Bally’s Corp to Acquire Tropicana Las Vegas

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Rhode Island-based Bally’s Corp has announced that it has entered into an agreement to acquire Tropicana Las Vegas Hotel and Casino from Gaming & Leisure Properties Inc for about $308 million.

The agreement for the nearly 1500-room hotel, casino, theater and convention property also involves a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado and Rock Island, Illinois, casino properties, the company said.

“Landing a preeminent spot on the Las Vegas Strip is a key step for us,” George Papanier, Bally’s president and CEO, said in a statement.

Bally’s Corp does not own Bally’s Las Vegas on the Strip. That 2800-room property at Flamingo Road is owned and operated by Caesars Entertainment Inc.

Papanier noted that Las Vegas draws more than 40 million tourists a year and said owning the Tropicana will boost Bally’s customer and player databases, unlock marketing opportunities and benefit Bally’s online and interactive business.

The Bally’s-Tropicana transaction is expected to close early next year. The company said the price for Tropicana property non-land assets was $150 million, and Bally’s plans to lease the land underlying the Tropicana property from Gaming and Leisure Properties for an initial term of 50 years at $10.5 million in annual rent.

The sale-and-leaseback transaction relating to Bally’s Black Hawk and Rock Island has Gaming and Leisure Properties paying $150 million and an initial annual fixed rent of $12 million.

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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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