Celebrity chef Robert Irvine best known for his Food Network shows Dinner Impossible and Restaurant Impossible will be opening a restaurant at Tropicana in 2017.
Irvine announced the restaurant at a press conference earlier this evening. In true Vegas style he arrived by repelling down the building at Tropicana.
Parent company Penn National has planned improvements for Tropicana since purchasing the resort last year. Having a well known celebrity chef should breathe some life into the property and help to turn around anemic results.
Penn National is a relative unknown in Las Vegas, but they are an established gaming operator with casinos throughout the country. With their acquisition of M Resort in 2011 and now with their purchase of Tropicana they are slowly building a Las Vegas presence.
With Caesars Entertainment in bankruptcy and MGM Resorts doing things to upset their customers I think Penn National could have an opportunity to pick up some market share. I expect Penn to keep expanding their Las Vegas profile in the coming years.
Showing posts with label Tropicana. Show all posts
Showing posts with label Tropicana. Show all posts
Monday, May 16, 2016
Friday, February 05, 2016
Tropicana to Improve Anemic Results
New Tropicana owners Penn National Gaming reported their fourth quarter 2015 earnings yesterday. During the earnings conference call several minutes were devoted to talking about Tropicana and what the company will be doing to improve "anemic" gaming results at the property.
Several of the initiatives revolve around bringing Penn's regional gambling customers to Las Vegas and having them stay at play at Tropicana. In an era where other companies are forgetting about gamblers, it seems like Penn National knows where its bread is buttered and is ready to welcome gamblers into their newly acquired property.
Penn National COO Jay Snowden talked about Tropicana on the earnings conference call:
"We made significant progress on continuing to improve the overall gaming experience by upgrading the slot and table game offerings at Tropicana Las Vegas in the fourth quarter. We continue to right-size the cost structure of course, and prepare for our second quarter launch of the Marquee Rewards program at Tropicana Las Vegas. So, I don't think it's a surprise to anyone - our current gaming business volumes are still anemic at this point but we anticipate some real acceleration in the second half of the year once our regional database customers start to fill those hotel rooms."
"Now conversely the non-gaming trends at the Tropicana like the rest of the Strip operators in the fourth quarter were very strong. We're forecasting some strength year-over-year in our group convention business. Occupancy rates, ADR all look encouraging in the first quarter of 2016 as well - so no doubt we're benefiting from the rising tide effect in Las Vegas until we get everything else where it needs to be from an offering perspective at Tropicana."
"When we acquired this property close to 50% of the business was coming from wholesale or online travel agency bookings - that's down now closer to 40%. We envision taking that down to as close to zero as we can. 10-15% is probably the sweet spot for some weekday softness periods, but we're going to be looking to move that business aside as we bring our database customers in and still have plenty of room for the other 50% plus of the rooms to go towards strong cash ADR's of group business, convention business, transient customers. That's what we're seeing strength in right now - we've got plenty of rooms to accommodate those customers as well as our gaming customers."
Several of the initiatives revolve around bringing Penn's regional gambling customers to Las Vegas and having them stay at play at Tropicana. In an era where other companies are forgetting about gamblers, it seems like Penn National knows where its bread is buttered and is ready to welcome gamblers into their newly acquired property.
Penn National COO Jay Snowden talked about Tropicana on the earnings conference call:
"We made significant progress on continuing to improve the overall gaming experience by upgrading the slot and table game offerings at Tropicana Las Vegas in the fourth quarter. We continue to right-size the cost structure of course, and prepare for our second quarter launch of the Marquee Rewards program at Tropicana Las Vegas. So, I don't think it's a surprise to anyone - our current gaming business volumes are still anemic at this point but we anticipate some real acceleration in the second half of the year once our regional database customers start to fill those hotel rooms."
"Now conversely the non-gaming trends at the Tropicana like the rest of the Strip operators in the fourth quarter were very strong. We're forecasting some strength year-over-year in our group convention business. Occupancy rates, ADR all look encouraging in the first quarter of 2016 as well - so no doubt we're benefiting from the rising tide effect in Las Vegas until we get everything else where it needs to be from an offering perspective at Tropicana."
