Connect with us
Prague Gaming & TECH Summit 2024

Bally’s Black Hawk

Bally’s Corp to Acquire Tropicana Las Vegas

Published

on

 

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.

Advertisement

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.

Continue Reading
Advertisement

Trending

Get it on Google Play

Offering comprehensive coverage on all aspects of the gaming sector, our daily posts include online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Gaming News Room is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania