Hotel

The Bethesda, Maryland-based owner of 41 upscale hotels hasn’t publicly said that it’s exploring strategic alternatives.

Gaming and Leisure will pay $1.21 billion for most of Tropicana’s casinos and will lease the properties to Eldorado.

Occupancies are unlikely to rise much higher than their current high level. And property prices are already so high they are unlikely to increase much more relative to incomes.

The complex is rising on land whose previous owners include two convicted felons, one with alleged mob ties.

Developers who are eager to deliver on uniqueness and authenticity are turning their attention to the remaining socialite playgrounds of yesteryear.

Sands, the world’s largest casino operator, sold the property to Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama.

The new hotel will be built on the site of the former Frontier hotel, across Las Vegas Boulevard from Wynn’s two existing properties.