Weekend Interview: Winston Fisher On The Evolution Of Las Vegas

This series goes deep with some of the most compelling figures in commercial real estate: the dealmakers, the game-changers, the city-shapers and the larger-than-life personalities who keep CRE interesting.

Las Vegas has long been defined by gaming, nightlife and high-profile entertainment, but the city is in the midst of a transformation. While professional sports have cemented their place on the Strip, another major shift is happening just off it — one driven by immersive, experience-based attractions. 

Few understand this better than Winston Fisher, CEO of Area15, an immersive entertainment district fast becoming a hub for boundary-pushing experiences, from Meow Wolf’s current Omega Mart to Universal’s upcoming Halloween-themed Horror Unleashed attraction. In all, the district will soon span 600K SF.

Fisher is also a partner at Fisher Brothers, the New York-based firm behind Area15 and other projects across the country. 

Fisher sees Vegas as more than a gaming capital. He sees an evolving entertainment ecosystem with room for sports, film production and large-scale creative ventures.

With a planned 20-acre expansion and an eye on what’s next, Fisher is helping redefine what it means to visit — and invest in — Las Vegas. And as chairman of Lionheart Strategic Management, a capital management firm that has invested nearly $1B throughout the U.S., he brings a uniquely informed perspective

Bisnow spoke with him while he was in his New York office about Area15’s growth, the city’s future and the opportunities still on the table.

This interview has been edited for style and clarity.

Bisnow: What you’re doing really fits in with what Las Vegas is doing right now: diversifying its attractions. This is something that Vegas has been trying to do for a long time, becoming more family-friendly, attracting professional sports leagues. How do you see Vegas evolving into a broader entertainment hub beyond the Strip with projects like Area15?

Winston Fisher: Yeah, I think you touched on it. Vegas was obviously a casino-centric experience, but even at its initial roots, it always had shows. One of its major transformations was going from just being casino-centric into very adult casino entertainment, which was obviously nightlife, room rates becoming important, and food and beverage and shows becoming part of the fabric. 

That changed the way a lot of people thought about Vegas. Along with the convention center, its spectacle is something that’s almost impossible to copy. I can’t imagine how anybody could even think to replicate it.

What Vegas has really done organically is transform itself from being a casino entertainment destination to a broad-based entertainment destination. That means things like sports — hockey, football, baseball coming in — have become a key pillar of economic development for the city. Show residencies have really expanded, which was huge. We saw an opportunity to be Strip-adjacent and local-friendly. We’ve always been bullish on the experience economy, and there wasn’t a place in Vegas that could really create that experience in context.

We’re not trying to be Cirque du Soleil — they’re great on the Strip — but trying to create a place where creative brands and entertainment brands could have a spiritual home, that didn’t exist. So we were able to create a brand platform that curated what is really one of the biggest growth areas: out-of-home entertainment.

Bisnow: Mark Wahlberg has been vocal about turning Las Vegas into “Hollywood 2.0.” Nevada is considering some serious film tax credits. Do you think film and production could be the next big wave of growth for the city, and how might immersive entertainment play a role in that shift?

Fisher: If you take a step back, I think film and television production would be an amazing extension of the creative offering of Las Vegas. It’s a natural fit. Some of it is consumer-facing: the tours, the experiences, the potential for studios to be built. But it’s also just a deeply creative industry.

It’s close to LA, which is a huge advantage. It’s got a good tax structure. And beyond that, it’s a place where stars and creatives want to be. That matters.

If you think about it, a film studio is like the back of house to a broader entertainment experience. And Vegas already has a deep front-of-house experience. The two could naturally complement each other.

Bisnow: I think that leads naturally into my next question. You have a planned 20-acre expansion at Area15, which suggests big ambitions. That could mean anything from a TV and film production facility to an entirely new concept. What can you tell us about what’s coming next?

Fisher: We actually own 80 acres of land. It stretches a mile along I-15 from Sahara (Avenue) to Desert Inn (Road). About 350,000 cars drive by it each day. If you’re at the Wynn, Treasure Island or Resorts World, you’re looking directly at Area15.

That’s why I say we’re in the Strip bubble. We’re Strip-adjacent. In fact, it’s actually faster to get from the Wynn to Area15 than it is from the Wynn to Bellagio. It’s a cheaper Uber ride. It’s part of that ecosystem but also attractive to locals since you’re not dealing with the Strip itself.

Right now, we’re in Phase 1, which we call District 1. That includes the main Area15 space, plus another 120K SF, with Illuminarium and other entertainment offerings. Our next expansion, District 2, is 300K SF, anchored by Universal, Felix & Paul, the Museum of Ice Cream and Dolls Kill. That will take us to about 600K SF of food, beverage, live events, immersive entertainment and competitive socializing open by the end of ‘25. We’re actually aiming to open District 2 midyear.

We have acres left to develop, and we’re zoned for more entertainment, hotel and office space. Our approach is building entertainment districts, each with a different theme, some that are popular and some that are underserved in the Vegas market. We’re talking about large-scale concepts that want a home that they currently can’t find.

So you can imagine a series of different “districts,” which is just concentration of development around themes. 

Sports is a theme, by the way. We are a great location, given our access to locals and Strip visibility.

Bisnow: What are some of the biggest opportunities for developers and investors in Las Vegas right now?

Fisher: Vegas, like every city, needs affordable housing. Especially with rates going higher, we’re seeing a falloff in supply coming in the next few years. But I definitely do think housing on all different levels makes sense.

As the city continues to grow, there’s always industrial need. And then, honestly, I think what we’re doing in sports and entertainment is a really important component. Look at the demand for large-scale experiences. Vegas is perfectly positioned for that.

We’re always open to big ideas. The city needs more of them — more Spheres, more Area15s.

Bisnow: Beyond Area15, you lead Lionheart Strategic Management and have helped deploy nearly $1B in capital across the U.S. What are some of the most interesting investment opportunities you’re watching right now?

Fisher: We’re seeing a lot of deal flow. There is a lot of pent-up demand that has been sort of on the sidelines. We do really well with complex deals. We do well with things like construction land transition, which is a little bit different. We’re not your traditional debt provider. We’re really an operating-focused debt provider

I’m particularly bullish on Midtown (New York City) office right now. I still like multifamily, but you really have to look deep into the location and the quality of the developer. There are still supply issues, and in some markets, rates continue to stay high.

But more businesses are recognizing the importance of return to office to the point that it’s getting to five days a week. The pendulum has definitely swung back.

Bisnow: Give us a bold prediction for the rest of the year.

Fisher: It’s a challenging time because there’s so much uncertainty right now. But I think a government shutdown is a real possibility, given the political climate. Inflation is also likely to remain higher than people would like given the current circumstances. 

On a more positive note, I’m very bullish on cities that cater to entertainment and tourist entertainment. Think Nashville. Austin’s a great city. Vegas, Orlando, Miami — I really think cities like that are going to do very well.

Bisnow: And what’s your weekend routine or favorite weekend activity?

Fisher: I really enjoy going to the gym. My fiancée and I also love immersive experiences — going out, dancing or just unplugging after a long week.