Bally’s To Purchase Tropicana Las Vegas Hotel And Casino
Bally’s has announced that it has agreed to purchase the Tropicana Las Vegas, Nevada casino from Gaming and Leisure Properties, in a transaction to be valued at approximately $308 million. The purchase price for the Tropicana property’s non-land assets is $150 million.
In addition, Bally’s has agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at annual rent of $10.5 million, subject to increase over time.
The agreement also involves a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado, and Rock Island, Illinois, casino properties, the company said in a press release.
The transaction is expected to close in early 2022. Bally’s is already licensed in Nevada as a result of the recently closed acquisition of the MontBleu Resort Casino & Spa.
“Landing a preeminent spot on the Las Vegas Strip is a key step for us,” said George Papanier, President and Chief Executive Officer of Bally’s Corporation. “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 expansion will also support the growth and development of our online and interactive business. We look forward to exploring significant redevelopment of the property, which we believe will enhance its financial profile.”
The Tropicana Las Vegas Hotel and Casino is located in Las Vegas, Nevada on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. The property boasts 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200 seat performance theater and 100,000 square feet of convention and meeting space.