Bally's Corp. Acquires Tropicana Las Vegas For $308 Million
Bally's Corp (NYSE: BALY ) has acquired the iconic Tropicana Las Vegas from the real estate investment trust Gaming and Leisure Properties Inc (NASDAQ: GLPI ) for $308 million. What Happened: As part of the transaction, the Providence, Rhode Island-headquartered Bally's has entered into a sale-and-leaseback transaction with GLPI relating to Bally's Black Hawk in Colorado and its Rock Island, Illinois, casino properties for a cash purchase price of $150 million payable by GLPI. According to the companies, the lease will have initial annual fixed rent of $12 million, subject to increase over time. The Tropicana first opened in 1957 and is based on a 35-acre parcel. The property encompasses 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200-seat theater and a 100,000-square-foot convention and meeting space. "Landing a preeminent spot on the Las Vegas Strip is a key step for us," said Bally's President and CEO George Papanier. "The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally's …
Bally's Corp. Acquires Tropicana Las Vegas For $308 Million
Bally's Corp (NYSE: BALY ) has acquired the iconic Tropicana Las Vegas from the real estate investment trust Gaming and Leisure Properties Inc (NASDAQ: GLPI ) for $308 million. What Happened: As part of the transaction, the Providence, Rhode Island-headquartered Bally's has entered into a sale-and-leaseback transaction with GLPI relating to Bally's Black Hawk in Colorado and its Rock Island, Illinois, casino properties for a cash purchase price of $150 million payable by GLPI. According to the companies, the lease will have initial annual fixed rent of $12 million, subject to increase over time. The Tropicana first opened in 1957 and is based on a 35-acre parcel. The property encompasses 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200-seat theater and a 100,000-square-foot convention and meeting space. "Landing a preeminent spot on the Las Vegas Strip is a key step for us," said Bally's President and CEO George Papanier. "The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally's …