Park MGM is expected to be finished in the first half of 2018, while the entire overhaul will be completed later that year. Eataly, a popular Italian food emporium, will open next year.

The French-inspired restaurant and a steakhouse are already seating diners. The new hotels will anchor an MGM-developed section of the Strip that features the arena, a theater and a leafy outdoor pedestrian area with restaurants. Other Las Vegas hotels that have been rebranded have seen strong results, Bumazhny said. 'MGM is doing the right thing by redeveloping both in terms of return on investment and having better flow of traffic of people going through their most prized corridor.' 'It was not living up to its potential based on its real estate,' said Alex Bumazhny, gambling analyst with Fitch Ratings. But over time, the 21-year-old Monte Carlo, which was originally modeled after Monaco's famous Place du Casino, became the operator's least recognizable Las Vegas brand. The site is the most centrally located among MGM's Strip properties, catty-cornered to the 20,000-seat T-Mobile Arena and near the complex that includes the luxury Aria casino-hotel. The company expects to have 90 percent of the rooms overhauled by next week. 'We create a place where you go and you kind of feel at home.' 'At the heart of what we do is we like to create a sense of community, a sense of warmth, almost like a residential feel,' Sydell CEO Andrew Zobler recently told The Associated Press.

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