Jonathan Jossel
Once the youngest personal licensee in Nevada history, Jonathan Jossel came to Vegas to work at what was then a run-down property, the Plaza Hotel & Casino. Now this executive is helping bring new life to a once-neglected part of town: Downtown Las Vegas.
GGB: Downtown Las Vegas is really having a moment. Talk about your involvement with the revitalization of the Plaza.
Jossel: The Plaza is located at One Main Street, the first address in the history of Las Vegas. It was a really iconic building, built in the ’70s. But it was neglected as Downtown was forgotten and the Strip developed.
When I came here, it was in bad shape financially and physically. In 2007, when the subprime market collapsed, the Fontainebleau sold its furniture after going bankrupt. We ended up buying tile, cabinetry and furniture, and shut down to do a big remodel. Some people said, “You should knock it down and start again.” But I believed with a bit of investment we could take the Plaza from what it was and really improve it.
We try things other people aren’t trying. We have 16 pickleball courts. We have an outdoor equestrian center for rodeos. We do fireworks Friday nights in the summer, on holidays like New Year’s Eve and for special events like the Neon City Festival. And we have the only bingo in Downtown or on the Strip.
Who is the Plaza’s target customer today?
Our core customers are from the Midwest and California. A lot of good customers come from Hawaii. But we just had a bingo tournament for 850 players, predominantly 70-to-80-year-olds. We just had a music festival for 21-to-25-year-olds. Soon we’ll have the rodeo. We’re constantly adapting to what’s happening in town, which changes our customer base every few weeks.
There’s a lot of talk about Vegas becoming more expensive. How is Downtown looking to buck that trend?
First, I hate to hear that. It’s a bad message for Las Vegas. Downtown, we’re really conscious of that. Downtown has always been known as a better place to gamble than the Strip. But there weren’t good restaurants, good hotels, nice pools. Now we have both good gambling and nice amenities.
Sports have brought a new wave of visitors to Vegas. Has it also contributed to the decline by making visitors come “by appointment” to follow teams, rather than being drawn by fun and spontaneity?
“By appointment” is a great way of describing it. But these events are so expensive, people feel their overall experience is more costly. Group rates go up because these amazing experiences have high price tags.
But look at the stats. Vegas occupancy is down in the last couple of months, but other big tourist markets are down too. In addition, Vegas enjoyed record-breaking tourism levels after the pandemic. That type of growth isn’t sustainable. Maybe what we’re seeing now is just a blip, and things will readjust.
Downtown made $226.9 million in gaming revenue over the three months to September 30, compared to $2.12 billion for the Strip. Do you see much scope for growth in Downtown?
There’s tremendous growth opportunity.
Downtown is roughly 10 percent of the citywide market. That number is growing. A new casino opened Downtown last year, and I could see another coming. We have 17 acres of undeveloped land. I’d love to build a new hotel tower and casino.
Downtown is ready for a higher-end product. If someone is staying at Venetian, Wynn, Bellagio, they’re probably not going to want to stay Downtown. But if I could build a room for them, a spa and some amenities, those players will come.
Downtown has the gambling, it has the historical element. Some people think it’s more fun. I think there’s a huge amount of growth potential.
