Bally’s to acquire Tropicana Las Vegas from GLPI
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Bally's Corp is set to acquire the Tropicana Las Vegas from Gaming and Leisure Properties in a $308m deal. The transaction is expected to close early next year. GLPI will retain ownership of the land underlying the property and lease it back to Bally’s for an initial term of 50 years at $10.5m in annual rent.
Bally's Corp is set to acquire Tropicana Las Vegas from GLPI in a $308m deal. The transaction is expected to close early next year. GL PI will retain ownership of the land underlying the property and lease it back to Bally’s for an initial term of 50 years at $10.5m in annual rent. Baly's president and CEO George Papanier said the deal will enhance the company”s customer base and player database. The Tropiana, which opened in 1957, has been on the market for nearly a year and includes 50,000 sq ft of casino space, a 1,200-seat performance theatre and 100,00 sqft of convention and meeting space.
Bally's Corp and online gaming operator Gamesys have agreed definitive terms on the combination of the two businesses in a $2.7bn deal. Bally’s is to acquire Gamesy's issued and outstanding share capital via Premier Entertainment, its wholly-owned subsidiary. Games yys CEO Lee Fenton will become the group CEO once the deal completes.
