Developing new retail at Tropicana Las Vegas is a smart move by its owners. Many Las Vegas tourists love to shop during their stay and providing them with more retail options will help Strip property owners further diversify their revenue away from gaming while making their properties more valuable. When considering new real estate development on the Las Vegas Strip, the best yield currently comes by constructing new retail/dining/entertainment space. Consider MGM’s arena/park development between NYNY and Monte Carlo as well as their newly announced driving range at Koval & Harman.
Some retail developments on the Las Vegas Strip will become stale. After a Walgreens or CVS cane be found on every corner, Strip landlords will need to search for new ways to attract customers. They should do this by offering visitors unique retail & dining experiences that can only be found in Las Vegas (or in select cities). MGM’s The Park will do this. Some of the dining options proposed for The Park can only be found in Las Vegas or select cities.
