Ĭircus Circus Enterprises purchased the vacant site in May 1988, and announced plans a month later to build a castle-themed resort on the land. The Xanadu was never built, as its developers could not secure a deal with the county on the sewer infrastructure such a large project would have required. The property was once the proposed site of the Xanadu, a 1,730-room resort announced in 1975. The Excalibur occupies approximately 50 acres (20 ha), located along the Las Vegas Strip at the southwest corner of the Tropicana – Las Vegas Boulevard intersection. Tournament of Kings, a medieval-themed show featuring sword fights and jousting, is the longest-running dinner show on the Strip. The Excalibur has hosted numerous shows, including Thunder from Down Under, which opened in 2002 and is the longest-running male revue in Las Vegas. It was the largest hotel in the world until the opening of the nearby MGM Grand in 1993. Construction began in October 1988, and the resort opened on June 19, 1990. Bennett and the design team traveled to castles throughout Europe for inspiration. The castle theme was conceived by company founder William Bennett, and the resort was designed by Veldon Simpson.

The $290 million property was developed by Circus Circus Enterprises. Property features include a 92,389 sq ft (8,583.2 m 2) casino, a 28-story hotel with 3,981 rooms, and various restaurants. The resort features a medieval castle theme and is named after King Arthur's mythical Excalibur sword. It is owned by Vici Properties and operated by MGM Resorts International.

Excalibur hotel and casino