Bally's finalizes purchase of Tropicana Las Vegas for $148 million

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Review Journal

Could a Chicago casino project be a template for developing Tropicana site?

Industry analysts are encouraged by a recently announced financial arrangement between Bally's Corp. and Gaming & Leisure Properties Inc. to develop a Chicago casino, and there are suggestions the two companies might benefit from a similar strategy in Las Vegas after the Tropicana is demolished. GLPI is providing Bally's with the money needed to…

Land-based ・ 17 July 2024

Seeking Alpha

Las Vegas reshuffle: Out with the Tropicana and in with the Oakland A's

The historic Tropicana Las Vegas casino and hotel property closed last week after 67 years in operation. The Tropicana was the most expensive Las Vegas resort built to date when it opened in April 1957. The closing of the Tropicana means that the only surviving property on the Las Vegas Strip from the 1950s is the Sahara. The land beneath the site…

Land-based ・ 08 April 2024

Fox Business

Tropicana Las Vegas ceasing operations this spring to make way for new ballpark

The Tropicana's last days are in full effect after its owner announced the date it will cease operations ahead of demolition for a new professional baseball stadium. Slot machines will no longer be heard on the resort's casino floor on the Las Vegas strip after April 2, just shy of its 67th anniversary. Bally's Corporation made the announcement…

Land-based ・ 30 January 2024

Review Journal

Oakland A’s Las Vegas ballpark update: Bally’s on hold

While many in Las Vegas are thrilled with the prospect of Major League Baseball arriving here by opening day of the 2028 season - even MGM Resorts International is talking about making the MGM Grand more welcoming to baseball fans - it seems one of the key entities in the process is in a holding pattern of its own making. Bally's Corp., based in…

Sports ・ 15 August 2023

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News-Daily

1 Iconic Las Vegas Strip and 1 Off-Strip Resort Casino Face Wrecking Ball

One of the two huge names could disappear from the Las Vegas skyline sooner than you might expect. Nothing lasts forever in Las Vegas. With land on and near the Las Vegas Strip reaching record values, with no sign that prices will come down anytime soon, any struggling property will have its value questioned. That's why Hawaiian Marketplace, an…

Land-based ・ 22 February 2023

Yogonet

Bally's expects Tropicana Vegas acquisition to close in September; files Chicago casino application with Illinois regulator

Bally's Corporation is moving forward with two major projects in two different US states, which involve the Tropicana acquisition in Las Vegas, Nevada, and Chicago's first casino project, in Illinois. On the Nevada front, the company said it will, announced in April last year, at the end of September. Nevertheless, Bally's executives said in…

Land-based ・ 26 December 2022

Vegas Slots Online

GLPI Interested in Buying Property on the Las Vegas Strip

Traditionally focused on regional casinos, GLPI is interested in acquiring a property on the Las Vegas Strip. [Image: Shutterstock.com] The CEO of Gaming and Leisure Properties Inc. (GLPI) said that, contrary to popular belief, he is interested in acquiring additional property on the Las Vegas Strip, if the right opportunity presents itself. In an…

Land-based ・ 30 October 2022

Delaware Business Now

Bally's completes sale of Tropicana Las Vegas

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…

Travel ・ 06 October 2022

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Yogonet

Nevada regulators grant Bally's final approval for $308M acquisition of Tropicana Las Vegas

The Nevada Gaming Commission granted final approval Thursday to Bally's Corp purchase of the Tropicana Las Vegas casino. The operator is set to acquire the property for $308 million from Penn National Entertainment. Bally's intends to make the Tropicana its western flagship operation, with the deal expected to formally close between Sunday and…

Industry ・ 01 October 2022

The Street

Huge Las Vegas Strip Casino Deal Closes; Here's What's Next

On the Las Vegas Strip, nothing big happens quickly. Building a new resort-casino can take years and a lot can go wrong. Fontainebleau Las Vegas might be the most extreme example: That project, which looks on track to open in 2023, has taken nearly 20 years to complete. The resort-casino has gone through multiple owners and has looked dead a number…

Land-based ・ 29 September 2022

The Street

Las Vegas Strip Casino Has New Owner; Big Changes Ahead

On the Las Vegas Strip, nothing big happens quickly. Building a new resort-casino can take years and a lot can go wrong. Fontainebleau Las Vegas might be the most extreme example: That project, which looks on track to open in 2023, has taken nearly 20 years to complete. The resort-casino has gone through multiple owners and has looked dead a number…

Land-based ・ 01 December 2022

Market Screener

Bally's Completes Previously Announced Acquisition of Tropicana Las Vegas

PROVIDENCE, R.I., Sept. 27, 2022 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) today announced its completion of the previously announced acquisition of the Tropicana Las Vegas with Gaming & Leisure Properties, Inc. ("GLPI") and PENN Entertainment, Inc. ("PENN"). Bally's, GLPI and PENN completed the transaction relating to the acquisition of the…

Industry ・ 27 September 2022

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The Street

Las Vegas Strip Loses One Legendary Casino, Keeps Another (for Now)

Another domino on the Las Vegas Strip has fallen, and that's only the beginning since dominoes generally ripple, sometimes with unintended consequences. Many of the major moves on the Strip are connected. MGM Resorts (MGM) sold the Mirage to Hard Rock International and that led to it buying the Cosmopolitan. MGM likely planned those two moves, but…

Land-based ・ 23 September 2022

Review Journal

Tropicana resort on Las Vegas Strip acquired by Bally’s Corp.

