Las Vegas Tropicana Hotel sets tentative demolition date
According to a new report from the Las Vegas Review-Journal , Trop will be released in October.
Soo Kim, chairman of Tropicana's current owner Bally's Corp., disclosed the estimate to the newspaper on Thursday and said it was "subject to approval and further revision."
His response may indicate that Bally is trying to apply for an implosion permit, which would require more environmental approvals than a wrecking ball. Bally's has not yet announced how it will be destroyed.
Either way, weeks of preparations will be needed before demolition of the hotel and casino, which opened on April 4, 1957, and closed on April 2, 2024. It will take weeks of cleanup afterwards.
Curveball
Bally's has repeatedly expressed interest in building a new $1.5 billion baseball stadium for the Oakland Athletics on 9 acres of the 35-acre site. Mortenson-McCarthy, the construction firm hired by the Athletics, told the Las Vegas Stadium Authority last year that construction of the ballpark would begin in April 2025 and be completed in time for the start of the 2028 season.
However, Moody's recently downgraded Bally's credit rating further to junk status, casting doubt on its future plans.
In addition to building a baseball stadium, the plans include building an adjacent casino hotel on the Tropicana grounds. Bally's reportedly lost $800 million after failing to secure financing for a casino hotel in downtown Chicago.
High leverage and junk credit ratings pose problems for companies seeking financing. Because when these companies issue corporate bonds, they must do so at high interest rates to compensate creditors for the perceived risk.
Gaming and Leisure Properties Inc. owns the 35-acre Tropicana property. In 2021, Bally's signed a 50-year lease with GLPI for the site.
The biggest fear for many Las Vegas observers is that the Strip will lose its historic icon in exchange for empty space for another decade or more.
Rooms are still available
Rooms are available every night until April 1, Tropicana’s last night. Last night's room rate for Friday and Saturday was $259, including tax, according to the resort's direct booking page. $499 each on Sunday and Monday nights.
The casino's slot machines and table games closed at 3 a.m. Tuesday.
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Source: www.casino.org
