Steiner Leisure Limited (Nasdaq:STNR) today announced entry into a lease agreement with Tropicana Las Vegas Hotel and Casino to be the exclusive operator of the spa facility at the renovated and expanded Tropicana Las Vegas. The term of this agreement is ten years from the opening date of the spa with Steiner's option to renew the agreement for two five-year terms.
The Tropicana Las Vegas is centrally located in the heart of the "Las Vegas Strip" and offers a variety of restaurants, lounges, tropical gardens, entertainment and other amenities. The Tropicana is undergoing a large-scale transformation, including all new rooms and suites, new restaurants and a new convention center, as well as the addition of the Nikki Beach(TM) nightclub and Beach Club and the newly created spa facility. In addition to being the exclusive provider of spa, salon, beauty and fitness services at the hotel, Steiner will assist with the design concept for the spa. Steiner will contribute up to $5.2 million toward the construction of the spa facility.
Leonard Fluxman, President and Chief Executive Officer of Steiner, said, "The Tropicana is now in the process of a major metamorphosis, with a South Beach, Miami tropical theme, which promises to make this classic element of the Las Vegas experience even more attractive to customers. We are proud to have a role in Tropicana's transformation and look forward to enhancing the vacation experience of Tropicana's guests with our highly regarded beauty and wellness treatments and products."
"We are designing one of the most beautiful spas and fitness centers in Las Vegas, with a casual elegance that matches the rest of our resort. We are thrilled to have an operator of the caliber of Steiner," said Tom McCartney, Tropicana's President and Chief Operating Officer.