Bally’s exploring rebranding for Tropicana, demolition on the table

The iconic Vegas Strip resort of the Tropicana may see some big changes under Bali management, which is due to expire this year. the casino operator head Soohyung Kim, whose investment firm last week made an offer to buy the remaining shares in Bally’sAnd He said the company is open to exploring a series of options, including demolition location, reports KSNV.

Bally’s company first arrived at A deal worth $308 million to purchase the property last April, a deal expected to expire sometime this year. Regardless of what happens to the building, the Bali Chairman said the property will likely be reimagined and renamed Bali.

Kim said Las Vegas magazine review That the company will “almost certainly” rename the drug, as well as potentially looking to redevelop it. The Chairman admitted that management has not decided what it will do yet but will consider “anything”, From renewal to ‘to overthrow it and start over’.

“We are open to everything,” Kim said, noting that Demolition of the hotel casino and building something from scratch could be one way of “increasing value”. “We have some big plans that are being worked on,” he added.

A potential name change to Tropicana would follow Caesars Entertainment’s decision to rename Bally’s Resort on the strip to the Horseshoe brand., a move announced last week as part of a major shift in place. According to Kim, The rebranding will free up the Bally brand in Las Vegas, which means that Bally’s Corp can take advantage of it.

Bally’s Corp. – Formerly known as Twin River Worldwide Holdings, until casino operator Bally bought the brand name from Caesars- It first announced that it would acquire the popular Tropicana website for about $308 million last April. Acquired from Leisure Properties, Inc. , a publicly traded real estate investment firm focused on gaming.

Completion of the purchase and new plans for the venue will be part of Bali’s national ambitions. According to Kim, “It’s hard to be a national game company without a presence in Las Vegas.” magazine review.

The Tropicana Las Vegas Hotel and Casino is located on the Strip, on a 35-acre plot at the corner of Tropicana Avenue and Las Vegas Boulevard. Features 1,470 rooms, 50,000 square feet of casino space with 1,000 gaming venues, 1,200-seat performance theater, and 100,000 square feet of conference and meeting space.

New plans revealed by Bally’s and Caesars for their properties indicate a period of change – Including rebranding and transformation- Some of the most famous Las Vegas Strip casinos.

The two giants are joined by Hard Rock International, which has acquired the Mirage Hotel and Casino operations in a $1.1 billion cash deal with MGM Resorts International.. Place The iconic volcano that spits fire is set to be replaced Once the Seminole Tribe of Florida takes control, which intends to build a massive guitar-shaped hotel.

Last week, Bally’s Corp shares jumped more than 20% after hedge fund Standard General LP, the company’s largest shareholder, made an offer to buy the remaining shares it didn’t already own. for $38 a share. The deal values ​​the company at $2.07 billion.

Sue Kim, Bally’s chairman, is the founder and managing partner of Standard General, who said the takeover offer had no bearing on Bally’s desire to end its acquisition of Tropicana.. The private equity firm intends to finance the transaction “through sale and leaseback” and other long-term financing arrangements.

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