New York-listed Bally’s Corporation is entering the Las Vegas market for the first time after completing its previously announced acquisition of the Tropicana Las Vegas Hotel and Casino.
Following an initial agreement in April 2021, Bally’s has purchased Gaming & Leisure Properties’ (GLPI) non-land real estate assets and PENN Entertainment’s equity interest in the Tropicana property for $148m in cash.
The acquisition represents Bally’s first Las Vegas asset and second in Nevada following its acquisition of the MontBleu Resort Casino & Spa.
As part of the arrangement, 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 is located on the corner of Tropicana Boulevard and Las Vegas Boulevard, and includes 1,470 guest rooms, and 50,000 square feet of casino space with 1,000 gaming positions.
Shares in Bally’s Corporation (NYSE:BALY) closed 0.30 per cent lower at $19.86 per share in New York Tuesday.