For the first time in over 25 years, the Tropicana Las Vegas is going through renovations. In July of 2009, the Tropicana officially pulled themselves out of bankruptcy. Since that point, management has spent a considerable amount of time and money upgrading the property.
The total cost of renovations is around $165 million. Areas that are part of the renovation include:
- The casino floor
- Hotel rooms
- Convention center
In addition to these upgrades, the Tropicana is planning on building a nightclub-pool attraction named The Mob Experience. This will contribute to paying off this once run-down property. Despite a decrease in revenue and room rates for the second straight quarter; renovations, marketing and advertising for the Tropicana Las Vegas have increased the number of weekend visitors.
From now until the end of 2010, weekend room rates at the Tropicana are between $99 and $229 per night. This rivals competitors rates found at the Luxor and Treasure Island. Normally, weekend rates at the resort linger between $129 and $159 per night. The highest rate of the year is $229 for New Year’s Eve and the final weekend of September when many conventions are in town.
Before the renovations, some rooms were as cheap as $38 per weekend night in 2009. This was on track with rivaling casinos like the Sahara and the Rivieria. The room rates in 2010 compared to 2009 were primarily attributed to a rise in weekend demand. This shows great promise for the casino industry.
The last time rooms at the Tropicana were renovated was in 1985. Recently, the casino announced that the renovation of the hotel rooms had been complete. They have been updated with a South Beach motif including new color patterns, carpeting, and furnishing. All rooms are equipped with brand new mattresses and 42-inch plasma televisions.
This has significantly increased online reviews thus improving bookings at the hotel. In addition to renovating the hotel, Tropicana upgraded its logo and marketing campaign to “We’re Changing Everything.” The hotel expects to complete the casino and floor phase of the renovations with an extended sportsbook including mobile gaming.
The Tropicana has certainly changed its reputation from an unclean, old casino to a modern, South Beach-style hotspot. Since emerging from bankruptcy in 2009, they have really hit the ground running and are on track to climb back into the black.