As the demolition of the Tropicana casino hotel in Las Vegas draws near, Bally’s Corporation is trying to secure the necessary permits for imploding the property. Because of the procedure’s intricacies, the casino operator would need to secure dust control and asbestos abatement permits, among other permits. Traffic would also need to be taken into mind.

According to the latest reports, the Tropicana will be imploded by Controlled Demolition, the same company that previously imploded the Riviera and the Landmark.

According to Tropicana’s chairman, Soo Kim, the matter is still subject to permitting but Bally’s intends to bring the casino down by the end of the year. This would mark an end to a legendary property that has remained in business for over half a century.

Tropicana originally opened on April 4, 1957, and closed on April 2, 2024, just two days before its anniversary.

Bally’s, which acquired the Tropicana site three years ago, is planning to instead develop a $1.5 billion baseball stadium for the Oakland Athletics and an adjacent hotel.

Some Are Concerned about Bally’s Financial Position

The decision to close Tropicana came after a long period of suboptimal business activity.  Despite its iconic status, the last years saw the property lose much of its luster amid a lack of investment.

Yet, some locals fear that the demolition of Tropicana might be a risky gambit, especially considering Bally’s Corporation’s recent financial hurdles. For reference, the casino company is still struggling to find financing for its downtown Chicago project.

To make matters worse, the company’s credit rating was recently lowered by several credit ratings firms, including Fitch and Moody’s.

Despite that, the company recently told The Progress-Index that it remains bullish on participating in the bidding process for a casino in Petersburg, saying that the lowered rating is unlikely to affect its bid.  

In other news, K&F Growth Capital, an asset management firm and minority shareholder in Bally’s, recently expressed its concerns about Standard General’s recent proposal to acquire all outstanding shares in the casino company.

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The timeline of Oakland Athletics (A’s) planned move to Las Vegas will determine the exact date of the demolition, but the venue’s end now seems set in stone. The timing coincides with the expiration of the A’s lease on their current ballpark in Oakland. Construction on the new stadium needs to commence by April 2025 at the latest to have it ready for the 2028 season.

A New High-Profile Stadium May Be Just What the Region Needs

Earlier this year, Bally’s and the A’s announced a binding agreement that paved the way for the Tropicana’s transformation into an MLB stadium. The deal put the casino resort’s remaining life at 18 to 24 months. Gaming and Leisure Properties (GLPI), the owner of Tropicana’s real estate, expressed an intention to work with Bally’s and potentially revamp the resort once the ballpark finishes construction. 

GLPI committed $175 million in financing for the stadium project. This number may increase in the future, but the company stated it was too early to make a firm commitment. The stadium’s development will cost around $400 million, primarily funded by the A’s. The team is looking for financing for the remaining $1.1 billion required to bring the project to life.

The A’s had a prior deal with Red Rock Resorts to build a stadium at another location, but the agreement fell through due to the significant public financing needed for the project. The Tropicana site offers a considerably cheaper alternative, significantly alleviating the financial burden for the A’s. Once completed, the stadium should be a long-term investment, complementing Vegas’ entertainment landscape.

The Tropicana Was Not Doing So Well

A shutdown and eventual refresh may be just what the Tropicana needs. The venue’s history is interwoven with the lore of old Las Vegas, featuring everything from dealings with mob figures to being a target of skimming operations. However, recent years have seen the property lose much of its luster, and it is widely regarded as one of the worst hotels in Vegas.

Unfortunately, a lack of investments has left the Tropicana outdated and needing substantial renovation. Many rooms are dirty and in poor condition, while a recent outbreak of bed bugs further damaged the venue’s fraying reputation. GLPI noted it could reinvest in an updated casino resort but was hesitant to commit to any long-term plans.

“We will work with Bally’s and the A’s to determine what the casino resort might look like. When the time comes for us to decide whether or not to invest, we’ll do that based on the project and what we see in front of us at that time.”

Brandon Moore, GLPI COO

The expected demolition of Tropicana in its current form signifies the end of a chapter in Las Vegas history. However, the new A’s stadium should significantly enhance the region’s entertainment landscape. If the sports venue proves successful, it could lead to the Tropicana’s reopening, breathing new life into the iconic casino resort.

