One of the biggest casinos on the Las Vegas Strip, The Tropicana Las Vegas casino and resort is getting a $100 million makeover and several new retailers soon. According to the CEO and Chairman of the group Alex Yemmenidjian, the project will break ground only next year and if “god-willing”, as he said, should be completed by 2015. He added that the new retailers, who will be occupying the ambitious retail complex that will be added to the existing property, will transform how the south strip looks.
The $100 Million Tropicana Mall
The all new Tropicana mall, which is going to cost the casino group 100 million dollars, will constitute of every type of retail outlet that visitors may need. From restaurants, coffee shops and other places of leisure to pharmacies, the new Tropicana mal is going to have them all. RKF, a retail real estate expert at the national level, is handling leasing of over 30 stores, which will be on the mezzanine level. The area of the stores ranges from as little as 913 square feet to as high as 12,923 square feet. Every store in the mall gives the visitors an amazing view of the strip, and as Yemmenidjian puts it, these stores are also going to transform the way the strip looks.
The company is hoping to rent out the space to accommodate retailers who will draw the crowds away from the MGM grand, the Excalibur and New York New York casinos among others that surround it. Guests can visit Tropicana via two connecting bridges, one from the MGM and the other from Excalibur. On an average, around 100,000 people walk those bridges every day and Tropicana is aiming to get their attention through the huge shopping complex.
From Bankruptcy to Profits
Back in2009, the 1,467-room hotel was on the verge of bankruptcy. But the casino and the property remained safe after Onex Corporation purchased 58% stake in the hotel cum casino. Tropicana was remodeled and renovated many times after that, but most of it was focused on transforming the indoors, according to the CEO. Not much was spent on the outdoors, which is why the $100 million budget for the new mall also includes changes to the frontage of the Tropicana building.
This will transform Tropicana into a 275,000 square feet wide property with two levels, a shopping mall within, and a few restaurants and food court with a view of the famous Strip.
The location of the Tropicana, which lies between the Tropicana Avenue and Las Vegas NV Boulevard, is what made it an attractive property to invest in, says Yemmenidjian. He also added that it is not easy to push a hotel from bankruptcy to big profits, especially with the recession and the markets being sluggish. However, the amount of loss reported by Tropicana has reduced from $9.7 million during the third quarter last year to $5.9 million in the third quarter this year.
Retail Therapy in Sin City
Four and a half years and 200 million dollars later, the Tropicana is almost ready to be open to the public. As mentioned by Alex Yemmenidjian, the mall will have everything a visitor likely needs in a place like that. The mall has a spa, and also an outdoor wedding space with a pool side area with a stage, renovated poolside villas, 18 cabanas and many bars that the guests can visit. The future renovation plans for the property may also include multi-storey parking levels for people visiting the mall, he added. In all, Yemmenidjian wants give people a feel that they are at a beach resort in Miami, and not Vegas.