The first major new casino project at the south end of the Strip in Las Vegas has now got under way.
The Peninsula Pacific Entertainment project will open towards the end of 2024 at a cost of $550m under the brand name Dream Las Vegas. While Peninsula will operate the location, the developers are Shopoff Realty Investments and Contour in partnership with the Dream Hotel Group.
The first ground-breaking was turned into an event, with the Nevada Governor, Steve Sisolak, and city dignitaries present at the site close to the airport. On one side is the Pinball Hall of Fame and a motorcycle dealership and on the other is the Mandalay Bay.
The boutique hotel will have 531 rooms and the casino floor will cover 20,000sq.ft. It will have seven F&B outlets and there will be facilities for live entertainment.
Said Jim Gibson, Clark County Commissioner, who was at the ceremony: “The great thing about this development is that it helps us finish off an important part of the Boulevard that all of us have seen undeveloped for so many years.
“Finally, we have an opportunity to complement all the little things that have been going on and this is enormous for us. The economic value of this project far exceeds the $550m investment.
“This is a reset on the development of Las Vegas Boulevard to finish the work that needs to be done and Dream is the leader of that reset. The result is something we’re all going to be proud of.”
While all this is going on, the assets of Peninsula Pacific are subject to an acquisition by Churchill Downs, the operating company that owns the Kentucky Derby horse race. That deal is worth $2.5bn and it should close by the end of this year.