"When we acquired this property close to 50% of the business was coming from wholesale or online travel agency bookings - that's down now closer to 40%. We envision taking that down to as close to zero as we can. 10-15% is probably the sweet spot for some weekday softness periods, but we're going to be looking to move that business aside as we bring our database customers in and still have plenty of room for the other 50% plus of the rooms to go towards strong cash ADR's of group business, convention business, transient customers. That's what we're seeing strength in right now - we've got plenty of rooms to accommodate those customers as well as our gaming customers."
Thursday, July 23, 2015
Penn National plans for Tropicana
Penn National has a two-phase plan for Tropicana which was revealed in their latest earnings release earlier today.
Phase one involves integrating Penn's Marquee Rewards loyalty program at the property along with some other small improvements.
Phase two is more exciting with the potential for new restaurants, entertainment and even a new hotel tower. All of that will be based on customer demand though, so a major hotel expansion would likely be years down the road - if it ever happens.
Tropicana plans from the Penn National Second Quarter 2015 earnings release:
With our $360 million acquisition of Tropicana Las Vegas scheduled to close later this year, we will have achieved a key strategic objective to identify the right resort at a reasonable cost of entry on the Las Vegas Strip to unleash the significant potential of our database of nearly 3 million active customers. Tropicana Las Vegas, which recently underwent more than $200 million in facility upgrades, presents a tremendous opportunity to drive increased visitation to a premier Strip property, while at the same time allowing us to strengthen our competitive position in our regional gaming markets.
Penn National has developed a two-phase plan to realize the full value of this transaction, which we expect to implement over the next three to five years. In the first phase, we intend to invest approximately $20 million in additional facility improvements and integration activities, including upgrading the existing technology infrastructure to integrate Penn National's nationwide player loyalty program, Marquee Rewards. In the second phase, we intend to evaluate other potential facility enhancements at the property, such as the addition of retail offerings, food and beverage outlets, additional hotel rooms and enhanced entertainment offerings. The scope, budget and timing of any such expansion and improvements will be determined based upon Penn National's early operation of the property and customer feedback for additional amenities.
Phase one involves integrating Penn's Marquee Rewards loyalty program at the property along with some other small improvements.
Phase two is more exciting with the potential for new restaurants, entertainment and even a new hotel tower. All of that will be based on customer demand though, so a major hotel expansion would likely be years down the road - if it ever happens.
Tropicana plans from the Penn National Second Quarter 2015 earnings release:
With our $360 million acquisition of Tropicana Las Vegas scheduled to close later this year, we will have achieved a key strategic objective to identify the right resort at a reasonable cost of entry on the Las Vegas Strip to unleash the significant potential of our database of nearly 3 million active customers. Tropicana Las Vegas, which recently underwent more than $200 million in facility upgrades, presents a tremendous opportunity to drive increased visitation to a premier Strip property, while at the same time allowing us to strengthen our competitive position in our regional gaming markets.
Penn National has developed a two-phase plan to realize the full value of this transaction, which we expect to implement over the next three to five years. In the first phase, we intend to invest approximately $20 million in additional facility improvements and integration activities, including upgrading the existing technology infrastructure to integrate Penn National's nationwide player loyalty program, Marquee Rewards. In the second phase, we intend to evaluate other potential facility enhancements at the property, such as the addition of retail offerings, food and beverage outlets, additional hotel rooms and enhanced entertainment offerings. The scope, budget and timing of any such expansion and improvements will be determined based upon Penn National's early operation of the property and customer feedback for additional amenities.
Monday, June 01, 2015
Penn buys Tropicana
With the news that Penn National has bought Tropicana, it got me wondering what changes will come to the property. My conclusion: not much. Sure Penn will spend some money to make Tropicana their own, and converting to Marquee Rewards will likely be the first priority, but I don't see Penn making any huge changes in the short term.
Penn bought Tropicana because of location. They needed a Las Vegas Strip property to funnel their loyal mid-level locals players, and Tropicana fits the bill.
