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MONTE CARLO MEGA-RESORT READY TO OPEN.


Byline: Robert Macy Associated Press Associated Press: see news agency.
Associated Press (AP)

Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world.
 

There's no French Mediterranean seacoast, no hilly vistas, and temperatures are torrid not tepid.

So the Friday opening of the Monte Carlo Resort and Casino The Monte Carlo Resort and Casino is a hotel and casino located on the Las Vegas Strip in Paradise, Nevada, USA. It is currently owned by MGM Mirage. The hotel offers 3,002 guest rooms, including 259 luxury suites. The hotel currently has an AAA rating of four diamonds.  means a new geographic stretch for a Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road.  boasting pyramids, castles and pirate battles, and coming replicas of the Big Apple and the Eiffel Tower Eiffel Tower, structure designed by A. G. Eiffel and erected in the Champ-de-Mars for the Paris exposition of 1889. The tower is 984 ft (300 m) high and consists of an iron framework supported on four masonry piers, from which rise four columns uniting to form one .

The $344 million, 3,014-room mega-resort is one of three major properties opening this year, and is drawing strong reviews for its classy yet affordable style.

``I think it's going to surprise people,'' said Jason Ader, a gaming analyst for Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world.  who toured the property recently. ``The look and the feel inside is very different, very exciting.''

Modeled after the famous Place du Casino in Monte Carlo, Monaco, the resort features elaborate arches, chandeliered domes, marble floors, ornate fountains and gas-lit promenades.

The hotel is a joint venture of two gaming giants, Circus Circus Enterprises Inc. and Mirage Resorts Inc. It's on 40 acres of land once occupied by the Dunes Hotel-Casino, which was demolished in a fiery implosion implosion /im·plo·sion/ (im-plo´zhun) see flooding.

im·plo·sion
n.
1.
 in October 1993.

``The Monte Carlo will introduce the era of affordable elegance,'' Glenn Schaeffer, president and chief financial officer of Circus Circus, said Monday. ``We've said all along, you're not going to believe the palace for the price.''

``People are going to get more luxury for their dollar here than anyplace on the Strip,'' he said. ``The customer will know that when they enter the Monte Carlo, they have arrived.''

Room prices range from $59 on weekdays to $99 on weekends, compared to more pricey spots along the strip such as the Mirage Hotel-Casino, where rates range from $89 to $299, depending on availability.

The Monte Carlo is the latest in a growing number of themed mega-resorts here.

Its neighbor, New York-New York, which replicates the Big Apple skyline, is scheduled to open in December. Across the Strip is the MGM MGM
 in full Metro-Goldwyn-Mayer, Inc.

U.S. corporation and film studio. It was formed when the film distributor Marcus Loew, who bought Metro Pictures in 1920, merged it with the Goldwyn production company in 1924 and with Louis B. Mayer Pictures in 1925.
 Grand and to the south is the medieval-style Excalibur and the pyramid-shaped, Egyptian-themed Luxor.

To the north, work is under way on the Italian-themed Bellagio, a $1.3 billion resort scheduled to open in 1998. And groundbreaking is scheduled this summer on Paris, a French-themed resort complete with a 50-story replica of the Eiffel Tower. A few blocks farther is the new Stratosphere resort, featuring a 1,149-foot tower, which opened April 30.

Industry watchers say the massive building in Las Vegas will lure more visitors to the area - with the visitor count expected to climb to 40 million by the end of the decade.

``If you bring the right project into the market, it expands the market,'' said Scott Renner, a gaming analyst with Salomon Brothers in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
.

Already the city has 90,000 hotel rooms, which run at 95 percent occupancy rates.

But Monte Carlo hotel officials are still looking for Looking for

In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with.
 techniques to capture market share.

The resort will have a 1,200-seat Victorian-style theater featuring magician Lance Burton and special areas designated for high rollers.

And if marriage is on one's mind, a chapel is also available.

``The wedding chapel has already booked 150 weddings,'' said Vince Matthews, resort vice president and general manager. ``Everybody wants to be married in Monte Carlo.''
COPYRIGHT 1996 Daily News
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Title Annotation:BUSINESS
Publication:Daily News (Los Angeles, CA)
Date:Jun 16, 1996
Words:535
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