Tropicana Las Vegas is Going Canadian
It seems as though east and west coast Tropicana’s are dueling for attention. The Tropicana in Las Vegas is in the news today. Onex Corp., based in Toronto, is proceeding with plans to take over the Tropicana in Las Vegas.
Gaming newcomer Onex Corp., a private equity firm with $10 billion under management, says it’s proceeding with plans to take over the Tropicana hotel-casino in Las Vegas as the property emerges from bankruptcy protection.
The Toronto company this week said it’s been accumulating Tropicana debt and expects to take control of the property this year, subject to regulatory approvals and finalization of the bankruptcy case.
It will be interesting to see if a newcomer to the casino game can turn things around at the Tropicana. They do have casino experience on the team. The question to ask is if the hill is too much to climb. My last trip to the Tropicana was a few years ago and I played Tic-Tac-Toe against a chicken and lost.
To be frank, the real estate alone may make the deal worthwile. I’m looking forward to seeing how things turn out.
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