Las Vegas has always had a mixed relationship with its history. The city likes to evoke its classic past, but casino operators generally recognize that while people want photos with nostalgic nods to the past, such as the classic Las Vegas sign, they generally don’t want to be in outdated “classic” hotel casinos. stay.
The city, of course, has some outdated features that reflect the Vegas of yesteryear, but for the most part, most of Las Vegas follows a newer-is-better mantra. Sure, new properties like Circa, which is in downtown Fremont Street, have a lot of touches that remind people of classic Vegas, but the actual hotel casino has all the modern details.
The best properties from MGM Resorts International MGM and Caesars Entertainment (CZR) – Get Caesars Entertainment Inc Report are constantly updated and even lower properties under those banners are refreshed quite often. That’s what’s happening at Caesar Bally’s, which will be rebranded and remodeled, taking over the company’s Horsehoe brand.
That move, which followed recent news that MGM had sold The Mirage to Hard Rock International so it could be demolished and turned into a guitar hotel. Now it’s clearer why Caesars will drop the Bally’s name.
The actual Bally’s Corp. (BALY) – Get Bally’s Corporation Report has plans to put that name on another Las Vegas Strip property and it probably isn’t just changing some signage. Instead, the casino operator, who was not present in Las Vegas, plans to radically renovate or completely demolish another classic casino with roots in Vegas’ seedy past.
Ballys has big plans for The Tropicana
Bally’s bought the non-landholding of the Tropicana from Gaming and Leisure Properties, Inc. (GLPIA) – Get a Gaming and Leisure Properties, Inc. Report back in April 2021. The hotel, which sits on the Las Vegas Strip, was sold for $150 million and Bally has agreed to lease the land beneath GLPI’s casino for $10.5 million a year, subject to increases in the course of time.
When that deal expired, Ballys was vague about his plans for the classic but outdated casino.
“Finding a prominent place on the Las Vegas Strip is an important step for us. The Strip is visited by more than 40 million players and guests every year, which we believe will significantly improve Bally’s customer base and player database, as well as marketing opportunities to leverage the iconic Bally’s brand,” said Bally’s CEO George Papanier in a press release.
Now there are new details on what Bally’s expects to do with Tropicana.
Casino operator Bally’s Corp., which is buying the Strip resort, would ‘almost certainly’ look to rename the property Bally’s and likely redevelop the hotel casino, chairman Soohyung Kim told the Las Vegas Review-Journal on Jan. “He said management has not determined what it will do with the property, but would consider everything from renovating the 1470-room resort to ‘breaking it down and starting over.'”
Kim called demolishing the property and building something entirely new as a possible way to “maximize value.”
Goodbye Mirage and maybe see you later Tropicana
Mirage became expendable by MGM when the company acquired the Cosmopolitan hotel. Hard Rock decided to demolish the building, which was built in 1989. That’s relatively new by Las Vegas Strip standards, but Hard Rock wants to turn the Strip property into a variation of the Florida Guitar Hotel, which also goes by the Hard Rock name (which is used by several unaffiliated companies.
Tropicana was built in 1957 but has been renovated a number of times as it has gone through different owners over the years. The hotel and casino is located on a 35-acre lot at the corner of Tropicana Boulevard and Las Vegas Boulevard. “It includes 1,470 rooms, 50,000 square feet of casino space with 1,000 play areas, a 1,200-seat theater, and 100,000 square feet of convention and meeting space,” said Bally’s.
Bally’s already has a casino license in Nevada that it obtained when it bought the assets of the MontBleu Resort Casino & Spa.