By
Jane Shaw
Senior Editor Updated: 05/08/2024
We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.
Implosion of Tropicana Approved
It has been reported that Clark County officials have greenlit the implosion of the historic Tropicana on the famous Las Vegas Strip.
The approval comes on the heels of a permit filed by Bally’s Corp., the Rhode Island-based company that has been tasked with overseeing the demolition. With the green light from authorities, Bally’s now has until October 20 to carry out the demolition of the Tropicana.
The permit was filed just nine days before its approval on April 20. It is now pending activation upon the payment of a $48,000 application fee, according to a report in the Las Vegas Review-Journal. Documents submitted with the application show that Bally’s expects the implosion to incur costs totaling $15 million.
Soo Kim, Chair of Bally’s, said that it would be a spectacle to remember. At present, the implosion has been tentatively scheduled for either September or October of this year. This will depend on GGG Demolition securing the necessary permits.
Bally’s Chairman Soo Kim told the Las Vegas Review-Journal:
There are some preconditions that have to be met that they are working on. If not that, either way, it will be done.
The Tropicana has become a much-loved landmark on the Las Vegas Strip. The casino resort shut its doors on April 2, just before its 67th anniversary.
At present, International Content Liquidations, which has its headquarters in Ohio, is overseeing the liquidation of all detachable assets within the casino resort prior to the implosion. This includes everything from individual pieces to fully furnished hotel suites.
However, Bally’s already has plans in place for when the demolition has been completed. The company plans to erect a state-of-the-art baseball stadium for the Oakland Athletics on a portion of the 35-acre site, with an estimated project cost of $1.5 billion.
Mortenson-McCarthy, the construction firm appointed by the Athletics, previously outlined a construction timeline aiming to commence work on the ballpark by April 2025, with completion set for the 2028 season opener.
Officials claim that recent developments, including Moody’s downgrade of Bally’s credit rating, have resulted in uncertainty when it comes to the project’s future. In addition to the stadium, Bally’s is looking at the construction of a casino hotel on the Tropicana grounds.
However, reports suggest that there are various financial constraints that pose challenges for the operator. These include an alleged shortfall of $800 million in financing for a casino hotel project in downtown Chicago. The company’s unfavorable credit rating could adversely impact its ability to secure financing, as potential creditors demand higher interest rates to offset the increased risks.
The Tropicana site spans 35 acres, and it is owned by Gaming and Leisure Properties Inc. with which Bally’s entered into a 50-year lease agreement in 2021. Concerns are now being voiced by many people in Las Vegas regarding the Strip’s continuous loss of historic landmarks, which are then replaced by lots that remain vacant for a decade or longer.
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