Tropicana Hotel Las Vegas real estate new owner Columbia Sussex CEO William Yung claims ownership, he plans on taking a wrecking ball to the sprawling, low-rise buildings that cover many of the site’s 34 acres. In an interview with “Casino Enterprise Management,” Yung announced that “our plans are basically to keep the two Las Vegas hotel Tropicana towers and showroom, and then pretty much get rid of everything else.”
As part of a $2 billion overhaul to the Tropicana, William Yung would erect a 3,000-room Tropicana Las Vegas hotel, another 3,000 rooms branded to “Marriott, Hilton or something like that,” to be followed by a Las Vegas condo tower or a third, 3,000-room hotel. An additional 1.5 million square feet of Las Vegas commercial real estate development would be one-third retail, one-third meeting space and commercial for the remainder.
Non-gaming amenities at Tropicana would be expected to drive more than half the property’s revenue. The Tropicana Casino Las Vegas is currently on pace for $62 million-plus in 2006 revenues. Yung’s target for future Tropicana casino intake is between $160 million and $200 million annually.
One way that Yung plans to do so is to have Columbia Sussex’s hotel operations run everything but the Tropicana casino itself. Hotel housekeeping staff will double as cleaning staff for the casino proper, he told the magazine. “The hotel cleans the casino for them and does everything else … 75 (percent) to 80 percent of the infrastructure and the jobs are done on the hotel side,” said William Yung, a former industrial engineer with the Jergens soap company. That regimen will be imposed on all four Aztar properties being bought. “We’ve done it everywhere,” he said.
Kevin Kline, Culinary Union staff director, added that the Tropicana Hotel Las Vegas has an existing contract that includes a successorship clause that would bind Columbia Sussex to the terms of the current collective bargaining agreement. New owners would have to negotiate any changes.
Noting that the Tropicana Las Vegas casino would be Columbia Sussex’s largest casino-hotel, Kline remarked, “once they get in there they’ll see there needs to be a full-time workforce that cleans the casino and a full-time workforce that cleans the rooms.”
Columbia Sussex also owns the Westin Casuarina Las Vegas, one block off the Strip, a non-union property. Asked if the Culinary would try to unionize the Westin Las Vegas when the collective bargaining agreement is up for renewal next year, Kline said, “We’re right now focused on the Tropicana Las Vegas project.”
Source: LV Business Press
Selling, buying or refinancing a piece of Las Vegas Real Estate today? Visit Fine Homes Real Estate for more information and VIP representation by a Las Vegas Luxury Real Estate REALTOR for investment Las Vegas Real Estate, 1031 exchange, condos such as Trump Tower, Turnberry, Allure, Panorama Tower, The Signature MGM Residences, W Residences, RED Rock real estate, commercial, residential and Las Vegas land.
Tropicana Hotel Las Vegas real estate looking at wrecking ball for most of the 34 acres of commercial land on the Strip.
PermalinkTags: tropicana, tropicana las vegas, columbia sussex, las vegas hotel, tropicana casino, las vegas commercial real estate, las vegas condo, westin, westin las vegas | EMail This Post | Print This Post |