Although it's probably not going to change much, it's nice to see Tropicana in the hands of a proven operator like Penn. Nothing against the current (soon to be former) owners, but they just weren't getting it done, despite a recent renovation.
Penn bought Tropicana because of location. They needed a Las Vegas Strip property to funnel their loyal mid-level locals players, and Tropicana fits the bill.
Although it's probably not going to change much, it's nice to see Tropicana in the hands of a proven operator like Penn. Nothing against the current (soon to be former) owners, but they just weren't getting it done, despite a recent renovation.
Tuesday, August 23, 2011
New Tropicana Las Vegas Commercial
Tropicana recently posted this new commercial on YouTube. There's a lot of information for the average TV viewer to digest, but overall I think it's pretty good. If nothing else it gets the point across about the new rooms, and the whole "We're changing everything" campaign.
Wednesday, July 27, 2011
Tropicana Room & Entertainment Experience
It's beyond the scope of this blog to report every Las Vegas deal out there, but this one caught my eye so I thought I'd share it.
Tropicana is offering a Room & Entertainment Experience package. The deal gives you 2 free show tickets for each night of your stay plus VIP check-in.
The shows you can choose from are Gladys Knight, Brad Garrett's Comedy Club, and Las Vegas Mob Experience.
The package starts at $99 a night plus the $9.99 resort fee. A two night stay is required. If you are planning on staying at Tropicana and catching a few shows, this could be a nice deal.
Be sure to check with Tropicana for details and availability.
Tropicana is offering a Room & Entertainment Experience package. The deal gives you 2 free show tickets for each night of your stay plus VIP check-in.
The shows you can choose from are Gladys Knight, Brad Garrett's Comedy Club, and Las Vegas Mob Experience.
The package starts at $99 a night plus the $9.99 resort fee. A two night stay is required. If you are planning on staying at Tropicana and catching a few shows, this could be a nice deal.
Be sure to check with Tropicana for details and availability.
Tuesday, March 08, 2011
Cosmopolitan gets Sportsbook
Just in time for March Madness, Cosmopolitan has opened a sportsbook. Cosmo has partnered with Cantor Gaming to open the book on the second floor of the hotel next to Holstein's restaurant and Marquee Nightclub. The sportsbook is small by Strip standards, but with Cantor's mobile gaming devices customers won't need to actually be at the sportsbook to place wagers.
Cantor has some interesting new concepts for sports betting, including live betting throughout the game. They just opened a new book at Tropicana, and also have locations at M Resort, Venetian and Palazzo.
When Cosmopolitan opened in December it did not have a "traditional" sportsbook. Instead the Book & Stage lounge served as a place where you could place wagers. The betting terminals at Book & Stage will remain open.
I know Cosmo caught some flack for not having a real sportsbook. I wonder if this is a direct response to that, or if it was planned all along. It seems like sports weekends are a huge part of Las Vegas with the Super Bowl and March Madness. Having a legit sportsbook would almost seem like a requirement for any casino resort.
For more information, see the Press Release and Cantor Gaming.
Cantor has some interesting new concepts for sports betting, including live betting throughout the game. They just opened a new book at Tropicana, and also have locations at M Resort, Venetian and Palazzo.
When Cosmopolitan opened in December it did not have a "traditional" sportsbook. Instead the Book & Stage lounge served as a place where you could place wagers. The betting terminals at Book & Stage will remain open.
I know Cosmo caught some flack for not having a real sportsbook. I wonder if this is a direct response to that, or if it was planned all along. It seems like sports weekends are a huge part of Las Vegas with the Super Bowl and March Madness. Having a legit sportsbook would almost seem like a requirement for any casino resort.
For more information, see the Press Release and Cantor Gaming.
Tuesday, August 10, 2010
Improvements planned for Plaza Downtown
The Sun is reporting that some renovations are being planned for the downtown casinos owned by the Tamares Group.
The biggest changes will come at the Plaza, where a $20 million loan is being negotiated to makeover the hotel rooms. The hotel name will also be changed to Union Plaza, which was the original name of the hotel when it opened 1971 in reference to the Union Pacific railroad station that originally stood at the site.
