The Tropicana Las Vegas, to be acquired by Bally’s Corp. this year, will “almost certainly” be rebranded as a Bally’s property, and may get a facelift as well. In fact, Bally’s Chairman Soo Kim told the Las Vegas Review-Journal the 1,470-room resort could even become a teardown.
“We’re open to it all,” Kim said, even “knocking it down and starting over.” Building from the ground up would be one way to “maximize value.” Kim said the company is buying 35 acres along Las Vegas Boulevard with its acquisition of the Tropicana.
Kim’s investment firm Standard General is Bally’s majority shareholder, owning more than 20 percent of the stock. He has personally offered to buy out the remaining stake at $38 per share, which he said would let shareholders “immediately realize an attractive value, in cash, for their investment.”
Kim told the Review-Journal his buyout offer has “no bearing” on Bally’s acquisition of the Tropicana, which will close within the next few quarters.
“We have some big plans that are being worked on,” he added.
A name change would be possible due to Caesars Entertainment’s recent decision to rebrand its Bally’s resort on the Strip into the Horseshoe Las Vegas, starting this spring. That frees up the Bally’s name in the market.
“I think we absolutely will intend to use that,” Kim said.
The Tropicana is operated by Penn National Gaming and leased from Gaming and Leisure Properties.
