The Tropicana Las Vegas is Being Sold for $308 Million
By James Murray
Las Vegas is doing everything it can to promote its tourism industry right now. It seems to be working, yet many of the casino companies here are still making deals to cut down on costs. Reports have surfaced today that claim the Tropicana Las Vegas is now being sold for an astounding $308 million.
This property has gone through some major changes over the years. Some are surprised to see it once again being sold. Now is the perfect time to talk about which company has bought this venue and why.
Let's get into it!
Las Vegas is Expecting a Successful Summer
Summer tends to be a successful season for many of the country's biggest tourism destinations. It's a time for vacations for millions of people around the US. That certainly wasn't the case in 2020, though.
Last summer ended up being the worst in history for the city of Las Vegas. A staggering low number of visitors made the trip to the city. It wasn't a surprise when considering the health crisis the country was facing, yet it showed how vulnerable many of the businesses in the city are.
There are many reasons to be optimistic about the summer of this year for Las Vegas, though. Tourism rates in the city are gradually increasing right now. Many of the casino-resorts here are seeing huge surges of revenue, too.
One of the most impressive gambling properties ever built in Las Vegas will also be opening its doors this year. This is called Resorts World Las Vegas, set to open its doors in the northern area of the Las Vegas Strip. It cost an incredible $4.2 billion to build and is expected to be one of the most incredible gaming venues ever opened.
This new casino-resort should help to draw in tourism to the city. Many gambling proponents are excited to see what this venue has to offer. If all goes according to plan, Las Vegas will experience a major comeback over the next six months.
There have been some major property sales in Las Vegas over the next few months. We're now beginning to hear about another sale taking place in the city.
Bally's Corporation Agrees to Buy the Tropicana Las Vegas
Las Vegas has been home to many of the world's biggest and best casino-resorts for decades. One of the first major gaming venues to open its doors on the Strip was the Tropicana Casino-Resort. For a long period of time, this was a premier gaming venue in the city.
Time has caught up with this property in recent years. It's still a popular option for many visitors to the city, yet it's not nearly as revered as other, newer casinos in the city. As a result, it has gone through several major sales over the years.
Today, news broke that Bally's Corporation had agreed to pay $308 million for the Tropicana Las Vegas. The Rhode Island-based gaming company has worked hard to expand recently. It now sees some major potential in the recovery city of Las Vegas.
George Papanier, president and CEO of Bally's Corp, released a statement on this new deal shortly after the news broke.
"Landing a preeminent spot on the Las Vegas Strip is a key step for us," he said. "The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally's customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally's brand. This expansion will also support the growth and development of our online and interactive business. We look forward to exploring significant redevelopment of the property, which we believe will enhance its financial profile."
Bally's has also entered into a sale-and-leaseback deal for several of its properties in Colorado and Illinois. It's a huge move for the company and will hopefully pay off in the near future. Stay tuned for updates!
Is Atlantic City Poised for a Comeback This Year?
There has been a huge amount of attention placed on Las Vegas over the past year. This major casino hub was the worst-affected city from an economic standpoint in the country due to the events that unfolded last year. Many have also been paying attention to the economic situation over in Atlantic City.
This city has struggled immensely over the past year, too. Gaming revenue dropped by an astounding 80% here in 2020. Fortunately, there are online gaming options set in place here to make up for some of the land-based revenue lost.
Things seem to be improving. Restrictions are slowly being lifted and tourism numbers are increasing. Many analysts are expecting this summer to also be very successful for the casinos in Atlantic City.
Several major companies are now making a push here. News recently broke that the Icahn family had purchased a major stake in the Ocean Casino Resort. The corporation clearly sees some upside in the future here.
It wouldn't be a shock to see several casino sales take place in Atlantic City soon, too. Things are constantly changing in this industry. Sales like these are proving to be extremely valuable.
Are you surprised to hear that the Tropicana Las Vegas has been sold? Let us know in the comments section below!