Bally’s Corp. has agreed to acquire the Tropicana Las Vegas Hotel and Casino from Gaming and Leisure Attributes Inc. (GLPI) as part of a deal valued at around $308 million.
Beneath the transaction, Rhode Island-dependent Bally’s will pay out $150 million for the Tropicana’s non-land property, with GLPI to retain ownership of the land fundamental the Tropicana residence. Bally’s has agreed to lease the land from GLPI for an original expression of 50 decades at an annual rent of $10.5 million.
The transaction is envisioned to shut early next year.
“Landing a preeminent place on the Las Vegas Strip is a critical stage for us,” George Papanier, president and CEO of Bally’s Corp., said in a statement. “The Strip is frequented by in excess of 40 million players and company for each calendar year, which we believe that will noticeably greatly enhance Bally’s customer foundation and player databases as perfectly as unlock advertising prospects to leverage the legendary Bally’s brand.”
Papanier added that the enterprise would contemplate a “important redevelopment of the property,” in an effort to “enhance its economical profile.”
Spanning 35 acres at the corner of Tropicana Boulevard and Las Vegas Boulevard, the Tropicana Las Vegas properties 1,470 guestrooms, 50,000 square toes of on line casino area, a 1,200-seat efficiency theater and 100,000 sq. feet of conference and conferences area.
The house is Bally’s initially in Las Vegas and joins Bally’s present community of 12 casinos across eight states, which features qualities like the Bally’s Atlantic City in New Jersey, the Eldorado Vacation resort Casino Shreveport in Louisiana and the Tricky Rock Hotel & Casino in Biloxi, Pass up.
Bally’s also a short while ago closed on its acquire of Nevada’s MontBleu Vacation resort Casino & Spa, positioned in the vicinity of Lake Tahoe, and is already accredited in the point out.
Furthermore, the organization is at the moment in the process of completing several other pending acquisitions and expansions, like that of the Tropicana Evansville in Indiana, Jumer’s Casino & Resort in Rock Island, Sick., and the construction of a land-primarily based casino in Condition School, Pa. After these specials and tasks are completed, Bally’s will possess and deal with 15 casinos across 11 states.
Bally’s Corp., by the way, is not affiliated with the Bally’s Las Vegas home on the Strip. That is owned by Caesars Enjoyment, which marketed off the Bally’s brand but retained the name of the on line casino-resort.
Concurrent with the Tropicana transaction, Bally’s and GLPI declared that they have entered into equivalent sale-and-leaseback transactions at Bally’s Black Hawk, Colo., and Rock Island on line casino properties. These two promotions will comprise a hard cash invest in selling price of $150 million, payable by GLPI, with the lease to have an first once-a-year set lease of $12 million.