$90M-facelift helps Tropicana float on troubled gambling waters

TAGs: Atlantic City, Leonard Postrado, tropicana

Who says getting a multi-million dollar facelift has no practical value?

Thanks to a $90 million facelift, Atlantic City’s once-struggling Tropicana casino is able to weather the anemic gambling market in the US.

$90M-facelift helps Tropicana float on troubled gambling watersThe Associated Press reported that Tropicana withstood the cutthroat casino market by pumping more cash back into the property and not just in areas related to gambling. Tropicana has spent at least $40 million for the renovation of its non-gambling amenities, which were completed last Monday.

This $40 million transformation comes just one year after Tropicana’s $50 million dollar renovation in 2015. Steve Callender, general manager of Tropicana, said the management is committed to constantly reinvest in its properties to better compete in an already intense market.

“You have to give people an experience that makes them want to come back, and non-gambling amenities are a big part of that,” Callender told the news wire agency. “Competition being what it is, we’re going to give people a reason to come back here and not go anyplace else.”

Since taking the helm of Tropicana in 2010, Billionaire investor Carl Icahn has injected at least $160 million back into the property for renovations and new attractions.

The money invested by Ichan went to the renovations of 500 hotel rooms; new light shows on the Boardwalk; the new Kiss Kiss A-Go-Go nightclub from club whiz Ivan Kane; a new luxury spa; and a corner market store accessible from the street.

The casino also debuted a new high-limits slots parlor with 157 machines, private concierge service and its own restrooms and cashier booth.

Ichan’s renovation gamble has paid off as the Tropicana ranks third out of Atlantic City’s eight casinos in terms of gambling revenue, posting a $129 million profit through the first five months of this year. Tropicana’s profit trailed behind Borgata and Harrah’s.

“It’s something we really needed,” Callender said. “One of the things we needed to have was a quality experience for the high-end slots player.”


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