LAS VEGAS-Caesars Entertainment Corp. has revealed plans for a $550-million retail, dining, entertainment and hospitality district located at the heart of the Las Vegas Strip called the Linq. It is designed as “a destination in its own right and is being created to revitalize and re-define the center-resort corridor,” according to Caesars.
Caesars estimates that the Linq will employ about 3,000 construction workers and create 1,500 permanent jobs once it opens. “We are enhancing the allure of the resort experience in a coveted location, introducing an exciting new offering not only for guests occupying our own 24,000 Las Vegas hotel rooms, but also for all who live in and visit Las Vegas,” says Gary Loveman, chairman, president and CEO of Caesars Entertainment Corp. “The Linq is going to be the new address for fun at the center of the Las Vegas Strip.”
We Also Recommend:
Comprised of diverse retail, dining, beverage and entertainment experiences, the Linq will span more than 200,000 square feet of gross leasable area directly facing Caesars Palace, according to a prepared release. Its diverse tenant mix is planned to appeal to the region's growing Gen X and Gen Y clientele—ages 21 to 46—whose market share is estimated to grow to 52% of Las Vegas visitor spending by 2015, says the release.
The focal point of the unique urban entertainment district will be a giant observation wheel called the Las Vegas High Roller. The wheel will be 550 feet, with 28 cabins designed as transparent spheres, each of which will accommodate up to 40 people. Each cabin will be available for individual or group experiences.
The Linq will bring upgrades to three, large mid-Strip Caesars Entertainment resorts and O'Sheas casino. On The Linq's north side, a guest walk path will lead from the Carnaval Court outdoor plaza at Harrah's Las Vegas resort through the Imperial Palace Hotel & Casino and to The Linq. A pedestrian connection also will be built from the Linq into Flamingo Las Vegas on the south. The Linq enhancements will completely transform the facade, porte cochere, casino and hotel reception areas of the Imperial Palace. Improvements to resort guest service areas will be introduced in phases.
With financing in place and plans submitted to county regulators, the Linq is moving toward its ground-breaking in the fourth quarter this year, says the prepared statement. The Linq retail, dining and entertainment experience is scheduled to open in 2013.
Caesars has retained Caruso Affiliated as the exclusive leasing agent and to provide advisory services on all development related issues for the Linq. “Las Vegas is a market we've looked at for years and we believe it is ideal for an outdoor destination retail and entertainment property,” says Rick Caruso, founder and CEO of Caruso Affiliated. “We will bring our signature approach to the Linq, attracting unique and best-in-class retailers and restaurants and helping to create an environment that appeals to ever-changing consumer tastes and elevates the retail and entertainment experience.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
