itself to future expansion efforts if so warranted. So far, reports indicate that the work on the Stratosphere, when complete, should deliver approximately 20 in returns on the initial investment.
Golden Chairman and CEO Blake Sartini noted that the abundance of construction and revitalization projects currently in the works on the Las Vegas strip have been generating a great deal of fresh tourism and foot traffic in the area, creating the perfect environment and timing for this investment into the Stratosphere.
“Large-scale projects on the north end of the Las Vegas Strip – including Genting’s Resorts World, the expansion of the Las Vegas Convention Center and the investment to complete the former Fontainebleau — are bringing traffic and infrastructure to our doorstep at the Stratosphere,” Sartini said. “In addition, the population in the Las Vegas Valley continues to grow to new highs while local unemployment of 4.9 percent is at its lowest level in quite some time and wage growth remains healthy.”
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