Published Friday, June 3, 2016 | 7:25 a.m.
Updated Friday, June 3, 2016 | 9:44 a.m.
Today’s announcement that Monte Carlo will be redesigned as two hotels — Park MGM Grand and NoMad Las Vegas — keeps a promise by MGM Resorts International Chairman and CEO Jim Murren to refrain from naming properties for international tourist destinations.
“We are not going to name it something from somewhere else. Those days are over,” Murren said April 6 after a ribbon-cutting marking the opening of T-Mobile Arena. “This is Las Vegas; we are at the top of the list of entertainment cities. We are not second to anybody. We’re not going to have a property themed after a city from a far-away place.”
Renovations at Monte Carlo are set to begin this year and finish by the close of 2018.
According to a company spokeswoman, the resort will not close during renovations. Construction will be completed floor by floor and venue by venue.
The renaming and redesign of the hotel will cost a reported $450 million and create two hotels: the Las Vegas outpost of Sydell Group's NoMad Hotel and the luxury resort Park MGM. Each hotel will feature renovated and redesigned rooms.
The NoMad restaurant will be operated by chef Daniel Humm and restaurateur Will Guidara. Also in the plans: The Italian market Eataly, with cafes, walk-up counters and sit-down restaurants. NoMad Las Vegas and Park MGM finish the company's overhaul of the center Strip on the boulevard's west side, which began in 2009 with the opening of CityCenter and continued with the Park dining and entertainment promenade and T-Mobile Arena.
Sydell Group is a partnership between investor Ron Burkle and founder Andrew Zobler. It builds and operates hotels across the country, including the NoMad in New York, the Line in Los Angeles and Freehand in Miami and Chicago. Sydell will consult and collaborate with MGM Resorts on the full renovation of Monte Carlo.
"We are thrilled to partner with Sydell Group as we enter the final phase of transforming the neighborhood that we believe represents Las Vegas' true entertainment epicenter," Bill Hornbuckle, president of MGM Resorts International, said in today's news release announcing the new name.
"Coupling MGM's rich legacy of hospitality and entertainment with Sydell Group's expertise in creating hotels that cultivate a strong sense of place will result in a destination that celebrates the history of Las Vegas and ushers in a new era."
Zobler, founder and CEO of Sydell Group, said, "The collaboration between MGM Resorts and Sydell felt very natural for NoMad in Las Vegas and Park MGM. MGM is the pre-eminent operator of casino resorts and has extensive expertise leveraging unique guest experiences across properties with great scale.
"Sydell Group has a growing collection of brands focused on authentic offerings, a residential feel and the ability to connect with like-minded collaborators at the forefront of design and food and beverage. Together, we have been able to meld these approaches into a property that will have real soul."
Hornbuckle added, "We are particularly excited that this partnership also allows us to expand the new Park MGM brand into traditional hospitality ventures in key gateway cities."
In his comments in April, Murren pointed to MGM Grand as an example of a resort that has shed its original theme, which was centered on MGM films, including “The Wizard of Oz.”
“MGM Grand is very much a different property,” Murren said. “You don’t see Dorothy and Toto in there anymore. ... Monte Carlo is the next example of us continuing our tradition of reimagining and reinvesting in our properties, and we’re taking the show on the road.”
Up next in the company’s long-term plans: “Excalibur is going to get a tremendous amount of investment, and Luxor itself also will. My feeling there is that it is a great name — Luxor — and I doubt very much we’d ever change the name. We’ll keep Excalibur, as well. But there are some long-range plans to invest in both of those properties.”