Old School Las Vegas Strip Casino Royale Faces Surprise Implosion
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While Las Vegas has always looked to the past for some of its entertainment choices, it's much less nostalgic when it comes to aging casinos. That's especially true on the Las Vegas Strip where land has become so exceptionally valuable that its makes little sense to operate dated properties.
That's why it makes sense for Bally's Corp. (BALY) - Get Free Report to demolish The Tropicana to make way for a new stadium for the Oakland Athletics. That property, built in 1957, is the second oldest resort casino on the Strip.
Bally's owns the casino operating rights at the Tropicana sight and will retain those once the stadium has been built on nine acres of the 35-acre site. The stadium will be a massive traffic driver, so it makes sense for the company to build something new to best capitalize on 30,000 people coming to the stadium for 81 home games each year.
Tropicana's future has been in jeopardy for years simply due to its age. The same could be said of Caesars Entertainment's (CZR) - Get Free Report Flamingo, but with the company opting not to sell that property, a remodel is actually more likely than a total teardown,
Now, a casino that sits next to Caesars' Flamingo actually looks like the next property likely to be imploded or face a wrecking ball.
Las Vegas Strip's Casino Royale On the Chopping Block
Like showgirls, the Strip's Casino Royale seems like a reminder of Las Vegas' past. It's a small dated property operated by Best Western. It's biggest draw in recent years has been that the casino offers free play (usually $25) for anyone who registers for its loyalty program.
Mostly, however, the small casino looks out of place nestled amidst a number of Caesars properties. Now, the owners of Casino Royale have been approved to build a much different development on the property and they're on the clock to get construction going.
"The owners of the casino hotel, a Strip fixture since 1964, just received FAA approval to build a 699-foot tower in the space," Casino.org first reported. "The Casino Royale’s owners, Best Western, have until Jan. 21, 2025, to build their tower, or else the FAA’s approval will expire."
That's a very narrow window given how long it takes to build anything in Las Vegas.
For comparison's sake, if the A's receive approval to move to Las Vegas from Major League Baseball the team is not expected to move into its new stadium until the 2028 stadium.
Casino Royale's owners are moving quickly as workers at the property's Outback Steakhouse have been told that their restaurant will close, Casino.org also reported.
Nothing Is Guaranteed on the Las Vegas Strip
A number of major projects are currently underway on the Las Vegas Strip. But it's generally not a smart idea to assume that any construction will actually happen just because it has been announced. There are two NBA arena projects that have been announced for the Strip, but neither has actually broken ground.
In addition, billionaire Tilman Fertitta, who owns the Houston Rockets and the Golden Nugget Casino in downtown Las Vegas also owns a patch of land on the Strip. Fertitta spent $270 million on a piece of land located between Caesars' Planet Hollywood and the MGM Resorts International's (MGM) - Get Free Report MGM Grand. In October, the billionaire's company has filed plans to build a 43-story, 2,420-room hotel/casino on the property.
There is also a boutique Strip resort casino Dream Las Vegas, which has seen work halted since its owner ran out of money in March. That project could start back up, be sold, or like many other Las Vegas Strip projects could languish for years.
