In 1955, Ben Jaffe, an executive of the Fontainebleau Miami Beach, came to Las Vegas and bought a 40-acre parcel at the corner of Las Vegas Boulevard and Bond Road (now Tropicana Avenue).
Jaffe aimed to build the finest hotel in Las Vegas, featuring a Cuban ambience, with four room themes for guests to choose from: French Provincial, Far East, Italian Renaissance, and Drexel.

Construction ran over schedule and over budget, due in part to competition for labor with the under-construction Stardust down the road.
Jaffe had to sell his interest in the Fontainebleau to complete the project, which finally opened in April 1957.

Jaffe first leased the property to his associate, Phil Kastel.
The Gaming Control Board raised suspicions over Kastel's links to organized crime, which were confirmed in May when a note bearing a Tropicana earnings figure was found in the possession of mobster Frank Costello.
Jaffe next turned to J. Kell Housells, owner of the Las Vegas Club.
By 1959, Housells bought out Jaffe's interest, gaining a majority share in the Tropicana.

The Tropicana Country Club opened in 1961 on 125 acres (51 ha) of land, across the street from the hotel.

In the early 1970s, the Tropicana fared poorly from competition with larger hotels like Caesars Palace and the Las Vegas Hilton.
Houssels sold out in 1968 to Trans-Texas Airways.
Deil Gustafson, a Minnesota financier, bought the Tropicana in 1972.
He undertook an expansion plan, but ran into financing difficulties.
Edward and Fred Doumani took over management on an emergency basis in 1974 after investing $1 million into the property.
Mitzi Stauffer Briggs, heir to the Stauffer Chemical fortune, bought a majority interest in the Tropicana in 1975.
Briggs began construction of the 22-floor Tiffany Tower in 1977.

The Tropicana became the target of a mob skimming operation in 1978.
Joe Agosto, the owner of the casino's Folies Bergere show, oversaw the siphoning of money from the cashier cage to the Kansas City crime family.
The scheme was exposed in 1979 by an FBI investigation into hidden mob interests in Las Vegas casinos.
Briggs and Gustafson faced revocation of their gaming licenses because they had allowed Agosto to manage the casino without a license.
They had little choice but to sell the Tropicana.
Hotel chain Ramada Inns purchased the business in December 1979, along with the 50% share of the property's real estate that had been owned by the Doumanis.

A 21-story Island Tower was constructed in 1986.

Ramada spun off its gaming properties, including the Tropicana, in 1989 as Aztar Corporation.

The Tropicana's country club was closed in 1990 after being sold to MGM Grand Inc. to become part of the site of the new MGM Grand casino.

In 2002, Aztar consolidated ownership of the Tropicana by buying the remaining 50% interest in the land and buildings from the Jaffe family for $117.5 million.

Aztar was acquired by Columbia Sussex in January 2007.
A $2-billion renovation of the Tropicana was announced, planned to be completed in 2010, making it the largest resort casino in the world.
The existing Paradise and Island towers would have received both interior and exterior renovations, and four new towers would have been built on the property, one of which would be branded as a separate hotel.

The plans included a 100,000-square-foot (9,300 m²) casino, five hotel towers totaling 10,000 rooms, and a sprawling 200,000-square-foot (19,000 m²) retail promenade.
Other amenities included spas and fitness centers; more than 20 restaurants and lounges; a 1,500-seat entertainment venue for big-name headliners; and a water–ride attraction.

All improvements to the property were put on hold because of the financial crisis of 2007–2008, and became moot when Columbia Sussex's gaming arm filed for bankruptcy in 2008.
The Tropicana, which had a $440 million secured loan against it, was bought from the bankrupt company in July 2009 by its creditors, led by Canadian private equity firm Onex Corporation and former MGM Mirage CEO Alex Yemenidjian, who took over as CEO.

The remainder of Columbia Sussex
In 1955, Ben Jaffe, an executive of the Fontainebleau Miami Beach, came to Las Vegas and bought a 40-acre parcel at the corner of Las Vegas Boulevard and Bond Road (now Tropicana Avenue). Jaffe aimed to build the finest hotel in Las Vegas, featuring a Cuban ambience, with four room themes for guests to choose from: French Provincial, Far East, Italian Renaissance, and Drexel.
Construction ran over schedule and over budget, due in part to competition for labor with the under-construction Stardust down the road. Jaffe had to sell his interest in the Fontainebleau to complete the project, which finally opened in April 1957.
Jaffe first leased the property to his associate, Phil Kastel. The Gaming Control Board raised suspicions over Kastel's links to organized crime, which were confirmed in May when a note bearing a Tropicana earnings figure was found in the possession of mobster Frank Costello. Jaffe next turned to J. Kell Housells, owner of the Las Vegas Club. By 1959, Housells bought out Jaffe's interest, gaining a majority share in the Tropicana.
The Tropicana Country Club opened in 1961 on 125 acres (51 ha) of land, across the street from the hotel.
In the early 1970s, the Tropicana fared poorly from competition with larger hotels like Caesars Palace and the Las Vegas Hilton. Houssels sold out in 1968 to Trans-Texas Airways. Deil Gustafson, a Minnesota financier, bought the Tropicana in 1972. He undertook an expansion plan, but ran into financing difficulties. Edward and Fred Doumani took over management on an emergency basis in 1974 after investing $1 million into the property. Mitzi Stauffer Briggs, heir to the Stauffer Chemical fortune, bought a majority interest in the Tropicana in 1975. Briggs began construction of the 22-floor Tiffany Tower in 1977.
The Tropicana became the target of a mob skimming operation in 1978. Joe Agosto, the owner of the casino's Folies Bergere show, oversaw the siphoning of money from the cashier cage to the Kansas City crime family. The scheme was exposed in 1979 by an FBI investigation into hidden mob interests in Las Vegas casinos. Briggs and Gustafson faced revocation of their gaming licenses because they had allowed Agosto to manage the casino without a license. They had little choice but to sell the Tropicana. Hotel chain Ramada Inns purchased the business in December 1979, along with the 50% share of the property's real estate that had been owned by the Doumanis.
A 21-story Island Tower was constructed in 1986.
Ramada spun off its gaming properties, including the Tropicana, in 1989 as Aztar Corporation.
The Tropicana's country club was closed in 1990 after being sold to MGM Grand Inc. to become part of the site of the new MGM Grand casino.
In 2002, Aztar consolidated ownership of the Tropicana by buying the remaining 50% interest in the land and buildings from the Jaffe family for $117.5 million.
Aztar was acquired by Columbia Sussex in January 2007. A $2-billion renovation of the Tropicana was announced, planned to be completed in 2010, making it the largest resort casino in the world. The existing Paradise and Island towers would have received both interior and exterior renovations, and four new towers would have been built on the property, one of which would be branded as a separate hotel.
The plans included a 100,000-square-foot (9,300 m²) casino, five hotel towers totaling 10,000 rooms, and a sprawling 200,000-square-foot (19,000 m²) retail promenade. Other amenities included spas and fitness centers; more than 20 restaurants and lounges; a 1,500-seat entertainment venue for big-name headliners; and a water–ride attraction.
All improvements to the property were put on hold because of the financial crisis of 2007–2008, and became moot when Columbia Sussex's gaming arm filed for bankruptcy in 2008. The Tropicana, which had a $440 million secured loan against it, was bought from the bankrupt company in July 2009 by its creditors, led by Canadian private equity firm Onex Corporation and former MGM Mirage CEO Alex Yemenidjian, who took over as CEO.
The remainder of Columbia Sussex
Tropicana Las Vegas