Bally’s to acquire Tropicana Las Vegas
| By Marese O'Hagan
Land-based gaming operator Bally’s Corporation has announced its acquisition of the Tropicana Las Vegas casino from real estate investment trust Gaming and Leisure Properties Inc (GLPI), giving the operator its first Las Vegas Strip property.
Bally’s will pay $150m for the Tropicana’s non-land assets. It will then lease the underlying land of the Tropicana property for 50 years at an annual price of $10.5m.
In addition, the operator enter a sale-and-leaseback transaction to Bally’s properties in Black Hawk, Colorado and Rock Island, Illinois for $150m, payable by GLPI.
Read the full tory on iGB North America.
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