Something "new" from Harrah's

So I'm a bit late talking about this, but as far as Vegas goes, it's the first big news that doesn't have to do with bankruptcy in some time. According to the folks at Las Vegas Sun, Harrah's is going to take a new approach to Las Vegas. See the article below:

http://www.lasvegassun.com/news/2009/jul/12/harrahs-plans-new-street-bars-eateries-near-strip/

It seems that Harrah's has realized what I have thought for a few years now. That the high end market in Las Vegas has become over saturated. There's the high end places (Wynn, Encore, Bellagio, Aria, Mandalay Bay) and the places that charge high end prices but don't feel as high end (Paris, Palazzo, Caesars, Venetian, Mirage, Hotel 32, Planet Hollywood). Harrah's has decided that, rather than tear down the very condensed block with Bills, Flamingo, O'Sheas, Imperial Palace, and Harrah's, that they will direct the current traffic into a walkway of stores and an observation wheel.

The current plan would have Harrah's close the service road between Flamingo and Oshea's and turn it into a walking mall with plenty of bars and stores. They would leave the current properties open in an attempt to appeal to the mid-market consumer. See the Las Vegas Sun link above for more detailed information and a mock-up of what this might look like.

As opposed to our good friends at Vegastripping.com, I happen to think this project makes a lot of sense. The high end market is over-saturated and the low end market has places to stay like Circus Circus, Sahara, the Trop, Casino Royale, etc. But the mid-market has somehow been left out of the picture. Most mid-market places have tried upgrading their rooms and amenities to be part of the high-end picture, like Treasure Island. I believe that Harrah's has the right plan. Many mid level consumers don't want to stay at a Circus Circus but can't afford a nice place like Bellagio, and it's nice to have a choice in between.

As far as the walking mall goes, while there are plenty of shops and bars in Las Vegas, it is a nice concept to have a little row of places to eat and drink. The observation wheel is an idea that has been proposed numerous times but never completed. With the ever growing Vegas skyline, it's something that would not only draw crowds down the street, but is also something that would be awesome to almost any visitor. My only hope is that they don't put the giant Harrah's logo in the center like the picture.

All that being said, however, I doubt Harrah's could get the funding for this project. Their debt situation is out of control and with the way lenders are giving loans, it sounds like Harrah's may be out in the cold on this one.

I am one, however, that would like to see this happen.