The Tropicana Hotel & Casino on the Las Vegas Strip has sold in a deal for a reported $308 to Bally’s Corporation. The deal is for $150 million for the Tropicana’s non land assets plus a lease of $10.5 million for 50 years for the land.
In a press release Bally’s Corporation announced that they will explore significant redevelopment of the property so it you like the property as it is you might want to plan a trip in the near future. The resort is on a prime spot on the Las Vegas strip which used to be known as the four corners because four of the biggest resorts by numbers of rooms in the world at that time sit on the intersection at the corner of Tropicana and, Las Vegas Boulevards.
The parcel size is about 35 acres and has 1,470 guest rooms as well as 54,000 square feet of casino, a 1,200 seat theater and about 100,000 square feet of meeting and convention space The current owner of the property is Penn National Gaming who purchased the property back in April 2020..
What Does The Purchase Mean?
Regular guests of the Tropicana might wonder what will happen now Bally Corporation has announced they are buying the property. In the near turn not much will change the purchase has to go before Nevada Gaming Control Board for approval which will take. Presuming the Nevada Gaming Control Board approves the purchase which would most likely be approved as Bally Corporation is a known entity but stranger things have happened; After approval Bally’s Corporation takes over they will examine the property and decide what changes they will make.
If they decide to just remodel the property then it’s could remain open while they make the changes if they decide to raze the property and, build a new one the property could be closed for a couple of years, If they decide to remodel the property the will need approval from Clark County after they submit the plans also they would need approval to raze the current building with new plans approved.
Whatever Ballys Corporation decide to do nothing is going to change in the near future but if this is one of your favorite properties as it is i would visit again while you can.