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This strategic collaboration aims to enhance the gaming experience at the Tropicana and further solidify its position as a premier destination for poker enthusiasts in Las Vegas. Maverick Gaming’s involvement in the project brings substantial industry expertise and should allow the venue to draw attention away from recent controversies.

The New Room Will Cater to Both Professionals and Novices

Establishing a Maverick Gaming Poker Room at the Tropicana should hopefully attract new and experienced poker enthusiasts. Maverick Gaming’s position as a highly regarded casino operator will be instrumental in delivering exceptional gaming experiences to the casino resort’s poker offerings, elevating them above the competition. The planned poker venue will cater to all types of players, enhancing the entertainment options available to guests.

Outlaw Media Group founders Houston Curtis and Rick Mahr were instrumental in finalizing the agreement. They are the executive producers of Bally’s popular Big Bet Poker TV series and live stream, helping them recognize the value of such a partnership. They lauded Maverick owner Eric Persson’s expertise, describing him as a tremendous asset to the company.

Persson’s industry expertise and proven ability to build successful poker rooms align with Bally’s omnichannel network.

Houston Curtis, Outlaw Media Group co-founder and CEO

Persson will also participate in Bally’s Big Bet Poker, building hype for the new venue. According to officials involved with the project, this collaboration aligns with Tropicana’s commitment to providing a diverse range of gaming experiences catering to seasoned poker players and casual enthusiasts and allowing even novices to feel like VIPs.

Bally’s Reaffirms Its Commitment to the Iconic Property

This bit of good news comes at a critical time for the Tropicana. The casino resort recently faced criticism regarding the planned construction of an Oakland Athletics stadium nearby, which may force the venue to close for 18 to 24 months. Although Bally’s later stated they would keep the property open for as long as possible, rising uncertainty among workers caused the Culinary Union to get involved and secure employee rights.

A high-profile addition like the Maverick Gaming Poker Room is just what Bally’s needs to reaffirm its lasting commitment to the Tropicana in its continued efforts to continuously evolve and innovate, keeping the iconic casino resort relevant in the face of ongoing uncertainty in the industry. The two companies’ shared commitment to excellence will ensure that the Tropicana will continue to stand out among the competition.

This will not be your typical run-of-the-mill poker venue. It’s a place where adrenaline meets attitude and poker dreams come alive.

Jeremy Weinstein, Maverick Gaming CMO

The agreement between Maverick Gaming and Bally’s Corporation represents a mutually beneficial collaboration. By combining their strengths, the two companies can create a dynamic and thriving poker room capable of meeting the ever-changing industry demands and capturing the spirit of Las Vegas poker.

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Bally’s Corporation and Gaming & Leisure Properties (GLPI) have announced a binding agreement with the Oakland Athletics of Major League Baseball (Oakland A’s) to construct a Major League Baseball park at Bally’s Tropicana Las Vegas.

Bally’s consummated its purchase of the gaming and other assets when GLPI and PENN transferred ownership of the non-land assets of the Tropicana Las Vegas to Bally’s for $148 million in cash paid to GLPI on September 27, 2022.

Bally’s still intends to operate a casino from the location and expand assets on other portions of the property.

2.5 Million New Visits to the Location Expected Annually

The park is expected to deliver two and a half million fans per year to the only site of its type on the Las Vegas Strip. Benefits heralded in the announcement include enhanced attraction at the site driven by increased visitations, and the ability to further develop the site in a phased manner with a financial approach based on disciplined further investment.

Additional enhancements for iconic and sponsoring brands at one of the busiest traffic intersections in America which sees over seven-million visitor impressions each month, and significant marketing database growth for Bally’s to exploit as part of its global omnichannel growth strategy.

GLPI maintained ownership of the property which it had earlier purchased and was leased back to Penn National Gaming prior to Bally’s purchasing the gaming assets, license rights, etc. GLPI will pitch in up to $175 million toward improvements and receive future rent increases based on the increased value.

Bally’s is also banking on increased footfall for the casino and other assets through the ballpark and other attractions.

