Circus Circus Considers Vegas Shopping Center

Circus Circus Enterprises Inc. is considering a 1-million-square-foot shopping center between its Luxor and Mandalay Bay casino resorts on the Las Vegas strip, the company’s president said. A shopping center of that size on the strip could cost at least $300 million to build, said David Fick, real estate analyst with Legg Mason Wood Walker. Circus Circus President Glenn Schaeffer said a developer would assume the cost of such a retail project. He declined to discuss further details. A major shopping center would help Circus Circus, the U.S.’ fourth-largest casino company, by drawing pedestrians to its casinos, which are at the southern end of the strip, away from many other hotels. The developer of Circus Circus’ proposed shopping center would be taking a big risk, however, Fick said. Las Vegas could soon become overbuilt with shopping space, including the Forum Shops and the Grand Canal Shoppes to open next year with Las Vegas Sands Inc.’s Venetian. Mandalay Bay, to open in March, will be Las Vegas-based Circus Circus’ most upscale property. The $950-million resort will include a Four Seasons hotel.