Nevada Gaming Control Board recommends Bally’s purchase of Tropicana
A meeting for final approval by the state commission is scheduled for later this month.
The Nevada Gaming Control Board has recommended approval and licensing to Bally’s Corporation for the purchase of Tropicana Las Vegas for $308m. The board’s decision was unanimous.
Bally’s executives sat in a two-hour meeting with the board to answer questions before the final vote to allow the company to purchase the casino from Penn Entertainment Inc.
Plans for the sale were first announced in April 2021. According to Bally’s, Tropicana will become its flagship property at the conclusion of the purchase agreement. The company already holds licensing in Nevada for Bally’s Lake Tahoe.
Part of the purchase includes a land lease agreement with Gaming and Leisure Properties Inc. (GLPI), which is affiliated with Penn. Bally’s will pay GLPI $10.5m a year for 50 years, under the terms of a real estate agreement trust.
Final approval for the recommendation by the Nevada Gaming Commission is scheduled for September 22, with a projected close date for the purchase by September 25 or 26.
During the past two years, Bally’s has significantly extended its reach throughout the US. The company has expanded to several Midwest states.
Bally’s President of Retail George Papanier said that during the last two year the company has opened Bally’s Evansville in Indiana and Bally’s Quad Cities in Rock Island, Illinois. The company also landed a successful bid to build a casino in Chicago, the first in that area.
River advocates and ecological preservationists have expressed that plans to turn the former Tribune printing plant in River West into a casino “can be a meaningful next step in the ongoing makeover of the city’s riverfront — if done right.”
Bally’s target opening date for its Chicago casino is set for 2026. The new venue will feature 500-room hotel and 3,000-seat theater on 30 acres of land. Estimated costs to date total close to $1.7bn, according to the WBEZ report.
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