Caesars Entertainment has acquired full control of the Grand Bazaar Shops, a retail complex on the Las Vegas Strip, in a $66 million deal. The move has intensified local speculation that the property, widely considered an eyesore, may be slated for demolition.
Caesars Entertainment paid $66 million to buy out JGB Vegas Retail’s 92% stake in the Grand Bazaar Shops, which is situated in front of the Horseshoe Las Vegas casino. This transaction gives Caesars 100% ownership of the sprawling outdoor shopping area.
Opened in 2015, the two-acre open-air bazaar was designed to resemble a Moroccan souk with numerous stalls and kiosks. However, it has faced criticism from visitors and locals for its perceived sterile and chaotic environment. The complex features a variety of storefronts, restaurants, and nightlife venues located on a busy section of the Strip, near the Bellagio fountains and Caesars Palace.
According to local Las Vegas blogger Scott Roeben of Vital Vegas, Caesars leadership has harbored ambitions to dismantle the complex since its merger with Eldorado Resorts. The reported strategy involves allowing existing tenant leases to expire over the next few years, clearing the site, and ultimately demolishing the bazaar.
Several tenants have departed the Grand Bazaar Shops over the years, including major names like Starbucks and Swarovski. While some businesses, such as Blake Shelton’s Ole Red bar and the sports bar Bottle Blonde, remain or have new management, others like the karaoke joint Smelly Cat have reportedly faced operational issues.
The future of the Grand Bazaar Shops also comes as Caesars Entertainment is undergoing a significant acquisition. In May, hospitality billionaire Tilman Fertitta's firm agreed to purchase Caesars Entertainment for $17.6 billion. This deal, which includes assuming approximately $11.9 billion in debt, will take one of the Las Vegas Strip's prominent casino operators private. The full impact of this pending acquisition on plans for the Grand Bazaar remains unclear.