Bally's Corp. has been cleared to close on its acquisition of the operations of the Tropicana resort on the Strip by the Nevada Gaming Commission. Following an hour-long hearing, commissioners on Thursday unanimously approved the Providence, Rhode Island, company's acquisition from Penn Entertainment Inc. for $308 million, first announced in April…

Land-based ・ 22 September 2022

The Street

Huge Las Vegas Strip Casino Change Clears Major Hurdle

The Las Vegas Strip never stops. It's a 24/7 environment where the gaming floor never closes, restaurants and entertainment options stay open into the wee hours, and pretty much every pleasure known to man can be had at more or less any time. This 4.2-mile stretch of road has also been a place of endless change. Megaresorts including Resorts World…

Land-based ・ 08 September 2022

The Nevada Independent

Bally’s exec: Tropicana Las Vegas will be the company’s ‘western flagship’

More than a year after first announcing a deal to acquire the Tropicana Las Vegas, Bally's Corp. received preliminary approval from Nevada gaming regulators Wednesday to acquire the Rat Park-era hotel-casino in a $308 million transaction. Company officials told the Gaming Control Board in Las Vegas they plan to close the purchase by the end of the…

Gaming Authorities ・ 07 September 2022

The Street

Bally's Close to Making a Huge Las Vegas Strip Deal

In early August, Bally's Corp. (BALY) stock tumbled after the casino operator cut its 2022 revenue and EBITDA estimates due to weakness at its venue in Atlantic City. The company is now expecting 2022 EBITDA between $535 million and $550 million, down from its previous forecast between $560 million and $580 million. The company now expects sales…

Land-based ・ 16 August 2022

The Nevada Independent

Indy Gaming: Bally’s says it will close purchase of Tropicana Las Vegas next month

Good morning, and welcome to the Indy Gaming newsletter, a weekly look at gaming matters nationally and internationally and how the events tie back to Nevada. If a colleague or associate emailed this newsletter to you, please to sign up and receive your own copy of Indy Gaming in your inbox. - Howard Stutz More than a year after announcing a deal…

Valentine's Day ・ 10 August 2022

The Street

Controversial Las Vegas Strip Casino Operator May Make a Big Change

Las Vegas never stops changing. In recent months we've learned that MGM Resorts International will sell The Mirage to Hard Rock International while Rival Caesar's Entertainment (CZR) - Get Caesars Entertainment Inc Report plans to rebrand its Bally's property under its Horseshoe brand. That's, of course, because the actual Bally's Corporation…

Land-based ・ 12 March 2022

The Street

Another Iconic Las Vegas Strip Casino Likely to Be Demolished

Las Vegas has always had a mixed relationship with its history. The city likes to evoke its classic past, but casino operators generally recognize that while people want pictures with nostalgic nods to the past like the classic Las Vegas sign, they generally don't want to stay in outdated "classic" hotel casinos. The city, of course, has its share…

Land-based ・ 29 January 2022

Review Journal

Bally’s name to soon grace a multitude of casino properties

Rhode Island-based Bally's Corp. has built name recognition through its recent launch of Bally Sports, company executives said Monday. Now the gaming company is moving on to its brick-and-mortar casinos. "In the next 12 months, all of our casinos other than Hard Rock Biloxi will be rebranded to'Bally's,' increasing the awareness of our brand and…

Sports ・ 10 August 2021

ABL Adviser

Citizens Advises Bally’s on Acquisitions of Tropicana Evansville and Jumer’s Casino & Hotel

Citizens M&A Advisory served as financial advisor to Bally's Corporation on its acquisition of Tropicana Evansville in Evansville, IN, from Caesars Entertainment Corporation, as well as the acquisition of Jumer's Casino & Hotel in Rock Island, IL, from Delaware North Companies Gaming & Entertainment, Inc. As previously announced, Bally's acquired…

Travel ・ 09 August 2021

Casino Review

Bally’s to acquire Tropicana Las Vegas from GLPI

Bally's Corp is set to acquire the Tropicana Las Vegas from real estate investment trust Gaming and Leisure Properties in a $308m deal. The transaction is expected to close early next year. "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 - which is…

Travel ・ 17 June 2021

World Casino News

Jumer’s Casino and Hotel bought by Bally’s Corporation

American land-based casino operator Bally's Corporation has announced the completion of a deal inked in October that has seen it purchase the Jumer's Casino and Hotel facility in western Illinois for $120 million. The Providence-headquartered firm used an official Monday press release to detail that the 205-room venue was previously owned…

Law ・ 15 June 2021

Review Journal

Tropicana Las Vegas owner reports solid first-quarter results

The 48 resort properties owned by Wyomissing, Pennsylvania-based Gaming and Leisure Properties Inc. are open and by next year more properties will be in the mix. Executives with GLPI, a gaming-focused real-estate investment trust affiliated with Penn National Gaming that is expected to become the new owner of the Tropicana on the Las Vegas Strip,…

Travel ・ 07 May 2021