24 Hour Fitness Is Expanding in Las Vegas, With a New Location Already Signed
Founder Mark Mastrov has reacquired the chain and is plotting a multi-gym return to Southern Nevada.
Mark Mastrov, executive chairman and reacquirer of 24 Hour Fitness, confirmed in a recent interview that his team has signed a lease for a new Las Vegas Valley location and is evaluating two or three more. He declined to name the specific address but said he is aiming to open it early next year. Until that location opens, the chain's only Southern Nevada presence remains the gym at 2090 Village Center Circle in Summerlin.
Mastrov launched 24 Hour Fitness in 1983 with a single gym in San Leandro, California. By 2005, the chain had grown to more than 300 locations and he sold it to a private equity firm for a reported $1.68 billion. He stepped away from the executive chairman role in 2008 and went on to partner with investors to acquire Crunch Fitness out of bankruptcy the following year. This past January, 24 Hour Fitness announced that Mastrov had teamed with investment firm LongRange Capital to reacquire the chain, with Mastrov noting the purchase price was considerably lower than what he sold it for two decades earlier.
"Hopefully we'll build a bunch more." — Mark Mastrov, Executive Chairman, 24 Hour Fitness
The Summerlin location, off Town Center Drive at Summerlin Parkway, underwent a $1.5 million remodel following Mastrov's reacquisition of the brand. The gym is celebrating the finished result with a grand opening event on October 3rd. Renovations covered the full facility:
The gym also holds a newly executed 12-year lease extension, with 3 percent rent increases every three years.
24 Hour Fitness once had numerous locations across the Las Vegas Valley. After the pandemic hit in 2020, the chain filed for Chapter 11 bankruptcy protection in June of that year and closed eight Las Vegas-area gyms in the process. Mastrov said that on returning to the company, he asked why only one Las Vegas gym remained, and was told the chain had been unable to come to terms with other landlords in the valley following the pandemic, when landlords were often demanding large upfront cash payments to offset months of unpaid rent. With the health-club sector recovering and Americans projected to spend $60 billion this year on fitness, conditions for re-entry look considerably better.
Monthly dues at the Summerlin location start at around $25. Mastrov said he has not seen a significant drop in membership despite broader economic uncertainty, pointing to the pricing as a key differentiator against both large competitors and boutique studios in the Las Vegas market.
24 Hour Fitness entered the pandemic with more than 440 clubs nationwide and emerged from Chapter 11 in late 2020 with close to 300. The reacquisition by Mastrov and LongRange Capital earlier this year marked the start of a new ownership chapter, and Las Vegas appears to be an early priority for that growth push.
For people in the Las Vegas Valley, this expansion means more options at a price point that undercuts most full-service competitors. The Summerlin gym already offers a wide range of equipment, a pool, and basketball courts, and the incoming second location adds a second option in a market that has been down to a single 24 Hour Fitness since 2020. If Mastrov's stated ambition of two or three additional sites holds, Southern Nevada could see a substantially larger 24 Hour Fitness footprint within the next few years.
I started my fitness journey at 24 Hour Fitness back in 2010 and, unbelievably, still workout daily at the same gym. Stars aligned and I became their Social Media Manager from 2014 to 2020.