The Oakland A’s or stadium authority will have about 9 acres of the 35-acre site assigned for development by Bally’s and GLPI. The stadium would hold as many as 30,000 visitors at a time.

Oakland’s Triple-A minor league team, the Aviators already calls Las Vegas home.

Bally’s Confident but Hedging its Bet

Bally’s kept an Ace in the hole to assign assets and attract other partners, and it has other parties expressing interest in a similar offering. However, it is expected the necessary approvals from the MLB Association as well as public finance and legislative agreements will all come into place to make the current plan a reality.

Bally’s President, George Papanier, said “We are honored to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas and to be a part of the once-in-a-generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip.

“The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come. We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year,” Papanier noted.

Among other comments, Peter Carlino, Chairman and CEO of Gaming & Leisure Properties said: “We are pleased to help facilitate their exciting vision for a new ballpark through our contribution of nine acres of the Tropicana site and look forward to the prominent place that the overall project will occupy in the Las Vegas skyline. The Oakland Athletics’ interest in developing a world-class Major League Baseball stadium on our site underscores its status as one of the most prime locations on the Las Vegas Strip and will enhance any future development of our remaining 26 acres.

“As the project moves forward, we also expect that Gaming & Leisure Properties will have opportunities to further invest in the various aspects of the overall project to the extent we deem that doing so will generate an attractive risk-adjusted return on our shareholders’ capital.”

Oakland A’s President Dave Kaval added: “We are excited about the potential to bring Major League Baseball to this iconic location. We are thrilled to work alongside Bally’s and Gaming & Leisure Properties, and look forward to finalizing plans to bring the Athletics to Southern Nevada.”

Source: Bally’s to replace Las Vegas Strip casino with MLB ballpark, G3 Newswire, May 16, 2023

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Caesars Entertainment has unveiled the relaunch of Tropicana Online Casino in New Jersey. The refreshed online gaming app now offers even better casino experiences to Caesars players. The integration of Caesars’ loyalty program, Caesars Rewards, has also been improved, providing loyal clients with new opportunities.

To play with Caesars, New Jersey players can either visit TropicanaCasino.com or download the smartphone app. Customers can expect to find a rich selection of casino games, including roulette, thrilling slots from leading studios, video poker and live dealer card games.

Every single bet earns players Tier Credits and Reward Credits. The Tier Credits contribute to players’ status, while the Reward Credits can be redeemed for exclusive Caesars Rewards prizes and discounts.

Caesars will furthermore provide new New Jersey customers with an exciting welcome offer. The company will also run various promotions several times a week, making sure that players always have something to look forward to.

Caesars Cannot Wait to Engage NJ Audiences

Caesars Digital’s VP of iGaming, Matthew Sunderland, commented on the matter. He noted that Caesars is well-known in New Jersey thanks to the thrilling gaming experiences it provides. The relaunch of Tropicana Online Casino will allow his team to provide customers with “the best iGaming products in the industry.

We’re confident this new offering delivers an elevated online casino experience with rewards that can’t be matched, similar to the industry-best experiences customers enjoy at Tropicana Atlantic City.

Matthew Sunderland, VP of iGaming, Caesars Digital

Meanwhile, Joseph Giunta, Tropicana Atlantic City’s SVP and GM, said that his team is proud to give good gaming content to local customers. He said that Tropicana Online Casino will engage players with best-in-class experiences at the tip of their fingers.

We are pleased to offer our guests the convenience of enjoying their favorite casino games in a fresh and responsible manner, right at their fingertips.

Joseph Giunta, SVP & GM, Tropicana AC

At the same time, Caesars will remain committed to responsible gambling. The company will encourage responsible play with Tropicana Online Casino, urging the players to use the multiple tools available to them.

In addition, Caesars introduced two new safer gambling policies. The first is its universal exclusion policy, which will bar self-excluded people from playing with Tropicana. The second has seen Caesars adopt an enhanced 21+ gaming policy, restricting Caesars Rewards accounts to individuals who are 21 or older.

Speaking of Caesars, a new petition seeks to end the deal between the casino giant and Michigan State University.

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