A Famous Casino Is Now Closing Down in Las Vegas
A famous casino is now closing down in Las Vegas as the Federal Aviation Administration approves a new resort on the property.
Casino Royale, a property with a 152-room Best Western hotel that sits in the heart of the Caesars empire won’t be around for much longer, reports TheStreet.
The final approval will still have to get signed off, but it’s likely that the third-oldest casino on the Strip won’t make it through 2024, says the outlet.
“The second-oldest casino on the Strip, the Tropicana, definitely won’t last long as it’s slated to be demolished (probably not imploded) in April to make way for a new stadium for the Oakland Athletics.
It appears that those construction plans will continue with the resort casino celebrating its final day of operations on April 2.
Unfortunately, what happens after that remains a lot more murky.”
The Oakland Athletics have shifted their Las Vegas stadium plans, entering an agreement with Bally’s Corp. to build a $1.5 billion, 30,000-seat ballpark where the Tropicana Las Vegas now sits, reports Las Vegas Review-Journal.
“The plan would bring yet more dramatic transformation to the Strip: The Tropicana, a relic of the 1950s, would be demolished to make way for a partially retractable roof stadium on nine of the site’s 35 acres,” a person with knowledge of the arrangement told the Review-Journal.
In an increasingly online world, a casino like WoomBet, undoubtedly has a different strategic approach than a more traditional physical casino.
In moving the ballpark site east, where it would be surrounded by megaresorts, the A’s are reducing the amount of public funding they want from the Nevada Legislature to $395 million.
The Major League Baseball franchise was seeking $500 million in tax financing for a stadium on the former Wild Wild West site, at Tropicana Avenue and Dean Martin Drive, land the team last month had agreed to buy from Station Casinos parent company Red Rock Resorts.
Representatives from the A’s and Bally’s Corp. weren’t available for comment on the site switch.
A Red Rock Resorts spokesman offered no comment on the development.
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Also Read: This Massive Mall Retailer Is Now Closing In California
Other Economy News Today
A cosmetics company now makes painful store closures, affecting nearly 50% of all locations, while simultaneously cutting jobs.
The Body Shop’s administrators have announced a restructuring plan for the retailer’s UK business.
Seven of the retailer’s 198 UK stores will close immediately, and future closures will leave “more than half” the current count operating.
Additionally, the Joint Administrators plan to cut headquarters staff by approximately 40%, aiming for a future headcount of more than 400 full-time employees.
According to a press release, “Stabilizing and strengthening the central core will also support The Body Shop’s international strategy, with Global Head Franchise Partners and wholesale partners in Asia, Middle East and Europe a cornerstone of future success.”
The UK arm of the The Body Shop has entered administration, the British version of bankruptcy protection, according to Reuters and other media reports, but it will continue to operate online and via its 199 UK brick-and-mortar stores for the time being.
Private equity firm Aurelius Group purchased the retailer from Natura &Co in November 2023 for nearly $258 million.
Now, FRP Advisory has been brought in to manage the restructuring process, per Retail Touch Points.
Originally founded in 1976 by Dame Anita Roddick, The Body Shop was known for its ethically sourced natural ingredients and refillable packaging.
Founder Roddick also was a vocal activist for environmental causes, beginning in 1986 with her support for Greenpeace’s Save the Whales campaign.
In 2006 Roddick sold the company to cosmetics giant L’Oréal, which sold it again to Natura &Co in 2017.
Worldwide, the company operates approximately 3,000 stores in 70 countries.
“The Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector,” according to a quote from FRP in the Reuters article.
FRP also noted that “the Joint Administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course.”
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Also Read: Another Popular Restaurant Now Declares An Unexpected Bankruptcy
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