Bally's completes sale of Tropicana Las Vegas
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Dover casino owner Bally’s Corporation completed the acquisition of the Tropicana Las Vegas with Gaming & Leisure Properties, Inc. and PENN Entertainment, Inc.
Bally’s, GLPI and PENN completed the transaction of non-land assets of the Tropicana Las Vegas for a cash purchase price of $148 million, payable to GLPI.
Bally’s will lease the land underlying the Tropicana property from GLPI for 50 years at an annual rent figure of $10.5 million. A similar lease deal was completed at its Dover property.
The Tropicana Las Vegas Hotel and Casino is located in Las Vegas on a 35-acre parcel on the strip.
It includes 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.
The Tropicana, one of the original casino hotels on the Las Vegas Strip, has a colorful history that includes ties to organized crime. The company is studying the existing complex to determine whether it will be renovated or at some point razed with a new casino-hotel in its place.
Bally’s is expected to convert the property to the Bally’s brand, which it acquired earlier from gaming giant Caesars.
Caesars is expected to rebrand the current Bally’s on The Strip to its Horse Shoe brand.
Bally’s acquired the Bally’s brand from Caesars in assembled a land and online-based casino company.
The former Dover Downs complex in Delaware was rebranded as Bally’s.
