Bally’s completes Tropicana Las Vegas acquisition
The company has acquired the non-land assets of the property for $148m.
US.- Bally’s Corporation has announced the completion of its acquisition of Tropicana Las Vegas from Gaming & Leisure Properties and PENN Entertainment. It acquired the non-land assets of the Tropicana Las Vegas for $148m after announcing an agreement in April last year.
There was a lengthy process that included getting approval from the Nevada Gaming Control Board (NGCB) and the Nevada Gaming Commission. Bally’s will lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at annual rent of $10.5m.
The Tropicana Las Vegas Hotel and Casino in Nevada sits on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. It includes 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200-seat performance theatre and 100,000 square feet of convention and meeting space.
Last month, Bally’s president George Papanier, who oversees the company’s casino resort division, said: “We view Tropicana Las Vegas as an opportunity for a flagship property for our western region.”
Papanier said there wouldn’t be any changes to the Tropicana’s restaurant operations, and the casino will eventually be converted to the Bally’s player database. Dan Reaser, outside legal counsel for Bally’s, told regulators the company will develop a marketing plan for the first 90 to 120 days of ownership.
