Caesars spends $66 million to gain full control of Grand Bazaar Shops, eyes demolition

Caesars Entertainment quietly completed a $66 million transaction to acquire JGB Vegas Retail’s 92% interest in the Grand Bazaar Shops, securing total control of the outdoor retail maze in front of the Horseshoe Las Vegas. Opened in 2015 on the former Bally’s moving walkway, the two-acre market was intended as a Moroccan-style souk but has been mocked as “weird and sterile” by visitors. Company leaders have reportedly wanted to eliminate the complex since merging with Eldorado Resorts, and the new ownership will let existing tenant leases expire before clearing the site for redevelopment.

Recent tenant activity includes a successful Ole Red country-music bar, a newly managed Bottle Blonde sports bar, and rumors of payroll issues at the karaoke spot Smelly Cat. Major brands such as Starbucks and Swarovski have already left the bazaar. The demolition plan arrives as hospitality billionaire Tilman Fertitta’s firm moves to buy Caesars in a $17.6 billion deal, though how that will affect the project remains unclear.