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Trop being sold $360 million

Discussion in 'LV Strip Hotels & Casinos' started by Joe, Apr 29, 2015.

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  1. Joe

    Joe VIP Whale

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  2. Frankr163

    Frankr163 Low-Roller

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    I'm really not aware of their present financial situation, but at first blush the purchase price seems low.
    Personally I figure it couldn't hurt to have a new player on the strip other than MGM or CET.
     
  3. wanker751

    wanker751 Dutch Rudder Enthusiast

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    Well it would make a difference since the Trop was independent of the two anyway.

    That being said I have heard good things about the M resort and I know I liked the Trop remodel when I first saw it.
     
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  4. joshrocker

    joshrocker VIP Whale

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    That was my first impression also. 360 million dollars for a decent strip property seems cheap. I'm sure someone will come along and explain why it's a fair price.
     
  5. pleepleus

    pleepleus 2016 - The monkey is back

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    I'm thinking they will either implode it or rebrand it under the Hollywood name to align with their properties across the country.
     
  6. dreric

    dreric Low-Roller

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    I doubt they implode it. They have put, according to reports, $200 million into the remodeling. My guess is.. the Hollywood Tropicana?
     
  7. TrewBrew

    TrewBrew Low-Roller

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    I think a rename has to happen, the Tropicana it has received a bad reputation and financially struggling the best bet. Is to leave the name behind and start fresh. The Tropicana name is Vegas so I would hate to see another iconic name disappear but there are 360 million reasons to eliminate it.
    Maybe use the name inside for something create an area like O'Sheas at the Linq
     
  8. vegasvic

    vegasvic VIP Whale

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    As I said in the other thread about this sale there have been many plans to implode and rebuild the Trop over the years but I don't think Penn can afford the expense to rebuild + having no revenue from the property for 2-3 years.

    And yes the Trop was already independent of MLife and CET but Penn owns a few casinos including the M and they'll be able to do a better job (hopefully) of marketing the place and taking advantage of their players club.
     
  9. leo21

    leo21 VIP Whale

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    On one side, it's a reasonable price as it was last sold for $250M. On the other hand, Boyd sold a concrete pit to Resorts for $350M so a casino with an active operation should have probably drawn more. I can't remember what they put into renovations but it seems like current ownership is almost breaking even.They never really seemed to get a handle on running a resort with so many complexities.


    And no, they probably shouldn't change the name. I think that it still means something to people, especially the kinds of people who they are going to use their Hollywood database to get to Vegas.
     
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