1.ĭespite the chaos, Macquarie Group casino analyst Chad Beynon believes there still is demand for Las Vegas properties.
The normally tourist-choked Strip all but turned into a ghost town, and job losses skyrocketed.Ĭasinos were allowed to reopen June 4, but several remain closed in Southern Nevada, including the 1,470-room Tropicana, which is scheduled to reopen Sept. Steve Sisolak ordering casinos and other Nevada businesses closed in March to help contain the virus’ spread. The pandemic has devastated Las Vegas’ economy, with Gov. “We’re just waiting to see how things shake out in the world,” Parks said.
Still, he indicated that he hasn’t yet done extensive outreach to land a buyer. There is no asking price, though Parks figures that even during the coronavirus pandemic, the Strip resort is worth “at least” what it traded for five years ago, $360 million. Tropicana landlord Gaming and Leisure Properties is looking to sell the 35-acre hotel-casino and rent it back or sell it outright, listing broker Michael Parks, of CBRE Group’s global gaming group, said Monday.
Now the Tropicana is up for grabs, in a business climate that was unthinkable not long ago. (Erik Verduzco / Las Vegas Review-Journal) Vegas had a string of blockbuster casino deals the past few years as investors pumped billions into properties on or near the Strip. Tropicana hotel-casino in Las Vegas, Monday, July 27, 2020.
