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As previously announced, Bally’s Corporation completed its acquisition of the Tropicana Las Vegas with Gaming & Leisure Properties (GLPI) and PENN Entertainment.
Bally’s, GLPI and PENN completed the transaction relating to the acquisition of the non-land assets of the Tropicana Las Vegas for $148 million in cash.
The long-anticipated deal is now final
According to the previous agreement, Bally’s was to pay $150 million for the property and $10.5 million yearly for 50 years to lease the site. The rent was to be subject to increases. The owners valued the deal at $308 million.
Today, the deal is finalized. Bally’s, GLPI and PENN completed the transaction relating to the acquisition of the non-land assets of the Tropicana Las Vegas for a cash purchase price of $148 million, payable to GLPI.
In a press release revealed this morning, GLPI confirmed the company would receive net proceeds of approximately $145 million in cash after fees and expenses.
Bally’s also agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at an annual rent of $10.5 million.
Bally’s bolstering its presence on Strip
The Tropicana Las Vegas Hotel and Casino is located on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard.
The property includes:
- 1,470 guest rooms
- 50,000 square feet of casino space with 1,000 gaming positions
- 1,200-seat performance theatre
- 100,000 square feet of convention and meeting space
The site could also be a Oakland A’s if the team chooses to relocate from the Bay Area.
Bally’s Corp. currently owns 14 regional hotel casinos in the US. And when it comes to Las Vegas, the company is constantly striving to boost its footprint.
As Bally’s president George Papanier, who oversees the company’s casino resort division, said:
“Over the last several years, we’ve been very busy growing Bally’s footprint. We view Tropicana Las Vegas as an opportunity for a flagship property for our western region.”
For the time being, the property’s sportsbook will remain operating under William Hill until it is ready to transition to a Bally’s-branded facility.
