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The Tropicana Las Vegas stood as an iconic fixture on the Las Vegas Strip, drawing visitors with its lush tropical ambiance. This legendary casino resort changed hands several times over its decades-long history.
Bally’s Corporation owned the Tropicana Las Vegas before it closed on April 2, 2024. The gaming and entertainment company acquired the property in 2022, marking a new chapter for the storied resort.
Prior to Bally’s ownership, the Tropicana was held by Gaming and Leisure Properties, a real estate investment trust. The property’s rich history includes ownership by major hospitality brands and casino operators, reflecting the dynamic nature of Las Vegas’s ever-evolving landscape.
Ownership and Acquisition History
The Tropicana Las Vegas had undergone numerous ownership changes since its inception, reflecting the dynamic nature of the Las Vegas hospitality industry.
Previous Owners and Transactions
The Tropicana’s ownership history began in 1957 when Ben Jaffe opened the resort. J. Kell Houssels acquired a majority stake in 1959. Trans-Texas Airways purchased the property in 1968 for $8.7 million. Deil Gustafson took ownership in 1972, with Sammy Davis Jr. acquiring an 8% share. Mitzi Stauffer Briggs bought a controlling interest in 1975, investing over $6 million in renovations.
Ramada Inns acquired the Tropicana in 1979 following an FBI investigation into a skimming operation. In 1989, Ramada’s spin-off company Aztar Corporation took control. Columbia Sussex purchased the resort in 2007 but lost it to bankruptcy two years later. Onex Corporation emerged as the new owner, initiating a $180 million renovation completed in 2011.
Transition to Bally’s Corporation
Penn National Gaming acquired the Tropicana in 2015 for $360 million. In April 2022, Bally’s Corporation purchased the property operations from Penn National for $148 million. This transaction was structured as a sale-and-leaseback deal, with Gaming and Leisure Properties retaining ownership of the land.
Bally’s Corporation, trading under the ticker symbol BALY on the New York Stock Exchange, now operates the Tropicana. The company pays an annual rent of $10.5 million to Gaming and Leisure Properties under their lease agreement. This ownership structure positions Bally’s to leverage the Tropicana brand while optimizing their capital allocation.
Property Features and Developments
The Tropicana Las Vegas has undergone significant changes throughout its history, evolving from a luxurious 1950s resort to a modern entertainment destination. Its features and developments have shaped its identity on the Las Vegas Strip.
Hotel and Casino Space
The Tropicana boasts 1,467 rooms, offering guests a range of accommodation options. Its 44,570 square foot casino floor provides ample space for gaming enthusiasts. The property spans 35 acres at the bustling intersection of Tropicana Avenue and Las Vegas Boulevard.
Initially opening with 300 rooms in low-rise structures, the Tropicana expanded over time. Two major additions came in 1979 and 1986 with the construction of hotel towers. These expansions significantly increased the resort’s capacity and modernized its offerings.
Entertainment and Historical Significance
For nearly five decades, the Tropicana’s entertainment scene was dominated by the Folies Bergere. This topless showgirl revue ran from 1959 to 2009, earning the title of longest-running show in Las Vegas history.
The resort has hosted numerous other performances and attractions over the years. Its theater has been a centerpiece for live entertainment, featuring various acts and shows.
Sammy Davis Jr.’s involvement as part-owner in the 1970s marked a significant milestone, making him the first Black person to hold a stake in a Las Vegas Strip resort.
Recent Renovations and Future Plans
In 2011, the Tropicana completed a $180 million renovation, its first major overhaul since 1986. This project introduced a South Beach theme, refreshing the property’s look and feel.
Ownership changes have brought new visions for the resort. In 2022, Bally’s Corporation acquired the Tropicana, signaling another chapter in its history.
The most dramatic development came in 2023 when plans were announced to demolish the Tropicana. The site is set to be transformed into a new baseball stadium for the Oakland Athletics and a fresh Bally’s-branded resort.
The Tropicana closed its doors on April 2, 2024, with demolition scheduled for completion by October of the same year. This marks the end of an era for the iconic Las Vegas landmark.
