Hard Rock International reached a significant construction milestone on Friday with a topping-off ceremony for its eagerly awaited Guitar Hotel located on the Las Vegas Strip.
This event marked the installation of the final structural beam atop the guitar-shaped tower, which is set to soar over 700 feet and include 650 suites. The project, spearheaded by Seminole Gaming and Hard Rock, is projected to be completed in 2027, with costs estimated between $4 billion and $5 billion.
Owned by the Seminole Tribe of Florida, Hard Rock purchased the previous The Mirage from MGM Resorts International for $1 billion in December 2022. The renowned 3,000-room resort closed its doors in July 2024 to facilitate a comprehensive redevelopment that aligns with the Hard Rock brand.
Jim Allen, CEO of Seminole Gaming and Chairman of Hard Rock International, stated, “This event is a tribute to our construction partners at PENTA and McCarthy, as well as the thousands of dedicated men and women on our construction team.”
Among the attendees were Hard Rock executives, members of the Seminole Tribal Council, construction partners from The PENTA Building Group and McCarthy Building Companies, along with Clark County Commissioner Tick Segerblom.
Jeff Walker, Vice President of Construction at The PENTA Building Group, remarked, “Topping out this project signifies much more than just a construction milestone. It represents a pivotal moment in transforming the Las Vegas skyline and introducing a new city landmark.”
Construction commenced in the summer of 2024 and has already provided jobs for over 5,000 workers. The finished resort will boast more than 3,700 hotel rooms, including the revamped Mirage tower, an expanded gaming area of approximately 175,000 square feet, and over 200,000 square feet dedicated to meetings and conventions. Additionally, plans include redesigned swimming pools, new dining and retail options, and a workforce of around 6,000 employees. Rising construction costs along the Strip are anticipated to restrict major new developments for several years, potentially making this project one of the last of its kind in the near future.
Bill Lerner, Managing Director at CBRE and founder of Union Gaming, expressed concerns during a luncheon at The Orleans, stating, “I just don’t think it pencils economically. The capital required to support new developments on the Las Vegas Strip is not affordable. Lenders are hesitant to finance new projects in this area.”
Lerner further noted that Fontainebleau is facing challenges for various reasons, including the absence of a notable feeder property. “It’s improving, but the comparisons are very difficult. The cost of capital is excessively high, and the expenses to develop a competitive property are prohibitive.”
Future investments in Las Vegas are expected to prioritize renovations and upgrades to existing resorts rather than new constructions.