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At the time of its closure, the Tropicana had 700 staff, some of whom had been with the property for decades. Bally’s purchased the non-land assets of the resort from GLPI and Penn for $148 million, and leased the land from GLPI for annual lease of $10.5 million. The land sold for $337.5 million in rent credit, and the sale was finalized in April 2020. As a result, Penn offered the land occupied by the Tropicana to its spin-off company, Gaming and Leisure Properties, Inc. (GLPI). Room renovations had been completed in 2010, and work on the casino ground was anticipated to conclude by the end of the year. It marked the Tropicana’s first major remodel in nearly 25 years, and added a South Seashore theme to the property.
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Nevertheless, this project was delayed because of the 2008 monetary disaster, and it later became moot when Columbia Sussex’s gaming arm filed for chapter in 2008. Columbia Sussex planned to renovate the Tropicana as part of a $2 billion enlargement project, including 5 new towers for more than 8,000 rooms. Following the latter’s completion, Aztar would continue to put off its Las Vegas redevelopment plans to further evaluate the most effective use of the land. The project would replace the northern half of the present Tropicana amenities, adding further rooms and timeshares. The company eventually consolidated possession of the Tropicana in 2002, shopping for the half curiosity within the land and buildings from the Jaffe family for $117.5 million.
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