{"id":233511,"date":"2022-09-23T02:30:52","date_gmt":"2022-09-23T07:30:52","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=233511"},"modified":"2022-09-23T14:04:38","modified_gmt":"2022-09-23T19:04:38","slug":"ballys-targeting-major-overhaul-of-tropicana-las-vegas","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/","title":{"rendered":"Bally\u2019s Eyeing Major Redevelopment of Tropicana in 2024"},"content":{"rendered":"

Bally\u2019s (NYSE:BALY) has won approval \u00a0from Nevada regulators to run the Tropicana Las Vegas, and the gaming company is targeting a major overhaul of the property, potentially in 2024.<\/p>\n

\"Tropicana\"
Tropicana Las Vegas, seen above. Operator Bally’s is promising major redevelopment of the venue. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

On Thursday, the Nevada Gaming Commission (NGC) signed off on the gaming company taking control of operations at the venerable Strip venue. That decision arrived about two weeks after the Nevada Gaming Control Board (NGCB) made the same call.<\/p>\n

\n

In April 2021, Bally\u2019s acquired Tropicana\u2019s non-real estate assets from Gaming and Leisure Properties (NASDAQ: GLPI) in a transaction valued at $308 million.<\/a> As part of that deal, the gaming company sold the property assets of venues in Colorado and Illinois to the GLPI real estate investment trust (REIT) and agreed to lease back those properties. Bally\u2019s has a 50-year lease for Tropicana starting at $10.5 million annually.<\/p>\n<\/div>\n

Penn Entertainment (NASDAQ:PENN) previously operated the integrated resort. With the regulatory approvals in place, Bally\u2019s makes its initial foray to the Strip, while Penn no longer has a venue there.<\/p>\n

Western Flagship for Bally\u2019s<\/h2>\n

Bally\u2019s President George Papanier told NGC members that the company views Tropicana as its \u201cflagship\u201d gaming venue in the Western US. In addition to Tropicana, Bally\u2019s regional properties include three namesake casinos, a racino in Colorado, and Bally\u2019s Lake Tahoe.<\/p>\n

Those are nice satellite holdings, but the Las Vegas Strip<\/a> is a different ballgame. As such, Bally\u2019s needs to assert itself in the US casino mecca, and one way of doing that is to dramatically refurbish Tropicana.<\/p>\n

But in this case, we think we should also evaluate the potential for a complete redevelopment, because of its competitive position in the market right now,\u201d<\/strong> Papanier told the NGC.<\/p><\/blockquote>\n

He told the regulatory board that the company will run Tropicana for 18 to 24 months before deciding how to proceed with redevelopment. The operator is already in talks with prospective partners that could provide capital for an overhaul effort.<\/p>\n

Earlier this year, Bally\u2019s Chairman Soo Kim told reporters the company is eyeing significant changes at Tropicana, and that demolition and rebuilding<\/a> of the property are possible. One thing is certain: Tropicana will eventually bear the Bally\u2019s name. With the exception of the Hard Rock Hotel & Casino in Biloxi, Miss., all of the operator\u2019s venues sport the Bally\u2019s brand.<\/p>\n

As for Gaming and Leisure\u2019s view on redevelopment, they\u2019re not on the hook in terms of financial exposure. But the real estate company is prioritizing rent collection and the venue remaining a gaming property.<\/p>\n

Bally\u2019s Pressed on Finances<\/h2>\n

At the meeting, NGC member Ben Kieckhefer pressed Bally\u2019s executives on the company\u2019s finances, asking for details on how the operator plans to balance Tropicana refurbishment while developing a new, $1.7 billion<\/a> casino-hotel in Chicago.<\/p>\n

\u201cI think at the end of the day, it (Tropicana) will be a self-fueling opportunity from a capital-requirement perspective. We certainly have the bandwidth in our company to do that,\u201d <\/strong>said Papanier.<\/p>\n

Bally\u2019s CFO Bobby Lavan told commissioners the company has access to a $620 million credit revolver and has cash incoming later this year from the sale-leaseback<\/a> of its two Rhode Island casinos to GLPI.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE:BALY) has won approval \u00a0from Nevada regulators to run the Tropicana Las Vegas, and the gaming company is targeting a major overhaul of the property, potentially in 2024. On Thursday, the Nevada Gaming Commission (NGC) signed off on the gaming company taking control of operations at the venerable Strip venue. That decision arrived about […]<\/p>\n","protected":false},"author":46,"featured_media":233512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,81886],"tags":[81897,23],"acf":[],"yoast_head":"\nBally's Targeting Major Overhaul Of Tropicana Las Vegas<\/title>\n<meta name=\"description\" content=\"Bally's could dramatically alter Tropicana Las Vegas in 2024.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Targeting Major Overhaul Of Tropicana Las Vegas\" \/>\n<meta property=\"og:description\" content=\"Bally's could dramatically alter Tropicana Las Vegas in 2024.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-23T07:30:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-23T19:04:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/trop-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/\",\"name\":\"Bally's Targeting Major Overhaul Of Tropicana Las Vegas\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/trop-1.jpg\",\"datePublished\":\"2022-09-23T07:30:52+00:00\",\"dateModified\":\"2022-09-23T19:04:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's could dramatically alter Tropicana Las Vegas in 2024.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-targeting-major-overhaul-of-tropicana-las-vegas\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/trop-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/09\/trop-1.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Tropicana Las Vegas. 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