As the demolition of the Tropicana casino hotel in Las Vegas draws near, Bally’s Corporation is trying to secure the necessary permits for imploding the property. Because of the procedure’s intricacies, the casino operator would need to secure dust control and asbestos abatement permits, among other permits. Traffic would also need to be taken into mind.
According to the latest reports, the Tropicana will be imploded by Controlled Demolition, the same company that previously imploded the Riviera and the Landmark.
According to Tropicana’s chairman, Soo Kim, the matter is still subject to permitting but Bally’s intends to bring the casino down by the end of the year. This would mark an end to a legendary property that has remained in business for over half a century.
Tropicana originally opened on April 4, 1957, and closed on April 2, 2024, just two days before its anniversary.
Bally’s, which acquired the Tropicana site three years ago, is planning to instead develop a $1.5 billion baseball stadium for the Oakland Athletics and an adjacent hotel.
Some Are Concerned about Bally’s Financial Position
The decision to close Tropicana came after a long period of suboptimal business activity. Despite its iconic status, the last years saw the property lose much of its luster amid a lack of investment.
Yet, some locals fear that the demolition of Tropicana might be a risky gambit, especially considering Bally’s Corporation’s recent financial hurdles. For reference, the casino company is still struggling to find financing for its downtown Chicago project.
To make matters worse, the company’s credit rating was recently lowered by several credit ratings firms, including Fitch and Moody’s.
Despite that, the company recently told The Progress-Index that it remains bullish on participating in the bidding process for a casino in Petersburg, saying that the lowered rating is unlikely to affect its bid.
In other news, K&F Growth Capital, an asset management firm and minority shareholder in Bally’s, recently expressed its concerns about Standard General’s recent proposal to acquire all outstanding shares in the casino company.