The Las Vegas Strip has become the most valuable 4.2-mile stretch of land in the world as casino operators seek to find new ways to lure in tourists while Sin City experiences a post-pandemic boom.

And while covid hasn't actually gone anywhere, Las Vegas has bounced back spectacularly and that has led to huge changes on that famous stretch of road.

MGM Resorts International (MGM) - Get MGM Resorts International Report made perhaps the biggest move when it effectively (but not literally) traded the Mirage for the Cosmopolitan. That deal not only gave the casino operator ownership of a hip new property, it put Mirage into the hands of Hard Rock International, which plans to tear down the site's famous volcano and put up a guitar hotel.

That project will change the Las Vegas skyline -- but it's not the only major move on the Strip. Caesars Entertainment (CZR) - Get Caesars Entertainment Inc. Report has two big moves underway. First, it has put its Flamingo Resort Casino up for sale (though it could end up still operating the property), and it has begun to rebrand its Bally's Resort Casino under the Horseshoe name.

The Horseshoe name has a long and gambler-friendly history. That makes the company's latest move curious.

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Caesars has removed the sportsbook at Bally's as part of the transformation into Horseshoe. The space that was once occupied by sports betting will now be filled with an all-ages arcade, the Las Vegas Review-Journal reported.

The new space will have the decidedly direct name "Arcade."

"Arcade will have more than 80 games, ranging from classics to new releases, in a 7,000-square-foot space on the first level of the property near the food court,"the newspaper reported.

"The venue will feature colorful artwork and bright neon lights, as well as an enhanced bar that was already in the space."

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Sports bettors will still be able to place bets through the Caesars app while on the property, and a "sports betting counter" will be installed later.

And while Horseshoe will be built around gamblers -- that's the legacy of the brand, which traces its lineage to Las Vegas legend Jack Binion -- the arcade is part of an effort to give the property broad appeal.

The Arcade will welcome all ages and open the door for a broader audience, Bally's General Manager Jason Gregorec said in a statement.

This move follows Caesars turning another one of its Strip properties into the Las Vegas Strip's only hotel/casino that's open only to guests ages 21-and-up.

Cromwell was the last Caesars-owned property to open after Las Vegas's covid-related shutdown. When it returned, Caesars made the change to 21-and-over -- a move that the new upscale Strip-like downtown casino Circa made when it opened.

"The first stand-alone boutique hotel on the Strip, the Cromwell brings an exclusive, elevated lifestyle experience to the destination, focusing on hospitality, amenities and personalized service," Cromwell General Manager Ken Janssen said in a news release.

"In line with the boutique hotel experience, we are pleased to announce that we will reopen on Oct. 29 as the first adults-only property on Las Vegas Boulevard, with a continued emphasis on our enhanced health and safety protocols."

And while most of the property will be open only to guests 21-and-over, Giada, a restaurant from celebrity chef Giada De Laurentiis, will remain open to guests of all ages.

Caesars adding an all-ages arcade to a resort casino that caters to gamblers may be a surprising decision, but these moves taken together show the value of owning so many properties on the Strip. Caesars and MGM can use each casino strategically to capture a different segment of the audience.

An arcade makes sense for gamblers traveling with teenage children or for people who want an occasional break from the action. A 21-and-over property enables the company to cater to customers who don't want to see children while they play the tables or take their chances at the slots.

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Caesars Makes a Bold Move on the Las Vegas Strip - TheStreet