Bally’s Corporation has been busy the last year or so rebranding the company’s land-based casinos and retail sportsbooks under the Bally’s name. The regional gaming and entertainment company is now faced with a tough decision concerning an iconic Las Vegas casino gaming venue.Jump to
Bally’s Buys Tropicana Las Vegas
The acquisition of Tropicana Las Vegas Hotel and Casino on the famed Strip is expected to be completed later this year. Bally’s Corp. offered $308 million to buy the property from Leisure Properties Inc. last April.
Company Chairman Soohyung Kim is also in the process of buying all the remaining stock in Bally’s Corp. through his investment firm. This would put him in complete control of Tropicana’s future moving forward.
Nothing has been ruled out at this point, including the ultimate demolition of the property. Kim made note that Bally’s is weighing a number of different options. Whatever gets decided, in the short-term it is likely that the casino will also be rebranded under the Bally’s name.
The idea of knocking the old building down and rebuilding on the valuable piece of land is not out of the question. Kim mentioned that this may be the best way to “maximize value.”
Although Kim also alluded to the idea of a complete renovation where the property could be “reimagined” under the Bally’s brand.
Either way, big plans are in the works for one of the most iconic properties on the Las Vegas Strip.
Soohyung Kim is the founder and managing partner of Standard General. This is the hedge fund that recently submitted an offer to buy the rest of Bally’s Corporation’s stock it does not currently own at $38 a share. This share price values the company at $2.07 billion.
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Caesars Entertainment’s Role in the Decision
Interestingly enough, the former Twin River Worldwide Holdings bought the Bally’s brand name from Caesars Entertainment. This took place around the same time the company bought Bally’s Atlantic City casino in New Jersey.
Caesars was forced to sell that property by New Jersey gaming regulators as part of the planned merger with El Dorado Resorts back in 2020.
More recently, Caesars announced its plans rename its Bally’s hotel casino and resort on the Las Vegas Strip under the Horseshoe brand. This was the only Bally’s branded property that Caesars still owned.
Moving away from the Bally’s name to its iconic Horseshoe brand, Caesars has opened the door to change the Tropicana into a Bally’s branded property in its place. Kim has contended that Bally’s desire to be a major casino player on a national level demands a presence in Las Vegas.
The Current Tropicana Las Vegas
The formal name of this property is Tropicana Las Vegas Hotel and Casino. It is located at the corner of Tropicana Boulevard and Las Vegas Boulevard in the part of town that is known worldwide as the “Las Vegas Strip.”
This location accentuates the intrinsic value of the property itself. The hotel features 1,470 guest rooms and 50,000 square feet of casino gaming space. There is also a 1,200 seat entertainment center and 100,000 square feet of convention and meeting space.