Bally’s Corp. is intensifying preparations for the impending closure and demolition of the historic Tropicana resort on the Las Vegas Strip.
Following the resort’s closure on April 2, a 10-foot demolition wall is slated to be constructed around the site. Clark County issued a permit for the 5,098-foot enclosure, with an estimated cost of $500,000, the Las Vegas Review-Journal reported.
During a session before the Nevada Gaming Commission, Bally’s executives provided limited new information about the planned closure of the Tropicana, whose date coincides with the property’s 67th anniversary.
Ameet Patel, Senior Vice President and Western Region Manager for Bally’s, along with Marcus Glover, Executive Vice President and Chief Financial Officer, informed commissioners that efforts are underway to assist the approximately 700 current Tropicana employees in securing new job opportunities. Career fairs have been organized exclusively for them, with another event scheduled following the initial one.
On April 2, the Tropicana’s gaming floor will close at 3 a.m., with food and beverage services ceasing by noon as the last hotel guests depart, the report said. Subsequently, a 90-day ramp-down period will commence, during which some maintenance and engineering staff will remain on-site. However, no timeline has been provided for the commencement of demolition.
In a separate matter, Bally’s executives refrained from divulging details regarding a proposed buyout of Bally’s shares by Standard General, a New York-based hedge fund controlled by Bally’s Chairman Soo Kim. Negotiations remain confidential, according to Marcus Glover.
Bally’s disclosed the buyout proposal in a recent Securities and Exchange Commission filing, following inquiries from the Nevada Gaming Control Board regarding funding challenges in the company’s efforts to develop Chicago’s inaugural casino.
Despite the closure of the Tropicana, plans for the $1.5 billion, 33,000-seat stadium project in partnership with the Oakland Athletics and Gaming & Leisure Properties Inc., the Tropicana’s landowner, remain unaltered.