The Tropicana Las Vegas is Being Sold for $308 Million

Tropicana Las Vegas

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!

Penn National Gaming Completes Sale of the Las Vegas Tropicana

Despite Carolyn Goodman’s best efforts, Las Vegas remains shut down. Interestingly, property sales are still taking place in this city. News is now coming out the Penn National Gaming has officially completed the sale of the Las Vegas Tropicana.

Tropicana Las Vegas

It’s big news for the Pennsylvania-based gaming company. Today, we’re going to look at the details of this major casino sale. We’ll also check out some of the other venues in Las Vegas that are scheduled to open soon.

Let’s get into it!

Las Vegas Casino Officials Call for Restrictions to be Lifted

Things are still very tough in Las Vegas. Back in March, Governor Steve Sisolak began ordering all non-essential businesses in the state to close their doors. This includes casinos. As a result of these regulations, Las Vegas is at a standstill.

None of the casinos in this city are able to operate right now. Many of them are losing millions of dollars every single day. The closing of these casinos has also caused the tourism industry in Las Vegas to completely shut down.

It was unclear how much of an issue this would become. Some analysts predicted these regulations would only be in place for a few weeks. It’s been more than a month since casinos in the state were closed down, however, and Governor Sisolak seems unwilling to make any changes.

Some major casino officials are now voicing their opinions. Last week, Wynn Resorts CEO Matt Maddox gave some ideas for how casinos in Las Vegas can reopen. This includes implementing social distancing measures in casinos and requiring table dealers to wear masks.

No one really knows how long the regulations in Nevada will last. It’s clear that many companies are suffering, yet state officials are trying to avoid a major loss of life. Even with the regulations set in place, some companies are still managing to acquire new properties in Las Vegas.

Penn National Gaming Has Sold Las Vegas Tropicana

Penn National Gaming purchased the Las Vegas Tropicana Hotel & Casino back in 2015. As the coronavirus began affecting Las Vegas, company officials began discussing plans to sell this venue. In late March, Penn Gaming announced it had reached a new agreement with Gaming & Leisure Properties, the landlord of this property.

Under the agreement, Penn National Gaming will sell this venue for $337.5 million worth of rent credits. The company is looking for ways to cut down on costs while the current regulations are in place.

This week, this property sale was finalized. Gaming & Leisure Properties now owns the land this historic hotel-casino sits on. Penn National Gaming CEO Jay Snowden commented on the company’s plans to the media this week.

“We believe that these collective steps will allow us to successfully weather the state-mandated closures related to the COVID-19 crisis,” Snowden said.

It’s not much of a surprise. Penn National Gaming is looking for ways to save money after investing hundreds of millions into Barstool Sports. Hopefully, this new strategy is able to help the company through this crisis.

Construction Continues on Las Vegas Casino-Resorts

It’s been more than a month since all of the casinos in Nevada were forced to close down. As we’ve already mentioned, this is costing many companies millions of dollars. Unless things change quickly, some of the casinos in this state may be forced to permanently close their doors.

To the surprise of many, construction has been allowed to continue on several major casino-resorts. This includes work on Resorts World Las Vegas. This is the most expensive casino-resort ever built and many expect it to be the most impressive venue ever built in Las Vegas.

Some of these construction projects are facing difficulties, though. A recent report claims that a builder at Circa Las Vegas recently tested positive for the new coronavirus. As a result, owners of this venue are setting new guidelines for construction workers.

It’s unclear if any new work will be done on the Las Vegas Tropicana. Most feel it’s unlikely under the current regulatory situation.

Some experts claim that more major property sales are likely to take place over the next few months.

Are you surprised to see Penn National Gaming sell the Las Vegas Tropicana? Let us know in the comments section below.