Tropicana may be due massive redevelopment

A huge redevelopment plan will be put into place for the iconic Las Vegas casino the Tropicana, following permission from the Nevada Gaming Board for Bally’s to take over operations at the venue.

The company said in a statement that it was “evaluating the potential for a significant redevelopment” of the property on The Strip.

Bally’s bought the operation from Gaming and Leisure Properties for $308m. The casino is currently operated by Penn Entertainment.

The deal included $150m for the non-land assets of the Tropicana, with Bally’s agreeing to lease the land from GLP for 50 years at an annual rent of $10.5m.

The Tropicana, on the corner of Tropicana Avenue and Las Vegas Boulevard, has nearly 1,500 rooms, a 50,000sq.ft casino, theatre and convention space.