A Famous Las Vegas Strip Casino Could Be Ripped Down
Las Vegas has few historic buildings for a city with Elvis Presley, Michael Jackson, and Whitney Houston holograms. The Las Vegas Strip favors the new, so casinos are rebuilt or demolished before something new goes there.
Some bold remodels don’t require a complete tear-down of what’s happening at Caesars Entertainment’s Ballys resort/casino. This property will be rebranded as Horseshoe, but it won’t be demolished.
Caesars tried to sell Flamingo earlier this year but failed; the incoming owner anticipated demolishing the 1946 building. Even though the resort has been refurbished numerous times, it’s likely a deconstruction if it’s sold, and Caesars seems hesitant to invest in its oldest Strip property.
Another renowned Strip property just changed hands, and its new owner has suggested a thorough deconstruction.
Bally’s Flamingo Plans
Bally’s Corp. (BALY) may desire to utilize its own brand on the Las Vegas Strip, therefore Caesars deleted the moniker. The casino operator bought the renowned Tropicana and has big ambitions for it.
Bally’s President George Papanier suggested improvements were coming, but not soon. He said the corporation would run the facility for 18-24 months before deciding its future.
Papanier didn’t disclose why the company waited, although money may be a role. Rising loan rates may have made a large renovation or deconstruction less appealing.
Bally’s CEO Lee Fenton has opened the possibility to accelerate that timeline.
A’s Stadium Could Replace Flamingo
The Tropicana is one of two Las Vegas venues as potential homes for MLB’s Oakland Athletics. A major deadline in Oakland has made it less likely that the club will get a new stadium in California.
The team may build near Circus Circus on the north Strip (but others may also be possible, just not public knowledge).
Fenton said on Bally’s third-quarter earnings call that Bally’s may pull down the Tropicana to build an A’s stadium.
Bally’s discussed Tropicana in its Q3 earnings slide show.
The property is visible from McCarran International Airport, East Tropicana Avenue, and the Strip, which sees 90,000 automobiles every day. Bally’s estimates 400,000 weekly impressions from this area’s signage.
Bally’s hasn’t said if building a stadium at Tropicana will include a new resort/casino. The business has claimed the hotel will keep the Bally’s name and be its western flagship, so it appears likely.
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