It sounds like an easy question, but I often ask Las Vegas locals, “What five properties would you recommend to a friend of yours that they must see in Las Vegas?”
In reality, most of the Strip is an abyss of the sameness. Billions of dollars spent and you created what your neighbor already did. Others have bought multiple properties throughout the years and made them all the same. Getting stuck on the east side of the Strip is like being jailed for a crime you didn’t commit. You might be innocent, but you’re not getting away any time soon no matter how many times you break out of one property and go to another.
Who are you? What is your concept, your theme, your essence? What makes you different than everyone else? Why should I spend money at your establishment?
Jim Murren once said, “We should charge for parking because every other city does.” What he missed about Las Vegas is, it’s not every other city, and that’s why people come here. It’s very sad that all we do now is bring other people’s brands here and think we’re so smart. Jim coined the tagline—“What happens in Vegas already happened in your home town.”
There was a time the late, great Terry Lanni had MGM redefine dining and bars—hell, they invented a whole new nightlife genre called the ultra-lounge. I don’t even need to tell you what they did for nightclubs. They now own more restaurants, bars, hotel rooms, and employees for that matter. They can singlehandedly change the world all on their own—let’s do it. We are all rooting for you.
Please note: You can’t rebrand a property and define yourself as “We don’t charge for parking.” That’s not a concept, nor a theme, and most certainly not a business plan. And as you’re finding out, it doesn’t bring people to your property. They don’t call you a Virgin for nothing.
Hard Rock, you might be the hottest girl in Iowa, but you’re now coming to Vegas. You will need to step up your game. The Guitar Hotel is cool for Florida (the first time around). Will that be enough for Las Vegas? By the time it opens that joke might be a little stale. I hope you have a good follow-up, since the last Hard Rock Hotel in Vegas was relevant… some 25 years ago.
Don’t be mad at me for calling you out; I’m calling all of us out. 2006 wants their business plan back. What are we doing to fix the problem?
We are rapidly becoming a sports town. Scratch that—we are already the best sports town, and we haven’t even had the F1 or Super Bowl here yet. Raiders and Golden Knights games are an experience above all in sports. But what are you offering at your properties to match or out best that experience? Why do I want to sleep at your property and go to those events? $18 beers and another Gordon Ramsay restaurant are not enough. Those ideas are getting old—like me.
Most properties offer the most famous singers in the world on a nightly basis—Katy Perry, Lady Gaga and Bruno Mars are a tough act to follow, but we must try. Otherwise, they remember Gaga but not the place they saw her. They get paid incredible money, but what are you doing to keep the guest at your property and offer them something memorable? Invest in yourself, not Perry’s career. Come on, we’ve got billion-dollar budgets; we can do this! Let’s make the Super Bowl the halftime show to our world of Vegas.
The MSG Sphere is the coolest thing outside of Dubai, and I personally can’t wait until it opens. Customized video inside and out, sound and air focused onto every single seat—that’s a next-level venue. That is the definition of what a music venue should be in Vegas. It will force the artist to create a one-of-a-kind show, that can only be seen in Vegas. Out of the box and over the top—now that is Vegas! That’s in our DNA. It’s the true essence of Las Vegas.
I always think about the last property Steve Wynn was going to develop. It had a crystal-clear lake with tons of water sports and activities in and around the lake. It sounded amazing. That would have been a true differentiator—a fully interactive lake on the Strip, in the middle of a desert. But that’s Wynn; he redefined hospitality every five years. A true Vegas showman. So who can be the next great Vegas showman? Sarno, Adelson, Wynn, Lanni, Maloof… and?
What is your essence? Why should people visit your property? What does the customer want to see? It might not be what the CEO desires. There are a few new properties currently in planning. Please ask yourself that question every morning as you start your day. The answer will be the difference between success and mediocrity.