"Avenue Q," which bypassed a national tour for an exclusive run at the Wynn Las Vegas mega-resort, will close in May after a nine-month engagement.

Casino developer Steve Wynn built a $50 million, 1,200-seat theater for the Tony-winning musical. The show opened in Las Vegas last September with a cast that included several members of the original New York company.

"Avenue Q" will end its Las Vegas run on May 28 at the Wynn complex's Broadway Theatre, which will be renovated extensively and renamed the Grail for its next occupant, a 90-minute "Monty Python's Spamalot," arriving in March 2007.

Unlike on Broadway, where the show does eight performances a week, "Avenue Q" does 10 performances each week in Las Vegas. The show is playing to about 80 percent capacity on weekends and a little more than half that during the week, producer Kevin McCollum said Wednesday.

But he maintains the show has been making money during its Las Vegas run.

"When you are in a 1,200-seat theater, you don't have to be full to make economic sense," he said. "If it wasn't profitable, I would be closing tomorrow."

In an effort to boost business, the two-act show was cut to 95 minutes last month.

The frisky little musical that uses puppets and actors to tell the sometimes raunchy stories of twentysomethings in New York won the 2004 Tony Award for best musical.

With the closing of "Avenue Q" in Las Vegas, McCollum and the show's other producers are exploring options, including a national tour, extended "sit-down" engagements in several cities and even the possibility of finding another Las Vegas venue. A London production with producer Cameron Mackintosh is planned for June.

"I am on day one of my journey of what's going to happen to 'Avenue Q' next," McCollum said. "I know, like the show, it will be delightful and surprise people."

Despite the closing of "Avenue Q," Broadway musicals are a presence in Las Vegas. A full-length "Mamma Mia!" is soon to enter its fourth year at the Mandalay Bay. A 90-minute "Hairspray" is at the Luxor Vegas, with its original Broadway star, Harvey Fierstein.

And "Hairspray" will be joined in May by "The Phantom of the Opera," a lavish $35 million version of the Andrew Lloyd Webber musical. This 90-minute "Phantom" at the Venetian Hotel and Casino will feature entirely new sets by noted designer David Rockwell.