Lesser changes will be seen at Las Vegas Club, which will see "theme changes". The infamous Western casino on East Fremont will also get some new slots if things go according to plan.
Any investment to improve hotel rooms is a winner in my book, especially downtown. The only question is whether the planned renovations will make a difference. The $20 million being spent on the Plaza is a fraction of the $165 million being spent on the Tropicana, or the $90 million outlay by Wynn to remodel their 5 year old rooms. Obviously the Plaza is smaller than those two, and being downtown they can probably spend less and get away with it, so we'll see how it goes.
The biggest changes will come at the Plaza, where a $20 million loan is being negotiated to makeover the hotel rooms. The hotel name will also be changed to Union Plaza, which was the original name of the hotel when it opened 1971 in reference to the Union Pacific railroad station that originally stood at the site.
Lesser changes will be seen at Las Vegas Club, which will see "theme changes". The infamous Western casino on East Fremont will also get some new slots if things go according to plan.
Any investment to improve hotel rooms is a winner in my book, especially downtown. The only question is whether the planned renovations will make a difference. The $20 million being spent on the Plaza is a fraction of the $165 million being spent on the Tropicana, or the $90 million outlay by Wynn to remodel their 5 year old rooms. Obviously the Plaza is smaller than those two, and being downtown they can probably spend less and get away with it, so we'll see how it goes.
Thursday, June 03, 2010
Tropicana to go with Miami Beach Theme
Details of the Tropicana renovations continue to trickle in.
Recent developments revealed that the hotel will be aiming for a South Beach Miami motif. The finished product scheduled to be complete by 2011 will include a Gloria Estefan inspired show and the Nikki Beach club.
Doing some quick and probably inaccurate math, I calculate that the Tropicana would need to command about a $30 per night room rate increase over the next 10 years to equal the cost of the $165 million renovation. That should be attainable. If they are getting an average of $50 a night now (just a guess) for an outdated room, it shouldn't be that hard to get $80 for a brand new one. And this isn't even considering added gaming and other revenue which is bound to increase with a higher end clientele. I've said it before, but good move by the Trop, and I hope it works out well for them.
Recent developments revealed that the hotel will be aiming for a South Beach Miami motif. The finished product scheduled to be complete by 2011 will include a Gloria Estefan inspired show and the Nikki Beach club.
Doing some quick and probably inaccurate math, I calculate that the Tropicana would need to command about a $30 per night room rate increase over the next 10 years to equal the cost of the $165 million renovation. That should be attainable. If they are getting an average of $50 a night now (just a guess) for an outdated room, it shouldn't be that hard to get $80 for a brand new one. And this isn't even considering added gaming and other revenue which is bound to increase with a higher end clientele. I've said it before, but good move by the Trop, and I hope it works out well for them.
Wednesday, May 12, 2010
Nikki Beach Tropicana coming 2011
Nikki Beach is coming to Tropicana in 2011. The Nikki Beach brand has 20 locations worldwide including the original location in Miami.
Nikki Beach at the Tropicana will include the Beach Club, utilizing part of the four-acre, recently renovated pool area, as well as an additional expansion with a nightclub and restaurant.
This is just another in a long line of improvements at Tropicana. It shows that the new owners are serious about making the Trop a place to be in Vegas. Adding a trendy beach club is a great move in my opinion.
Check out this article for more info: Las Vegas Weekly.
Nikki Beach at the Tropicana will include the Beach Club, utilizing part of the four-acre, recently renovated pool area, as well as an additional expansion with a nightclub and restaurant.
This is just another in a long line of improvements at Tropicana. It shows that the new owners are serious about making the Trop a place to be in Vegas. Adding a trendy beach club is a great move in my opinion.
Check out this article for more info: Las Vegas Weekly.
Thursday, April 08, 2010
New Tropicana Chips
Tropicana is making a lot of improvements to their hotel. Their slogan is "We're changing everything." Recently they posted a picture of their new chips on Twitter.
Source: troplv on Twitter.
Source: troplv on Twitter.
Subscribe to:
Posts (Atom)
