Say Farewell To The Monte Carlo Casino Resort

MGM Resorts International (NYSE: MGM) made an announcement on Friday that will likely upset many tourists that frequent Las Vegas.

MGM said it will spend $450 million to transform "every element" of the Monte Carlo Resort and Casino as part of a rebranding effort.

According to Forbes' Larry Olmsted, MGM's announcement marks one of the "biggest of several recent changes" to the strip and comes just two months after the company announced the opening of The Park, an urban oasis-themed resort in the middle of the desert.

Olmsted also noted the Monte Carlo boasted a "good value price point, great location, and had some interesting features," the property "never had a cohesive theme or appeal the way most other big casino resorts do."

Related Link: MGM Resorts Strength In Vegas Lead Morgan Stanley To Resume Coverage On Stock

All this is set to change, at least according to Olmsted, as MGM is now going after the "younger" and "well-traveled" demographic that is looking for "unique experiences and innovative design."

In fact, the new resort will take advantage of the adjacent Park property and Park Theater, a 5,300-seat, $100 million entertainment venue that is scheduled to open later this year.

Finally, Olmsted suggested the newly renovated hotel, along with The Park and Park Theater will represent the "final pieces of MGM Resorts' complete and enormous ‘neighborhood’ redevelopment" of the central Las Vegas Strip, which began in 2009.

Shares of MGM are higher by nearly 7 percent since the start of 2016 and higher by nearly 20 percent over the past year.