The resort features a medieval castle theme and is named after King Arthur's mythical Excalibur sword.

The castle theme was conceived by company founder William Bennett, and the resort was designed by Veldon Simpson.

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.

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.

[12] On March 21, 2003, Josh Ford of Los Angeles hit the largest Megabucks Jackpot to date of US$39.7 million at Excalibur.

[29][30] The firm conducted library research into castles and also visited such buildings in Europe, in addition to film studios.

In accordance with guest feedback, the multi-phase project removed castle-themed elements from the rooms in favor of an understated design.

[37] In 2008, the Excalibur removed its live poker dealers and replaced them with automated tables manufactured by Pokertek, through a deal that lasted 10 months.

The new tables appealed primarily to a lower-paying clientele and beginners, prompting the resort to bring back live poker, which was preferred by experienced players and those willing to spend more.

[16] Family friendly attractions included an arcade, an indoor medieval-themed midway, and motion simulator rides taking place in two theaters, each seating 48 people.

[43] In 1998, the Excalibur announced a partnership with World Championship Wrestling to open a wrestling-themed restaurant at the resort.

[44][45] The $2 million WCW Nitro Grill opened in May 1999, and operated for 16 months, featuring regular appearances from professional wrestlers during that time.

[49] Lynyrd Skynyrd BBQ & Beer opened in December 2011, along with American Burger Works, both managed by the same company.

[53][54] Because the Excalibur had an exclusive deal with Pepsi, the food court housed one of the few McDonald's in the world to vend the soft drink rather than its competitor, Coca-Cola.

[66] Both shows were created by the French-born producer Peter Jackson, who died shortly before Tournament of Kings was launched.

[64] The Excalibur is the world's top buyer of Cornish game hens,[69] having served 6.7 million of them through the show from its original opening in 1990 through 2018.

[64] In 1993, the resort debuted a three-story animatronic dragon, part of a show in which it faced off against a mechanical statue of Merlin.

Magician Hans Klok began performing in the space later that year, sharing it with Thunder from Down Under and the Bee Gees show.

[85][90] Amid the COVID-19 pandemic, Klok departed the property in 2020, as he felt that pandemic-related restrictions would hinder revenue.

[94][95][96] Catch a Rising Star, a chain of comedy clubs, opened a location at the Excalibur in 2001, operating there for nearly three years.

[105] The show was signed for a six-month run, but ended a month after its debut,[106][107] due to poor ticket sales; each performance had an average of only 50 guests.

[108][109] The 2004 video game Grand Theft Auto: San Andreas features fictional resorts based on those located along the Strip, including a castle-themed property called the Come-A-Lot modeled after the Excalibur.