Bally’s Corporation takes over Tropicana Las Vegas
Bally’s Corporation has revealed that it has acquired the Tropicana Las Vegas casino from Gaming and Leisure Properties Inc, the real estate investment firm. This means that Bally’s will own its very first property on the Las Vegas strip.
Bally’s will also be paying $150 million for Tropicana’s non-land assets. It will also be leasing the underlying land of the venue for 50 years at $10.5 million yearly. Aside from that, the operator will be entering a sale-and-leaseback transaction to Bally’s properties across Rock Island, Illinois and Black Hawk, Colorado for $150 million, which is payable by GLPI.
GLPI was established back in 2013 as a spinoff from Penn National Gaming, which ended up selling the Tropicana Las Vegas to the company back in March of last year. GLIP accepted to lease the venue back to PNG for $337.5 million.
Bally’s president and CEO, George Papanier, stated:
“Landing a preeminent spot on the Las Vegas Strip is a key step for us. The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally’s customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally’s brand.”
This transaction will most likely be finalized towards the beginning of 2022. It was announced today that Bally’s had decided on some terms for its merger with Gamesys where Bally’s would be paying 1,850 pence for each share of Gamesys.