The deal was initially announced in April 2021. Bally’s will pay GLPI and Penn $148m for Tropicana’s non-land assets associated with the casino and will lease out the land beneath for an initial 50-year term at an annual rate of $10.5m.
The casino will be Bally’s first property it will operate on the Las Vegas strip, and includes 1,470 guest rooms, 50,000ft sq of casino space, 1,000 gaming positions and 100,000ft sq of convention and meeting space.
In Bally’s Q2 earnings call, Lee Fenton elaborated on the company’s plans for the new venture: “For [Tropicana], we’ve said that we will continue to operate the property. We obviously – I think it’s well-advertised that we intend to develop at some point in the future, but we will run the property on an as-is basis at least for the next 12 months until we have identified the plan and the partnerships that we want going forward.”