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Landmark Hotel’s Closure Ends Iconic Era for Las Vegas Strip

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Landmark Hotel’s Closure Ends Iconic Era for Las Vegas Strip

Landmark Hotel’s Closure Ends Iconic Era for Las Vegas Strip

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The Las Vegas Strip knows loss well, as several major landmarks of the location shut down between 2023 and 2024.
The strip is a patch of road that is only 4.2 miles long. However, it is one of the hallmarks of the United States, and many have mourned the loss of their favorite haunts. Here’s all you need to know about the Las Vegas closures.

The Latest Loss: Siegfried & Roy’s

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The first closure (and most recent) on this list is the Siegfried and Roy’s Secret Garden and Dolphin Habitat. It will become Hard Rock Las Vegas after the closure and renovations. The establishment was a rare example of an entertaining, educational attraction in Las Vegas. It was a beacon for sustainable wildlife preservation and attracted thousands of visitors annually. 

HRI Continues to Expand

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HRI, or Hard Rock International, has been expanding and snapping up buildings on the historic Las Vegas strip. One of their recent purchases is Mirage from MGM, and they plan to close the Volcano.
The Volcano was once a popular free show and one of the only of its kind. HRI’s Guitar Hotel will replace it.

It’s Not Just Hotels

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There are numerous show closures that are coming or that have already come to the Las Vegas strip.
The most notable among many include Lin Manuel Miranda’s recent musical, Legends in Concert, and Meat Loaf’s Bat Out of Hell piece.

Why There Are So Many Closures Happening in Las Vegas

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Some businesses and retailers in Las Vegas are citing financial hardship and safety concerns as reasons for leaving the downtown Las Vegas Strip. In January, one business owner, Cathy Brooks, said the city doesn’t feel the same as it once did.
“The kinds of threats that really led me to the decision that this neighborhood was no longer a safe place for a standalone small business were things like gun violence, things like large groups of unruly individuals,” she said.

Bed Bath and Beyond Closed Stores

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In 2023, a popular Bed Bath & Beyond location closed down in southwest Las Vegas. The company also announced a list of hundreds of stores closing, citing financial struggles. Later that year, Bed Bath & Beyond officially filed for Chapter 11 bankruptcy. Overstock.com later purchased the assets of the company.

The Las Vegas Economy Has Struggled to Recover

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While many tourist areas in the United States have been able to return to pre-pandemic traffic levels, the same has not been true for Las Vegas.
Many businesses chose to permanently close their doors during that time, unable to deal with the financial stress.

Rising Inflation Caused Las Vegas Worker Strife

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According to a report by The Guardian in 2022, the rising costs associated with inflation kept kicking Las Vegas workers while they were down. Protests by hospitality service workers in car parks became a common sight.
Their wages could not keep up with inflation, leaving them unable to afford basic expenses like food and rent.

The Las Vegas Worker Wage Struggle

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Unemployment numbers have improved in Las Vegas, but wages have not enjoyed the same level of improvement. 
Workers have been feeling the strain, which is contributing to the recent closures of historic landmarks in downtown Las Vegas.

Las Vegas Was Ground Zero for the Pandemic's Economic Impact

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Brian Gordon, principal of an economic analyst company in Las Vegas commented in 2022 how delicate economics in the strip are. 
He said: “Las Vegas was ground zero for what the pandemic meant: casinos had never shut down before.” Unfortunately, recovery has been stunted because of global economic factors putting downward pressure on spending.

Rising Housing Costs Are Not Helping 

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Soaring housing and property costs are factors driving the negative economic outcomes for workers and businesses in Las Vegas.
According to the Las Vegas Review-Journal, the median price of a single-family home in the area increased from $430,990 to $450,000 between November 2022 and November 2023.

Why Is Housing Inventory So Low?

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The housing shortage in Las Vegas and many other parts of the country is caused by a combination of inflation and rising home interest rates.
Demand for new homes surpasses supply, partially because of rising materials costs and a labor shortage. Another factor involves investors who buy up properties, hoping to speculate on them and make money by selling them as the price goes up.

Is There Hope for a Las Vegas Recovery?

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Sadly, recovery will stick to a crawl until the factors driving down wages and keeping prices high for the average Las Vegas resident end. Casinos, one thing the area is known for, are also having to deal with competition from online gambling and digital casinos. 
In 2023, Forbes reported that casino patrons are now typically 50 years or older. As casino patrons age, businesses on the strip will need to find a way to appeal to the younger generations.

There Will Be More Strip Closures In 2024

A throwback at how Las Vegas looked

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A throwback at how Las Vegas looked

According to MSN, several major closures are still scheduled for 2024. Notable names on the 2024 closure list include Casino Royale and Tropicana.

They are two of the oldest known casinos on the Strip and hold key pieces of Las Vegas history. The Tropicana will implode this year and be replaced by a new stadium for the Oakland Athletics.