The Las Vegas Hilton was a landmark of the gambling mecca for decades. Now, Hilton Worldwide Holdings Inc. is bringing the brand back to the Strip.
Hilton has agreed to operate three hotels as part of Genting Group’s Resorts World Las Vegas, slated to open in the summer of 2021, according to a statement from the companies.
The deal calls for a 1,700-room hotel dubbed the Las Vegas Hilton, a 1,500-room Conrad and a smaller property designed for high-rollers, helping Hilton cater to the growing ranks of loyalty program members who view the city as an important destination.
Hilton first entered the U.S. gaming industry in the early 1970s. More than two decades later, the company spun off its gambling unit to satisfy investors who thought it should be separate from the hospitality business. Lodging brands, meanwhile, ceded the Las Vegas Strip to gaming companies, which used low-room rates to draw guests into their casinos.
“I think the view was always, people are choosing their hotel based on the casino they want to go to,” said Michael Bellisario, an analyst at Robert W. Baird & Co.
That perspective has shifted in recent years as the development of shopping centers, live entertainment venues and other non-gambling amenities has given Las Vegas broader tourism appeal.
DB/Bloomberg
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