Sold-out hotels and increased rates signal new life for Las Vegas' tourism-dependent economy. The latest shot in the arm comes courtesy of a Raiders football game, the Electric Daisy Carnival and other events, resulting in a $509-a-night tab for one hotel this weekend.
MGM Resorts is auctioning off its store of 11 Pablo Picasso works by way of clearing room for a more diverse collection, and hopes to realize as much as $100 million. "We are committed to creating an even more inclusive collection that maintains the breadth of our existing portfolio while giving a greater voice to artists from under-represented communities," MGM executive Ari Kastrati said.
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Lasseters Hotel Casino in Alice Springs, Australia, will undergo a $75 million improvement project, which will include the construction of a new hotel, along with an upgraded casino floor and additional dining options. The facility was recently sold to Iris Capital, an Australian development and hospitality group.
Carnival Cruise Line has become the first major cruise line to offer sports betting in international waters, with the first wager taking place aboard the Majestic Princess. Betting will be operated through Ocean Sportsbook, and Sportradar will provide the odds using a satellite feed.
Rolling Hills Casino in Corning, Calif., has completed a 15-month project that included the refurbishment of hotel rooms and other interior and exterior spaces and a larger gaming area with a new high-limit section featuring more than 80 slot machines and 10 new table games. The expansion also included the addition of four restaurants and a larger conference center with a ballroom.
Resurgent business, international and group bookings are raising overall hotel revenues to near-2019 levels, IHG Hotels & Resorts CEO Keith Barr says. A strong summer for leisure travel carried the bulk of the load, but concerns persist about the Delta variant, COVID-19 test requirements and remote work alternatives, he notes.
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