Report: Grand Bazaar Shops Leaving Las Vegas

One of the most loudly criticized patches of real estate on the Las Vegas Strip is on its way out, according to a report from Casino.org’s own Vital Vegas. The Grand Bazaar Shops as they appear today. (Image: Grand Bazaar Shops) Caesars Entertainment has purchased a controlling interest in the Grand Bazaar Shops, giving the company full ownership of the two‑acre retail complex that sits directly in front of the Horseshoe Las Vegas. And, according to Vital Vegas, its intention is to allow all existing leases to run out over the next several years — with the exception of those held by the nightclub/restaurants Ole Red and Bottled Blonde. According to public filings, on May 1, Caesars paid approximately $66 million — inclusive of $10 million of deferred consideration — to acquire the 92% stake previously held by JGB Vegas Retail, completing a deal that flew largely under the radar despite its size. Bizarre Shops Designed by architect Brad Friedmutter, the iconic neon-ringed original Bally’s entrance was meant to resemble the ascent of a pinball up its launch chute — a nod to Bally Manufacturing’s legacy as a pinball maker. Bally’s purchased the resort — opened by Kirk Kerkorian in 1973 as the original MGM Grand — in 1986. (Image: Shutterstock) The Grand Bazaar Shops opened on Feb. 26, 2015 on land once dominated by Bally’s striking moving-walkway entrance. It was touted as an outdoor marketplace inspired by traditional Middle Eastern bazaars, with dozens of small storefronts and kiosks arranged in a maze‑like layout. In practice, the development looked a lot like an attempt to monetize every last square foot of the resort at the expense of aesthetics. The Grand Bazaar Shops became known for its dense hodgepodge of signage, cheap trinket booths, quick‑service restaurants, and nightlife venues. Vital Vegas has reported for years that Caesars executives were interested in gaining control of the area just to demolish it.What it plans to do with the regained space is anyone’s guess, but the acquisition gives the company the ability to redesign the entrance to the Horseshoe without negotiating with outside owners. The Grand Bazaar Shops in front of Bally’s in 2018. (Image: Shutterstock) Any redevelopment plans may eventually intersect with broader changes at Caesars Entertainment itself. In May, hospitality investor Tilman Fertitta reached an agreement to acquire Caesars in a $17.6 billion deal that would take the company private. The transaction includes roughly $11.9 billion in assumed debt.Investors are expected to vote to approve the deal on Sept. 22. How the Caesars acquisition might influence decisions about the Grand Bazaar Shops has not been detailed publicly. In fact, Caesars has made no comment at all about its plans. The post Report: Grand Bazaar Shops Leaving Las Vegas appeared first on Casino.org.