The Las Vegas Strip never stops. It's a 24/7 environment where the gaming floor never closes, restaurants and entertainment options stay open into the wee hours, and pretty much every pleasure known to man can be had at more or less any time.
This 4.2-mile stretch of road has also been a place of endless change. Megaresorts including Resorts World Las Vegas rise from patches of dirt in the desert, and venerable names like the Mirage will soon disappear to be replaced by a Guitar Hotel owned by Hard Rock International.
Construction on the Strip never stops and surprises are inevitable. Fontainebleau, for example, a resort/casino on the North Strip, has followed a 20-year odyssey during which it appeared doomed at many different times, only to be resurrected under its original owner. It's now on track to open in 2023.
One of the more unusual stories, however, has been Bally's, a Caesars Entertainment (CZR) resort/casino that literally carried the name of a rival company.
That's being corrected. Caesars has removed the Bally's name from the property as it transitions to the first Horseshoe, another Caesars-owned brand, on the Las Vegas Strip.
As one Bally's disappears, however, Bally's Corp. (BALY) won't let its name fall off the Strip for very long.
The company has a deal to purchase the Tropicana, which has just cleared a major hurdle and now looks inevitable.
That purchase will bring back the Bally's name to the Strip, in a sense, after its brief absence. But the company's plans for that property -- at least over the next year or two -- may surprise you.
Image source: Shutterstock
Goodbye Tropicana, Hello Bally's
The Nevada Gaming Commission on Sept. 7 voted to approve Bally's' purchase of the Tropicana from Penn Entertainment (PENN) for $308 million, the Las Vegas Review-Journal reported. That deal was first made in April 2021.
Once the transaction closes, Bally's will not actually do very much with it. Chief Executive Lee Fenton commented on his company's plans for the property during Bally's' second-quarter-earnings call.
"So, for Trop, we've said that we will continue to operate the property. We obviously -- I think it's well-advertised that we intend to develop at some point in the future, but we will run the property on an as-is basis at least for the next 12 months until we have identified the plan and the partnerships that we want going forward," Fenton said.
Bally's has not directly commented on whether it will change the name of the resort, but George Papanier, president of retail for Bally’s, "indicated that initially, the resort would retain its Tropicana name, but as the company undertakes its transition to Bally’s, it could adopt Bally’s Las Vegas branding," the Review-Journal reported.
Big Changes Happening at the Former Bally's
The Bally's name has come down from the Caesars-owned property as it transitions to become a Horseshoe. Caesars largely has kept its plans for the property close to the vest, but it has released some details. The sportsbook, for example, will be built in conjunction with the celebrity chef Guy Fieri.
In addition, Horseshoe will add an all-ages arcade to the property. At its core, however, the revamped property will be embracing Horseshoe's long-held reputation as a brand that focuses on gamblers.
"Since 1951 Horseshoe Casinos have been the home of the best odds, highest limits, and biggest jackpots," Caesars said in a news release.
"Started by a gambler for gamblers, at its heart, Horseshoe is about making a gaming experience that is right for the gambler. Over the years, as the brand expanded to markets across the country, Horseshoe has stayed true to its heritage, holding on to the thrilling spirit of no-limit betting."
Caesars has not made clear when it will stop using the Bally's name. The property currently remains "Bally's," even though that name has been removed from the marquee.
The full renovation is expected to be finished by spring 2023.
