It’s been a while since we reported on what’s happening at Tropicana Las Vegas. The resort officially closed its doors on April 2nd of this year, and since that time we’ve seen them bring in moving vans, auction off furniture, and put up safety fences. But a walk past the property today reveals that the building is almost a skeleton of what it used to be. Visitors can actually see right through the building now. So where do we go from here?
Now, what’s left of Tropicana Las Vegas echos with the sounds of construction crews and wrecking balls. The building has been gutted to reveal the framework, all in anticipation of a likely implosion. The demolition effort is moving right along, and workers continue to dismantle what little remains of the hotel tower. Bally’s Corporation plans to implode the structure by October, with plans to transform the site into a Major League Baseball stadium.
As far as a new resort being built on the property, Bally’s says there is no rush or pressure to do so. During a recent earnings call, Senior Vice President of Finance Charles Diao stated that the land is expected to appreciate in value over time, so quick decisions about a new hotel and casino are unnecessary. “We have absolutely no urgency whatsoever to get to certainty because our option value increases over time…” he added.
What remains before the Tropicana Las Vegas site can be prepped for implosion? According to county officials, several permits and final procedural steps are still pending. Clark County did give their approval and even issued a demolition permit for the site on April 20th. Bally’s has until October 20th to carry out the estimated $15 million demolition, according to the permit. Wreckage work thus far has been delivered by California-based GGG Demolition.
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