Mandalay Bay last week announced plans to build a new 41-story, 1,122 all-suite tower that will connect to the South Sea themed resort and service the resort’s Convention Center, currently under construction and expected to open in January 2003.
Ground breaking for the $200 million project is scheduled for September 2002 with completion targeted for October 2003. Upon completion, the tower’s 750-square-foot suites will be among the largest on the Strip.
"This project will further enhance the power of our Mandalay Mile as the most integrated resort complex in the world," said Glenn Schaeffer, president of the Mandalay Resort Group. "It is yet another asset that will drive our long term performance by further segmenting our room offerings and driving REVPAR gains.
Mandalay Mile properties include Mandalay Bay, Excalibur and Luxor; Circus Circus and Slots-o-fun are also Las Vegas casinos owned by Mandalay Resort Group.
Highlights of the new tower include:
24 hospitality suites
average suite size of 750 square feet
a top spa and fitness center
a full-service business center
restaurant and lounge
According to company officials, the new tower will support the demand and advance bookings at the Convention Center. It will also "maximize the operating leverage" that comes with controlling 18,585 total rooms on the Strip.
"The Convention Center will be one of our principal growth engines, driving future results for the company," Schaeffer said. "Among other positive effects, it fills a gap in our portfolio of non-gaming entities and enhances, to an extent, our visibility as it relates to financial performance on the Strip. It is this type of consistency, over time, that is the singular focus of our management team."
In addition to its Las Vegas properties, Mandalay Resort Group owns and operates Circus Circus in Reno; the Colorado Belle and Edgewater in Laughlin; the Gold Strike and Nevada Landing in Jean; and the Railroad Pass in Henderson.