The new owner of the Tropicana casino in Las Vegas and its sister property in Atlantic City has changed its company’s name to take advantage of the long-term casino’s brand equity.
Tropicana Casinos and Resorts, Inc. has replaced Wimar-Tahoe Corp. and the name under which it did business, Columbia Entertainment, as the new name for the corporate entity that owns and operates the properties.
"Tropicana has one of the most recognized names in gaming," said William J. Yung III, CEO of the privately held casino company, "and we intend to leverage that awareness with a multi-billion dollar investment in the Tropicana brand over the next several years. So, it makes sense for us to unify our identity to take advantage of the brand equity we’ll be creating across the country."
The company’s flagship property in Las Vegas is on its way to becoming a 10,000 room casino, resort and convention destination. When it is completed in 2010, the resort will include a 600,000 square foot state-of-the-art convention facility, five hotel towers including a complete revamp of the original Paradise Tower, and a 100,000 square foot casino floor that will feature the latest in table games and slot products.
The 34-acre site on which the new resort resides will also include a 200,000 square foot retail mall with shops, restaurants and entertainment venues; three luxurious spa and fitness centers; and parking for more than 6,100 cars.
Tropicana will also refurbish the 1,000-seat Tiffany Theater that is home to the "Folies Bergere," the 50-year-old landmark stage production that is the longest continuous running show in U.S. history, and it will build a new 1,500 seat theater for headline performers and special events.
The signature feature of the "new" Las Vegas Tropicana will be a "must-see" water attraction that includes a meandering 3-D adventure with a heart-stopping finish sure to excite and refresh visitors.
With the adoption of the new corporate identity, Tropicana intends to change the name of its Ramada Express casino in Laughlin to Tropicana Express.
In 2008, the company will rename its Lake Tahoe Horizon casino property to reflect the Tropicana identity. The company is evaluating the potential use of the Tropicana name at other properties in its 13-casino portfolio.