In May 1996, MGM Grand Inc. announced a 30-month, four-phase renovation of the resort that would cost more than $250 million. The project would include replacing the property's lion entrance with a six-story gold lion structure. The first phase was to begin in June 1996, and would focus on the resort's restaurant, food court and arcade area, with the addition of several new restaurants. The second phase would include the $15 million reconstruction of the lion entrance. Other changes would include a convention center, to be built at a cost of $60 million; a $60 million retail and entertainment complex, including theme restaurants and nightclubs, to be built adjacent to the theme park; a new entrance, to be built along Koval Lane at a cost of $5 million, scheduled to begin in mid-1997; a $30 million renovation of 52 suites on the penthouse level; and $11 million to upgrade parts of the casino. The final phase would incorporate a $17 million entertainment theme at the resort's vehicle entrance on Tropicana Avenue. Other changes would include a $15 million renovation of the resort's Emerald City entertainment area, and an additional 2,000 parking spaces to be added at a cost of $13 million, for a new total of 11,000 spaces. Terrence Lanni, the chairman of MGM Grand Inc., said he wanted customers to "feel like guests coming to a premiere of one of the world's greatest movies. When we're completed, every aspect of this property will bespeak entertainment." The former restaurant, retail and arcade area was redesigned into the Studio Walk, an area resembling a Hollywood sound stage and featuring various restaurants and shops.