Iconic Las Vegas Hotel Set to Be Demolished to Build New $1.5 Billion Baseball Stadium The famed casino and resort first opened its doors in 1957.

Las Vegas has certainly secured itself as a "sports city" in recent years, which was cemented just days ago after the Las Vegas Golden Knights took home the Stanley Cup only six years after becoming an NHL team.

But now, as the city looks to double down on the development of its presence in professional sports, old historic landmarks are facing demolition and erasure.

The city of Las Vegas has approved a $1.5 billion stadium ($380 million of which is set to come from public funding) to be built on the famous Las Vegas Strip, as approved by Nevada Governor Joe Lombardo. It will be the home field for Sin City's new MLB team, formerly known as the Oakland Athletics.

However, the site where the stadium is set to be constructed is directly on top of one of Vegas' oldest and most famous hotels on the strip — The Tropicana, which will soon be demolished.

Operating rights to the property were purchased by hospitality behemoth Bally's Corp last September in an all-cash deal that cost an estimated $148 million.

The Tropicana currently has a massive casino and a number of popular entertainment shows including, Purple Reign: The Prince Tribute Show, MJ Live: Michael Jackson Tribute Concert, Murray the Magician, and Rich Little.

Several acclaimed restaurants also call the Tropicana home, such as Robert Irvine's Public House and the Oakville Tuscan Grill.

Whether or not the shows and restaurants will relocate or close is not yet known.

The Tropicana first opened its doors in 1957 and was originally one of the most opulent hotels on The Strip, attracting wealthy and famous guests in its glory days and featured in movies from "James Bond" to some of Elvis Presley's hits. It was also known for its scandalous Paris-style cabaret show.

Bally's Corp was down just shy of 20% in a one-year period as of Monday morning.